1848; Historical Revelations Inscribed to Lord Normanby

1848; Historical Revelations Inscribed to Lord Normanby

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1858 edition. Excerpt: ...tax on the currency, as the price of a service which society could just as well perform for itself, by organising a National Bank, completely independent of the executive, and subject to the direct control of the legislature? By this means, not only would society, as a whole, reap the immense profits which are now concentrated in a few hands; but the currency would cease to be the vassal of private speculation, at all times inevitably selfish. The directors of a National Bank being public officers, and having no interest in raising discounts, would rather be inclined to keep them down as much as possible. The consequence would be the lowering of the interest of money in all commercial transactions--an incalculable advantage to trade, commerce, and agriculture. But possibly it will be asked, bow it could bave been practicable to institute a National Bank, in February 1848, when the Provisional Government was in the greatest possible poverty? Where could they have found the amount of specie requisite to form the reserve or cash in hand of the Bank to be created? Such a question takes evidently for granted that a bank cannot exist without a reserve; now, this opinion, generally received though it be, appears to me void of foundation. What are the reasons which the Bank of France has always put forth to show the necessity for its reserve? Two only: the security given to the holders of the notes in circulation against the eventual losses of the Bank on the one hand; and, on the other, that their notes will be, at all times, convertible into specie. In the first place, however, the supposed chances of loss are but an imaginary danger put forward to fascinate the eyes of the public. What losses has the Bank of France incurred during the forty years of...show more

Product details

  • Paperback | 136 pages
  • 189 x 246 x 7mm | 254g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236654757
  • 9781236654755