Review of the Proceedings of the Committee of the House of Commons on Banks of Issue 1840, and an Inquiry Into the Effects of the Bank Restriction and the Changes in the Value of Money

Review of the Proceedings of the Committee of the House of Commons on Banks of Issue 1840, and an Inquiry Into the Effects of the Bank Restriction and the Changes in the Value of Money

By (author) 

List price: US$22.39

Currently unavailable

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

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. 1841 edition. Excerpt: ...I consider these facts and observations only valuable as shewing the necessity of taking into view the whole mass of the circulating medium." The following question was also put to Mr. Ricardo by the same Committee: --" From July to December, 1817', the average amount of Bank of England notes in circulation appears to have been 29,2l0,000; from July to December, 1818, the amount appears to have been 26,487,000;--in the latter period the price of gold was higher than the former, and the exchanges were more unfavourable to this country; so that the reduction in the issues, though carried to the extent of 3,000,000, produced no effect upon the exchange and on the price of gold, --how do you reconcile these facts with the theory?" The difference in the price of gold and the foreign exchanges was not great, and there was hardly any difference in the amount of notes of 5 and upwards, and Mr. Ricardo, among other reasons, very properly stated, that by the operation of country banks the whole circulation might have been increased, although that part of it issued by the Bank of England was diminished, and accordingly it appears in the Report of the House of Lords the country bank circulation of 1817 is estimated at 15,898,000, and that of 1818 at 20,507,000, being an increase of nearly five millions. Towards the close of 1817, and through a considerable part of 1818, there was a great addition to the unfunded debt, and to which may fairly be ascribed a considerable portion of the great rise which took place in the prices of almost all commodities at that period. From the preceding view of the unfunded debt, and especially of that part of it consisting of Exchequer bills, its importance does not...show more

Product details

  • Paperback | 94 pages
  • 189 x 246 x 5mm | 181g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236920686
  • 9781236920683