Theory of Money and Exchanges and the Causes of Its Present Depreciation Indusputably Pointed Out; With Some Thoughts on the Progress and Termination of the Sinking Fund (Paperback)

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. 1812 edition. Excerpt: ...creation of Stock by Loans has occasioned, cannot be doubted----the existence of a large surplus is known to he possessed by them, When they discontinued paying their Notes in Cash, 25th February, 1797, they were possessed of property to the Value of $617,597,280. and the Notes issued amounted to only. l3,770,39(). leaving a balance in their favour of ' 3,826,890. not including 1 1,7 86,800. lent Government. Since that time, the nominal increase of their property, it ispresumed, must beimmense, and the real increase valued in commodities very considerable. Positive. 1 am extremely glad you entertain this fa vourable opinion of the Bank. I have always considered them to be a highly respectable body of men. Candid. These were ever my sentiments; their conduct, / as a Body of Merchants, even as it respects the amount of the circulating medium, appears to have been forced upon them, by the excessive fictitious designation of the quantity of gold in the kingdom, occasioned by the vast amount of our Loans: for it must everbe rccollected, dlzere exists a real necessity, . for a medium, adequate to circulate the Amount of the Taxes. The people would be taxed indeed, if you curtail what is essentially requisite for that indispensible purpose. The Directors appear therefore to have been placed as it were between Scylla and Charybdis, rocks and quicksands all around them. Nor can the Bank rati-" onally be expected to find near Forty Millions of real Pounds Sterling, every year, for the payment of fictitious ones; where are they to be got?--Sir David Giddy very truly remarks, No quantity of Gold, however large, could enable the Bank to resume payments in specie, and at the same time maintain a...