Considerations on the state of the currencyMurray, 1826 |
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Veelvoorkomende woorden en zinsdelen
abroad admit advances to government alteration appears April average bank coffers bank issues bank notes Bank of England bankers borrowers business ac Cash and Bullion causes cent circulating medium circulation of paper circumstances coin commercial committee commodities consequence considerable contraction convertible country banks country circulation creased currency December December 24 December 31 degree demand diminished drain effect efflux England notes enlargement excess exchanges Exchequer Bills exportation extent fall of prices favour fluctuations funds Hamburg immediate increase influx instances investment issue of Bank June June 25 June 30 liable loans March March 29 market-rate ment merchants metals monied capital notes in circulation object occasion operation paper circulation period present produce proportion rate of discount rate of interest rate of profit reduced regulation rency rise of prices September September 28 signal contrast silver speculation stances sufficient supply supposed tion urgent variation
Populaire passages
Pagina 19 - 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.
Pagina 114 - 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.
Pagina 17 - 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.
Pagina 147 - ... every one looked upon his neighbour with caution, if not with suspicion. It was impossible to raise any money upon the security of machinery or shares of canals ; for the value of such property seemed to be annihilated in the gloomy apprehensions 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.
Pagina 145 - ... 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...
Pagina 48 - ... 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 wholly unavailable to meet the pecuniary engagements of the holders. Thus, many merchants having...
Pagina 61 - 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...
Pagina 135 - ... and who, by the manner in which they exercise that privilege, have it in their power to produce great changes in the property and condition of every individual in the kingdom. No man, nor set of men, ought, in my opinion, to be intrusted with that...
Pagina 58 - The operation of the usury law may be distinctly traced in a great aggravation of the distress among merchants and bankers during that critical period. Had it not been for that preposterous law, many individuals would, in all probability, have been enabled to obtain immediate relief, by getting bills, which were not within the bank time, discounted at 7 or 8 per cent.
Pagina 19 - ... for. This complaint, however, of the scarcity of money, is not always confined to improvident spendthrifts. It is sometimes general through a whole mercantile town, and the country in its neighbourhood. Overtrading is the common cause of it. Sober men, whose projects have been disproportioned to their capitals, are as likely to have neither wherewithal to buy money, nor credit to borrow it, as prodigals whose expense has been disproportioned to their revenue.