The Speeches of the Right Honorable William Huskisson; With a Biographical Memoir, Supplied to the Editor from Authentic Sources

The Speeches of the Right Honorable William Huskisson; With a Biographical Memoir, Supplied to the Editor from Authentic Sources

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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. 1831 edition. Excerpt: ...had suffered; but this, instead of being an argument for going into a committee, was the greatest objection to such a proceeding. If they allowed the country banks to go on increasing their own issues, and encouraging the spirit of speculation, which would be the consequence, the Bank of England would again be placed in the same situation that it was in the year 1825, and would then, perhaps, realize, in its fullest extent, the ruin which it had experienced but partially on the former occasion. He would say that it was impossible, consistently with the interest and safety of the country, to allow the country banks a power of adding to their circulation as they pleased. Supposing a rise of price to take place in consequence of a deficient harvest, the value of money would then be lowered. The high price of commodities would encourage the speculator to deal in those articles, under an expectation that the advance would continue; but then would come a glut, and then a fall;. and then the fluctuations which precede a panic; and finally, the panic itself. But, in the midst of all these changes, there was one commodity that would not rise, and that was the treasure deposited in the vaults of the Bank of England; so that unless they took some strong measures, the effect of which was panic, they would not be able to check the spirit of speculation, which the issue of country notes had encouraged. It was the want of a proper metallic currency that led to the difficulties of the year 1825; and therefore, as a measure of precaution, he would support the measure of 1826, instead of again unsettling the whole of the arrange ments, which extended to all the country banks in England. He believed, if the fact were ascertained, it would be found that most of the...show more

Product details

  • Paperback | 220 pages
  • 189 x 246 x 12mm | 399g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 123655065X
  • 9781236550651