The Principles of Currency; Six Lectures Delivered at Oxford

The Principles of Currency; Six Lectures Delivered at Oxford

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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. 1869 edition. Excerpt: ...and equally efficient one may be obtained. No one rigs a vessel with silken cordage. There is a saving, then, of twenty shillings: who gets it % The capital of the country is practically augmented by the substitution of a paper for a metallic currency. Who reaps the benefit of this capital % The wealth which would have bought the gold remains in England: whom does this saving belong to % The nation, collectively, no doubt: yet practically it is not the general public which receives the profit and acquires the use of this saving. The whole of this wealth falls to the enjoyment of the bankers who issue notes. The public pays for its currency the same actual price in either case: it has to buy with twenty shillings' worth of goods a sovereign from a gold-miner or a banknote from a banker. None of us gain anything by our purchases being made by one of these instruments rather than the other. The persons who employ currency are unaffected by the change; but the issuing bankers are largely benefited. They obtain from the public the amount of property reckoned up in the banknotes, and they lend it out to borrowers with a profit to themselves. Nevertheless the nation also reaps a second and indirect benefit. The stock of capital is substantially increased by the portion which would have been sent to foreign miners for the purchase of gold or silver. England is so much the richer for the change; and an increase of capital is a benefit to the whole people, whoever may be the individuals who derive most advantage from it. There are increased means for employing and remunerating labour; there is more to lend, and the charge for lending it may be reduced. But now arises a question of vast importance. Banknotes are debts contracted by a banker. The public has...show more

Product details

  • Paperback | 68 pages
  • 189 x 246 x 4mm | 141g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236585143
  • 9781236585141