Banks' Cash Reserves: Threadneedle Street; a Reply to "Lombard Street" (by the Late Mr. Walter Bagehot) and an Alternative Proposal to the One-pound Note Scheme Sketched by Mr. Goschen at Leeds |
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Page 1
... that it is necessary to be reminded that the object of founding the Bank of England was to raise money for the use of the Government . The B Act of Parliament by which the Bank was . established BANKING DEPARTMENT OF THE BANK OF ENGLAND.
... that it is necessary to be reminded that the object of founding the Bank of England was to raise money for the use of the Government . The B Act of Parliament by which the Bank was . established BANKING DEPARTMENT OF THE BANK OF ENGLAND.
Page 4
... Government to again restrain pay- ments in gold , but the Government refused to do So. They then adopted another policy , and instead of diminishing the circulation they lent by every possible means , and in modes never before adopted ...
... Government to again restrain pay- ments in gold , but the Government refused to do So. They then adopted another policy , and instead of diminishing the circulation they lent by every possible means , and in modes never before adopted ...
Page 5
... Government to the Bank ( except as customers of the Bank in the ordinary way ) were confined to their responsibility to the Issue Department for the loan due from the country to the Bank , upon the security of which a portion of the ...
... Government to the Bank ( except as customers of the Bank in the ordinary way ) were confined to their responsibility to the Issue Department for the loan due from the country to the Bank , upon the security of which a portion of the ...
Page 7
... Government deposits . Query 2391 But they only hold the deposits of the Government in the same way as you hold the deposits of various public companies ; they may be greater in amount , but in principle are not they the same ? I think ...
... Government deposits . Query 2391 But they only hold the deposits of the Government in the same way as you hold the deposits of various public companies ; they may be greater in amount , but in principle are not they the same ? I think ...
Page 8
... , and we had also Government deposits to deal with . Query 2654 : It has been stated that the effect of the Act of 1844 , was to relieve you from any other responsibility than that which you had to 8 THREADNEEDLE STREET .
... , and we had also Government deposits to deal with . Query 2654 : It has been stated that the effect of the Act of 1844 , was to relieve you from any other responsibility than that which you had to 8 THREADNEEDLE STREET .
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Common terms and phrases
advances Ager's amount assets unavailable authorised balances Bank Charter Act bank notes Bank of Eng Bank of England Banking Department banking reserve Baring crisis Barrister-at-Law Brokers bullion cash reserve cash to liabilities cent Chancellor circulation Commercial Committee Companies convertibility currency demands of bankers difficulty discount dividends drain duty England notes England to keep Exchequer Foreign Goschen Government Governor Hankey increase invest Issue Department keep a reserve Lombard Street London and Westminster LONDON EFFINGHAM WILSON Majesty's Government ment mercantile community money market note holders opinion ordinary panic Parliament payment position Price 15s Price 21s Price 68 principle proportion of cash proposal provisions question rate of interest ready money realised reserve to liabilities ROYAL EXCHANGE Savings Banks second reserve securities Sir Robert Peel Stock Exchange stock of gold supply the demands suspension Telegraph Code tion value of money WALTER SMITH Westminster Bank
Popular passages
Page 18 - TABLES FOR THE PURCHASING of ESTATES, Freehold, Copyhold, or Leasehold; Annuities, Advowsons, &c. , and for the Renewing of Leases held under Cathedral Churches, Colleges, or other corporate bodies ; for Terms of Years certain, and for Lives ; also for Valuing Reversionary Estates, Deferred Annuities, Next Presentations, &c., together with Smart's Five Tables of Compound Interest, and an Extension of the same to lower and Intermediate Rates. By WILLIAM INWOOD, Architect.
Page 145 - No such discount or advance, however, should be granted at a rate of interest less than 10 per cent., and her Majesty's Government reserve it to themselves to recommend, if they should see fit, the imposition of a higher rate. After deduction by the bank of whatever it may consider to be a fair charge for its risk, expense, and trouble, the profits of these advances will accrue to the public.
Page 179 - England, proceeding upon the prudent rules of action by which their administration is usually governed, shall find that in order to meet the wants of legitimate commerce, it be requisite to extend their discounts and advances upon approved securities, so as to require issues of notes beyond the limits fixed by law, Her Majesty's Government recommend that this necessity should be met immediately upon its occurrence, and in that event they will not fail to make application to Parliament for its sanction....
Page 20 - M'Culloch's Dictionary, Practical, Theoretical, and Historical, of Commerce, and Commercial Navigation. Illustrated with Maps and Plans.
Page 178 - The accounts and representations which have reached Her Majesty's Government during the day exhibit the state of things in the City as one of extraordinary distress and apprehension. Indeed, deputations composed of persons of the greatest weight and influence, and representing alike the private and...
Page 50 - In consequence all our credit system depends on the Bank of England for its security. On the wisdom of the directors of that one joint-stock company, it depends whether England shall be solvent or insolvent.
Page 50 - If a merchant have £10,000 at his banker's, and wants to pay it to some one in Germany, he will not be able to pay it unless his banker can pay him, and the banker will not be able to pay if the Bank of England should be in difficulties and cannot produce his
Page 2 - An Act for granting to their majesties several rates and duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, for securing certain recompenses and advantages in the said Act mentioned, to such persons as shall voluntarily advance the sum of fifteen hundred thousand pounds towards carrying on the war against France.
Page 2 - ... been his duty to make, respecting the effect of the unusual demands for specie that have been made upon the metropolis, in consequence of ill-founded or exaggerated alarms in different parts of the country...
Page 178 - Gentlemen, -We have the honour to acknowledge the receipt of your letter of this day to the Chancellor of the Exchequer, in which you state the course of action at the Bank of England, under the circumstances of sudden anxiety, which have arisen since the stoppage of Messrs. Overend, Gurney, and Co., Limited, yesterday.