Life and Times of Sir Robert Peel; By Will. Taylor and Ch. MacKay Volume 3

Life and Times of Sir Robert Peel; By Will. Taylor and Ch. MacKay Volume 3

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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. 1851 edition. Excerpt: ...quantity of paper, not, indeed, fixed and definite in nominal amount, but just such a quantity of paper, and that only, as shall be equivalent in point of value to the coin which it represents. If the paper be cheaper than the coin, it is an evil, and not an advantage. That system, therefore, which provides a constant supply of paper equal in value to coin, and so varying in amount as to insure at all times immediate convertibility into coin, together with perfect confidence in the solvency of the issuers of paper, is the system which ought to be preferred. Now, unless the issuers of paper conform to certain principles, unless they vigilantly observe the causes which influence the influx or efflux of coin, and regulate their issues of paper accordingly, there is danger that the value of the paper will not correspond with the value of coin. The difference may not be immediately perceived--nay, the first effect of undue issue, by increasing prices, may be to encourage further issues; and as each issuer, where there is unlimited competition, feels the inutility of individual efforts of contraction, the evil proceeds, until the disparity between gold and paper becomes manifest, confidence in the paper is shaken, and it becomes necessary to restore its value by sudden and violent reductions in its amount, spreading ruin among the issuers of paper, and deranging the whole monetary transactions of the country. "If we admit the principle of a metallic standard, and admit that the paper currency ought to be regulated by immediate reference to the foreign exchanges--that there ought to be early contractions of paper on the efflux of gold--we might, I think, infer from reasoning, without the aid of experience, that an unlimited competition in respect more

Product details

  • Paperback | 164 pages
  • 189 x 246 x 9mm | 304g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236681754
  • 9781236681751