Thoughts on Currency and the Means of Promoting National Prosperity by the Adoption of "an Improved Circulation" ...: With an Appendix, "On the Doctrines of Free Trade" ...
Hatchard and Son, Piccadilly, and Richardson, Cornhill, 1829 - 136 pages
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adopted advantages agricultural amount ancient standard Bank notes Bank of England Bank restriction bills branch banks British bullion Caithness capital carried cent change of currency circulating medium circumstance coinage commerce commodities consequence corn country bankers culation currency in coin debt depreciated depreciated currency distress districts enabled especially exchange expence exportation favour foreign France gold and silver Government Hence high prices improvement increased individuals industry injurious interest issued kingdom labour Lancashire legal tender London Lord Liverpool low prices manufactures metallic currency misery nation necessary objection ounce panic paper circulation paper currency Parliament payable payment pound notes pound sterling precious metals present price of gold procure productive classes profit prosperity quantity reduced rency rendered revenue risk ruinous Scotch Banker Scotland Sect seignorage shillings Sir James Steuart small notes standard of value taxes Thomas Attwood tion trade transactions
Page 132 - When he cannot establish the right, he will not disdain to ameliorate the wrong; but, like Solon, when he cannot establish the best system of laws, he will endeavour to establish the best that the people can bear.
Page 96 - CHARTERED BANKS. There are three corporate bodies by whom notes are issued —"the Bank of Scotland,"— " the Royal Bank;"— and " the British Linen Company." The latter, though originally intended for manufacturing purposes, was afterwards converted into a banking establishment. A short account of the bank of Scotland is given in the general report of the kingdom.* It is sufficient here to observe, that, after several augmentations, its capital now amounts to £1,500,000 ; of which only one million...
Page 132 - Though he should consider some of them as in some measure abusive, he will content himself with moderating what he often cannot annihilate without great violence. When he cannot conquer the rooted prejudices of the people by reason and persuasion, he will not attempt to subdue them by force; but will religiously observe what by Cicero is justly called the divine maxim of Plato, never to use violence to his country, no more 29 than to his parents.
Page iv - The introduction of the precious metals for the purposes of money may with truth be considered as one of the most important steps towards the improvement of commerce and the arts of civilized life ; but it is no less true, that, with the advancement of knowledge and science, we discover that it would be another improvement to banish them again from the employment to which, during a less enlightened period, they had been so advantageously applied.
Page 133 - than a spirit of moderation ; because it condemns him to perpetual observation, shows him every moment the insufficiency of his wisdom, and leaves him the melancholy sense of his own imperfection ; while under the shelter of a few general principles, a systematical politician enjoys a perpetual calm. By the help of one alone, that of a perfect liberty of trade, he would govern the world, and would leave human affairs to arrange themselves at pleasure, under the operation of the prejudices and the...
Page 132 - So unfortunate," says he, in one passage, " are the effects of all the regulations of the mercantile system, that they not only introduce very dangerous disorders into the state of the body politic, but disorders which it is often difficult to remedy, without occasioning, for a time at least, still greater disorders. — In what manner, therefore, the natural system of perfect liberty and justice ought gradually to be restored, we must leave to the wisdom of future statesmen and legislators to determine.
Page 60 - The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce with one much less costly, and sometimes equally convenient. Circulation comes to be carried on by a new wheel, which it costs less both to erect and to maintain than the old one.
Page 127 - But if the public require protection against the inferior money which might be imposed upon them by an undue mixture of alloy, and which is obtained by means of the Government stamp when metallic money is used, how much more necessary is such protection when paper money forms the whole, or almost the whole, of the circulating medium of the country ? Is it not inconsistent that Government should use its power to protect the community from the loss of one shilling in a guinea, but does not interfere...
Page 127 - Why is not the same principle followed with respect to the country banks ? What objection can there be against requiring of those who take upon themselves the office of furnishing the public with a circulating medium, to deposit with government an adequate security for the due performance of their engagements ? In the use of money every one is a trader; those whose habits and pursuits are little suited to explore the mechanism of trade, are obliged to make use of money, and are no way qualified to...
Page 132 - The man whose public spirit is prompted altogether by humanity and benevolence, will respect the established powers and privileges even of individuals, and still more those of the great orders and societies, into which the state is divided. Though he should consider some of them as in some measure abusive, he will content himself with moderating what he often cannot annihilate without great violence.