The Principles of Currency and Banking: Being Five Lectures Delivered in Queen's College, Cork, to the Students in Arts of the Third Year |
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Common terms and phrases
accommodation bills adopted assignats bank of deposit Bank of England banker banks of issue bills of exchange cent circulating medium circumstances coffers coinage Commercial Distress commercial world commodities consequently contraction convertible currency culation degradation discount drain for gold effect evil excess export extent fall foreign bills France gold and silver gold bullion greater importance inconvertible paper increased issue on securities latter legal tender legitimate mercantile paper less level of prices liabilities limit Lord Overstone market price medium of exchange ment mercantile bills merchant metallic circulation metallic currency millions nominal exchange notes occasioned ounce over-issue panic paper currency precious metals premium price of bullion price of gold principle profit proportion purchase quantity range of prices rapidity of circulation relative value remit rise seignorage sell silver bullion Sir Archibald Alison steadiness of value supply tion value of gold William Blake
Popular passages
Page 60 - The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either.
Page 35 - The most •> detailed knowledge of the actual trade of the Country, combined with the profound science in all the principles of Money and Circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade.
Page 98 - That this court cannot refrain from adverting to an opinion strongly insisted on by some, that the Bank has only to reduce its issues to obtain a favourable turn in the exchanges, and a consequent influx of the precious metals : the court conceives it to be its duty to declare, that it is unable to discover any solid foundation for such a sentiment.
Page 60 - ... it circulates, and carries to market all the grass and corn of the country, produces itself not a single pile of either. The judicious operations of banking...
Page 79 - The consequences of sudden public alarm cannot be measured. They baffle all ordinary calculation. Cash is then withdrawn, not because the circulation is excessive, but by the country Banks and the town Bankers, for the purpose of meeting possible demands upon them, and by the community at large, either directly from the Bank, or indirectly through the former channels, for the purpose of hoarding, from the dread of some imaginary or contingent danger.
Page 60 - The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented, cannot be altogether so secure when they are thus, as it were, suspended upon the Daedalian wings of paper money as when they travel about upon the solid ground of gold and silver.
Page 35 - ... it cannot well be thought that less than one-fiftieth part of the labourer's wages, onefourth part of the landholder's yearly revenue, and one-twentieth part of the broker's yearly returns in ready money, will be enough to drive the trade of any country.
Page 79 - ... the dread of some imaginary or contingent danger. In such a crisis, every reduction in the amount of bank paper is so far from checking the drain, that it aggravates the general distress, because the gold which is taken out of the bank, instead of being substituted in circulation for the notes withdrawn from it, is for the most part locked up ; and thus in proportion as the stagnant and straitened...
Page 117 - ... of the country will act of course upon credit ; bills of exchange being an important form of credit will feel the effect of that contraction in a very powerful degree ; they will, in fact, be contracted in a much greater degree than the paper circulation ; this point was adverted to in the inquiries of the Committee of 1832, and the question was put in a very pointed form to Mr. Burgess, the secretary of the Country Bankers...
Page 108 - Any person is entitled to demand notes from the issuing department, in exchange for gold bullion, at the rate of 3?. 17s. 9d. per ounce.