The Scotch Banker
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This is an OCR edition with typos.
Excerpt from book:
No. III. THINGS AS THEY ARE. March 14, 1828. Having discussed the merits of Lord Goderich and the country bankers, and having examined the level to which the pressure of the present metallic standard will probably reduce the prices of wheat, and all other prices correspondently, let us now inquire into the present situation of the country, and contrast it with what it might have been, if a just and wise policy had guided our councils. We have a metallic standard it is true; but it is only supported by a system of constant " tampering with the currency; and experience has sufficiently shown us, that the very moment we cease from " tampering," the pressure of our standard becomes literally and absolutely insupportable. In the course of twelve years we have three times over been brought to the verge of ruin, and three times over we have been compelled to retrace our steps, by the frightful spectacles around us. In 1816, in 1822, and in 1825, at these three periods the pressure of the metallic standard upon the general prices, rents, debts, taxes, and obligations of thecountry became so enormous, that Government was in each instance compelled to interfere to stop the career of ruin, and to restore the action of industry by renewing the issues of bank notes; in fact, by giving back to the country a circulating medium suitable to the existing relations of society, and capable of preserving and conducting the machinery through which society is supported and held together. It is useless torecapitulate the particular measures by which Government thus interfered. They are known to every one who has attended to the subject; and the records of Parliament, and of the Bank of England, sufficiently attest them. Upon the last occasion, viz. in December 1825, the circulation of Ban...
1101043556
This is an OCR edition with typos.
Excerpt from book:
No. III. THINGS AS THEY ARE. March 14, 1828. Having discussed the merits of Lord Goderich and the country bankers, and having examined the level to which the pressure of the present metallic standard will probably reduce the prices of wheat, and all other prices correspondently, let us now inquire into the present situation of the country, and contrast it with what it might have been, if a just and wise policy had guided our councils. We have a metallic standard it is true; but it is only supported by a system of constant " tampering with the currency; and experience has sufficiently shown us, that the very moment we cease from " tampering," the pressure of our standard becomes literally and absolutely insupportable. In the course of twelve years we have three times over been brought to the verge of ruin, and three times over we have been compelled to retrace our steps, by the frightful spectacles around us. In 1816, in 1822, and in 1825, at these three periods the pressure of the metallic standard upon the general prices, rents, debts, taxes, and obligations of thecountry became so enormous, that Government was in each instance compelled to interfere to stop the career of ruin, and to restore the action of industry by renewing the issues of bank notes; in fact, by giving back to the country a circulating medium suitable to the existing relations of society, and capable of preserving and conducting the machinery through which society is supported and held together. It is useless torecapitulate the particular measures by which Government thus interfered. They are known to every one who has attended to the subject; and the records of Parliament, and of the Bank of England, sufficiently attest them. Upon the last occasion, viz. in December 1825, the circulation of Ban...
The Scotch Banker
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free.
This is an OCR edition with typos.
Excerpt from book:
No. III. THINGS AS THEY ARE. March 14, 1828. Having discussed the merits of Lord Goderich and the country bankers, and having examined the level to which the pressure of the present metallic standard will probably reduce the prices of wheat, and all other prices correspondently, let us now inquire into the present situation of the country, and contrast it with what it might have been, if a just and wise policy had guided our councils. We have a metallic standard it is true; but it is only supported by a system of constant " tampering with the currency; and experience has sufficiently shown us, that the very moment we cease from " tampering," the pressure of our standard becomes literally and absolutely insupportable. In the course of twelve years we have three times over been brought to the verge of ruin, and three times over we have been compelled to retrace our steps, by the frightful spectacles around us. In 1816, in 1822, and in 1825, at these three periods the pressure of the metallic standard upon the general prices, rents, debts, taxes, and obligations of thecountry became so enormous, that Government was in each instance compelled to interfere to stop the career of ruin, and to restore the action of industry by renewing the issues of bank notes; in fact, by giving back to the country a circulating medium suitable to the existing relations of society, and capable of preserving and conducting the machinery through which society is supported and held together. It is useless torecapitulate the particular measures by which Government thus interfered. They are known to every one who has attended to the subject; and the records of Parliament, and of the Bank of England, sufficiently attest them. Upon the last occasion, viz. in December 1825, the circulation of Ban...
This is an OCR edition with typos.
Excerpt from book:
No. III. THINGS AS THEY ARE. March 14, 1828. Having discussed the merits of Lord Goderich and the country bankers, and having examined the level to which the pressure of the present metallic standard will probably reduce the prices of wheat, and all other prices correspondently, let us now inquire into the present situation of the country, and contrast it with what it might have been, if a just and wise policy had guided our councils. We have a metallic standard it is true; but it is only supported by a system of constant " tampering with the currency; and experience has sufficiently shown us, that the very moment we cease from " tampering," the pressure of our standard becomes literally and absolutely insupportable. In the course of twelve years we have three times over been brought to the verge of ruin, and three times over we have been compelled to retrace our steps, by the frightful spectacles around us. In 1816, in 1822, and in 1825, at these three periods the pressure of the metallic standard upon the general prices, rents, debts, taxes, and obligations of thecountry became so enormous, that Government was in each instance compelled to interfere to stop the career of ruin, and to restore the action of industry by renewing the issues of bank notes; in fact, by giving back to the country a circulating medium suitable to the existing relations of society, and capable of preserving and conducting the machinery through which society is supported and held together. It is useless torecapitulate the particular measures by which Government thus interfered. They are known to every one who has attended to the subject; and the records of Parliament, and of the Bank of England, sufficiently attest them. Upon the last occasion, viz. in December 1825, the circulation of Ban...
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The Scotch Banker
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The Scotch Banker
194Hardcover
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Product Details
| ISBN-13: | 9781019873557 |
|---|---|
| Publisher: | Legare Street Press |
| Publication date: | 07/18/2023 |
| Pages: | 194 |
| Product dimensions: | 6.14(w) x 9.21(h) x 0.50(d) |
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