Considerations on the State of the CurrencyJ. Murray, 1826 - 196 sider |
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admit advances to government amount of bank annuities appears average bank directors bank issues Bank of England Bills discounted borrowers Cash and Bullion causes circulating medium circulation of paper circumstances coffers coin commercial committee commodities consequence considerable contraction convertible convertible securities country bank notes creased culation currency December December 24 December 31 degree demand depression diminished dities drain effect efflux England notes enlargement excess exchanges Exchequer Bills export extensive fall of prices fluctuations foreign funds greater Hamburg immediate instances investment July June June 25 June 30 loans March March 29 ment mercantile metals millions monied capital notes in circulation occasion operation paper circulation period persons present price of gold produce proportion rate of discount rate of interest rate of profit reduced regulation rency rise of prices scale Sept September September 28 speculation sufficient supply tion treasure variation
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Side 25 - No complaint, however, is more common than that of a scarcity of money. Money, like wine, must always be scarce with those who have neither wherewithal to buy it nor credit to borrow it.
Side 25 - They run about everywhere to borrow money, and every body tells them that they have none to lend. Even such general complaints of the scarcity of money do not always prove that the usual number of gold and silver pieces are not circulating in the country, but that many people want those pieces who have nothing to give for them. When the profits...
Side 12 - When the owner of a capital employs it actively in reproduction, he does not come under the head of those capitalists, the proportion of whom, to the number of borrowers, determines the rate of interest.
Side 98 - Amongst the advantages of a paper over a metallic circulation, may be reckoned, as not the least, the facility with which it may be altered in quantity, as the wants of commerce and temporary circumstances may require: enabling the desirable object of keeping money at an uniform value to be, as far as it is otherwise practicable, securely and cheaply attained.
Side 23 - The additional currency, in whatever way it comes into circulation, and whether it is in the form of gold or paper, or mere credit, must, eventually, raise the price of commodities and labour. But as almost every increase of paper, excepting what is paid by the bank for bullion, is issued in the way of loan, either to government, or to individuals, it is likely to affect the rate of interest in the first instance, before it comes in contact with commodities.
Side 133 - In the general distress and dismay," says Macpherson, " every one looked upon His neighbour with caution, if not with suspicion. It was impossible to raise money upon the security of machinery, or shares of canals ; for the value of such property seemed to be annihilated in the gloomy apprehension of the sinking state of the country, its commerce, and manufactures : and those who had any money, not knowing where they could place it with safety, kept it unemployed and locked up in their coffers.
Side 132 - ... to increase to a very serious extent, if some extraordinary means were not adopted to restore Credit and Circulation — That in consequence of these Representations, he had desired a meeting of different gentlemen, in order to obtain the best information in his power, respecting the extent of the evil, and the possibility and propriety of any measure to remedy it — That after much discussion, all the gentlemen present seemed to agree in a very strong opinion of the extent of the evil, though...
Side 131 - ... as to affect many houses of great solidity, and possessed of funds, ultimately, much more than sufficient to answer all demands upon them; but which had not the means of converting those funds into money, or negotiable securities, in time to meet the pressure of the moment. That the sudden discredit of a considerable quantity of paper which had been issued by different banks, in itself produced a deficiency of the circulating medium, which in the ordinary course of things could not be immediately...
Side 60 - ... kind, in raising whatever sums they might require at the shortest notice, and at a low rate of interest, on securities of goods, on mortgages, or on bills of whatever length of date, or on mere personal credit, the most signal contrast was exhibited, of an utter inability to raise money upon any but the best and most convertible securities. Goods became unsaleable, beyond the immediate and urgent wants of the consumers, so that the stocks which are usually held in anticipation of demand, were...
Side 63 - Fluctuations, to a greater or less extent, are inseparable from the course of commercial affairs. The business of production, or supply, proceeds wholly upon anticipation ; it is dependent on the seasons, and on an endless variety of casualties ; while consumption, or demand, may be influenced by changes of habit, fashion, legislative enactments, and by political events. The contingencies which may excite a spirit of speculation and enterprise on the one hand, and disappoint expectation and defeat...