Considerations on the State of the Currency Volume 1

Considerations on the State of the Currency Volume 1

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1826 edition. Excerpt:, notwithstanding the immense proportional reduction of the amount of its issues coincidently with the progress of that drain of which I here give the statement.--The computed treasure compared with the issues stood thus: Cash and Bullion computed from the Scale. Bank Notes. March 1782.... 3,648,000.... 9,160,470 Oct. 1782.... 2,332,000.... 6,371,300 March 1783.... 1,261,000.... 7,338,230 Oct. 1783.... 473,000.... 5,894,520 The amount of bank notes here stated, is extracted from This contraction of the currency was attended, as might have been expected, with a great rise in the rate of interest; the best criterion of which is, that three per cent, consols which had risen in March 1783, immediatelyafter the peace, to 68, fell by the close of the year to 58, eventually to 54, and continued under 60 till September 1785. The omnium of a loan concluded in 1783, after having been at a premium of upwards of eight per cent, fell afterwards to below par. The rate of discount on mercantile bills, being limited by law to five per cent., affords of course no criterion; but all property yielding a revenue fell so much, as to indicate an extraordinary increase in the the Appendix to the Report of the Lords' Committee of Secrecy in 1797. Of the circulation previous to 1782, I have not been able to find any connected account for an uninterrupted series of years. Mr. Samuel Thornton, in his evidence before the Lords' Committee in 1819, p. 75, states, that in 1779 the amount of notes was 6,000,000, and that in 1780 they were increased to 8,400,000. It may be worth while here to remark, that assuming the above amounts to be correctly stated, an increase which eventually proves to be an excess, may be in progress for some time before it produces such more

Product details

  • Paperback | 42 pages
  • 189 x 246 x 2mm | 95g
  • United States
  • English
  • black & white illustrations
  • 1236754417
  • 9781236754417