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The Bank of England Note Issue and Its Error

The Bank of England Note Issue and Its Error

32883772
1450 руб.
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Описание
Excerpt from The Bank of England Note Issue and Its Error: An Address to the Holders of Bank of England Stock

Next to the painful task of writing a book on the Controversy of the Bank of England, comes the task of reading it. This is one of the difficulties of which the swarm of authors seem aware, who, ever since 1844, have inundated us with hundreds of short pamphlets and press articles, forming, in the aggregate, a mass of literature of the most extraordinary kind. The differences of opinions expressed in these short, firm-toned, and authoritative pamphlets, range from "unlimited right of issue of Bank-notes, to be given, not only to all Banks and merchants, but to everybody," to the total abolition of all Bank-notes, "including those of the Bank of England." Within these extremes come classes of opinions advocating the issue of notes by Banks and Bankers only, some without, others with restrictions, and requirements of capital-"say, one million cash "-are laid down, which shall entitle a Bunk or Banker to issue notes. Occasionally the proposal is made: "let Banks and Bankers issue notes only in times of crises and panics." Others boldly recommend the American Bank-note system. More reasonable authors seek to reform the Bank of England system itself, and call for an extension of its issue, or advocate the issue of a kind of Exchequer Bill to help us over a "crisis." In each of the many sub-divisions of opinions on the Bank of England system there are again many dissentients on points of detail, which happen to turn uppermost for the moment. The whole mass of suggestions, not to speak of the heavy parliamentary blue-books on Royal Commissions Enquiries, has hitherto had no result-it leaves us as we were.

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