The question concerning the depreciation of our currency stated and examined, Volum 3

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Side v - Observations on the Principles which Regulate the Course of Exchange; and on the Present Depreciated State of the Currency.
Side 65 - Our true policy would surely be to profess, as the object and guide of our commercial system, that which every man who has studied the subject, must know to be the true principle of commerce, the interchange of reciprocal and equivalent benefit. We may rest assured that it is not in the nature of commerce to enrich one party at the expense of the other. This is a purpose at which, if it were practicable, we ought not to aim; and which, if we aimed at, we could not accomplish.
Side 20 - A bank-note is not a commodity : it is only an engagement for the payment of a certain specified quantity of money. It cannot vary its value in exchange for any commodity, except in reference to the general increase or diminution of the value of such commodity in gold, and in the precise proportion of that increase or diminution. Gold, therefore, is the test by which the value of bank-notes must be tried ; and if a one-pound note, being an engagement to pay 5 dwts. 3 grs.
Side 103 - MONEY issued in the name of the state, in aid of its own Exchequer, and in compulsory payment of its expenses, such as has been resorted to in various parts of the world, is happily unknown to this country. Such paper is in the nature of a. forced loan, which, in itself, implies a want of credit. From this circumstance alone, it falls below PAR ; and its first depreciation is soon accelerated by the necessity of augmenting the issues in proportion to their diminished value. Thus an excess of paper...
Side 120 - Banks and the town Bankers, for the purpose of meeting possible demands upon them, and by the community at large, either directly from the Bank, or indirectly through the former channels, for the purpose of hoarding, from the dread of some imaginary or contingent danger.
Side 140 - ... that nothing but its interchangeableness with cash, can now restore that assurance, or, at any time, permanently maintain it. Lastly, is it the interest of the government which calls for this system ? This question can hardly be put without seeming to imply an admission which every man must be anxious to deny — that there can be an interest in the Government separate from that of the community. We are told, however, that the taxes, could not be raised — that the loans for carrying on the...
Side 117 - ... countries, or with its own, at former periods. Neither is that quantity to be measured by the public revenue. In proof of this assertion, as applicable to the present state of this country, it is not necessary to go into a minute statement of the course of proceeding at the Exchequer, although it is by such a detail that the proof would be most completely established. It is sufficient to state, that in the evening of each day, the whole receipt of the revenue within that day, is carried to the...
Side viii - I say this the rather, because I see (and I see with deep regret) an attempt made to create political divisions on this subject: and to array particular parties against principles which, surely, are not to be classed among the articles of any political creed, or to be considered as connected with the separate interests of any party: — principles which, if false, may be disproved by calm argument, without the aid of Influence or combination; but which, if true, cannot be refuted by clamour, and...
Side 63 - ... and there are few which have led to a greater number of practical mistakes, attended with consequences extensively prejudicial to the happiness of mankind. In this country, our parliamentary proceedings, our public documents, and the works of several able and popular writers, have combined to propagate...
Side 80 - Whether, for instance, an old lease, at the rent of 1000 guiticularly of the leading members of the Committee of Finance, in consequence of whose report this bargain was made ; that the advance obtained from the Bank was not adequate to the advantages which they derived from the agreement. Be that as it may, I must decidedly protest against the as. sertion that Government has, at any time, demanded or received from the Bank any participation in the profits which f' accrue to them from the suspension...

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