A Corner in Gold and Our Money LawsP.S. King, 1904 - 200 halaman |
Istilah dan frasa umum
Bank Charter Act bank notes Bank of England Bank rate bankers banks of issue bullion cent commercial paper commodities consider counters country banks created debts demand effect England notes existing banks export of gold fixed foreign exchanges gold coin Government money home trade House important inconvertible increased issue intrinsic value issue notes issue of notes issue upon securities Joint-Stock Banks legal tender money limited London Lord Liverpool measure of value medium of exchange ment millions sterling Money Laws money market national money notes issued operations opinion ounce of gold paper credit paper currency payment pound pound weight power of acceptance present principle private banks privilege of issue profit promissory notes propose purpose rate of exchange regulate relative value require restricted seigniorage shillings Sir Robert Peel sovereign speculation standard of value supply tion tokens transactions United Kingdom value of gold withdrawal
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Halaman 162 - I am confident that the three right honorable gentlemen opposite, the First Lord of the Treasury, the Chancellor of the Exchequer, and the late President of the Board of Trade, will all with one voice answer "No." And why not? "Because," say they, "it will injure the revenue.
Halaman 63 - Pound," with which we are all familiar? What is the engagement to pay a "Pound?" Unless we are agreed on the answer to these questions, it is in vain we attempt to legislate on the subject. If a "Pound" is a mere visionary abstraction, a something which does not exist either in law or in practice, in that case one class of measures relating to Paper Currency may be adopted; but if the word "Pound...
Halaman 63 - Pound" is a certain definite quantity of gold with a mark upon it to determine its weight and fineness...
Halaman 152 - With respect to the banking business of the Bank, I propose that it should be governed on precisely the same principles as would regulate any other body dealing with Bank of England notes.
Halaman 140 - Both these eminent writers assume that immediate convertibility into coin is all that is requisite to prevent the excessive issue of paper. It is no impeachment of their sagacity, if,' in the progress which this science, like all other sciences, is making, there be reason to doubt the soundness of any particular opinion which they may have delivered. And it is our duty to disregard their authority, and to act on the conclusions of our own judgment, if either reason or experience convinces us that...
Halaman 146 - States the paper circulation was supplied, not by private bankers, but by joint stock banks, established on principles apparently the most satisfactory. There was every precaution taken against insolvency, unlimited responsibility of partners, excellent regulations for the publication and audit of accounts, immediate convertibility of paper into gold. If the principle of unlimited competition, controlled by such checks, be safe, why has it utterly failed in the United States ? How can it be shewn...
Halaman 129 - What other substance possessing intrinsic value will not also be in demand as an article of commerce ? It is because gold is an article of commerce, because there are no restrictions upon its export or its import, that you can at all times depend upon such a supply of gold for the purposes of coin as may be sufficient for the wants of this country. The precious metals are distributed among the various countries of the world in proportion to their respective necessities, by laws of certain though...
Halaman 151 - ... in this latter respect, govern the amount of the circulation. There will be no power in the Bank to issue notes on deposits and discount of bills, and the issue department...
Halaman 163 - Let me here advert to an enactment which passed when the Bank Charter was last continued, which passes by the name of the Legal Tender Clause. It enabled other banks than the Bank of England to pay their notes in notes of the Bank of England, and thus relieved them from the obligation of paying in coin. I opposed this clause at the time, considering it to be at variance with the principle of immediate convertibility. I do not now propose to repeal it, seeing that it has been in operation for several...
Halaman 136 - I must state at the outset, that in using the word money, I mean to designate by that word the coin of the realm, and promissory notes payable to bearer on demand. In using the words paper currency, I mean only such promissory notes.