British Social Economic Problems Explained From a Non Party Standpoint
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While this nationality of her currency tokens compelled even the foreign in- vestment of home savings to supply a stimulus to British trade, there being no means of making foreign remittances save through the medium of commercial bills, themselves the product of a prior export and sale abroad of British manufactures.
Another and even more important consequence of this isolation of the British currency was that it was left free to develop upon lines of its own, and this develop- ment has taken t...he form of a wider and wider departure from a barbaric currency of valuable equivalents, still the only one recognized by law, and a closer and closer approximation to a civilized currency of valueless tokens ; until at length no more than about 2 % of all British payments are made in the former currency, which is yet the only legal one, while the remaining 98 % are made in the latter, which is not legal at all. This latter currency now consists of bank credits put into circula- tion through bank cheques — which credits and which cheques are assumed to represent and be convertible into gold, but have long ceased to have any real connec- tion with that metal, a fact that can best be realized by remembering that while the " deposits " in the banks of Great Britain, upon which all cheques are drawn^ amount to over ^7, 000, 000, 000, the reserves of gold held by all the banks in the kingdom is not more than enough to protect their note issues.
What to read after British Social Economic Problems Explained From a Non Party Standpoint?
You can find similar books in the "Read Also" column, or choose other free books by Cecil Balfour Phipson to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
While this nationality of her currency tokens compelled even the foreign in- vestment of home savings to supply a stimulus to British trade, there being no means of making foreign remittances save through the medium of commercial bills, themselves the product of a prior export and sale abroad of British manufactures.
Another and even more important consequence of this isolation of the British currency was that it was left free to develop upon lines of its own, and this develop- ment has taken t...he form of a wider and wider departure from a barbaric currency of valuable equivalents, still the only one recognized by law, and a closer and closer approximation to a civilized currency of valueless tokens ; until at length no more than about 2 % of all British payments are made in the former currency, which is yet the only legal one, while the remaining 98 % are made in the latter, which is not legal at all. This latter currency now consists of bank credits put into circula- tion through bank cheques — which credits and which cheques are assumed to represent and be convertible into gold, but have long ceased to have any real connec- tion with that metal, a fact that can best be realized by remembering that while the " deposits " in the banks of Great Britain, upon which all cheques are drawn^ amount to over ^7, 000, 000, 000, the reserves of gold held by all the banks in the kingdom is not more than enough to protect their note issues.
What to read after British Social Economic Problems Explained From a Non Party Standpoint?
You can find similar books in the "Read Also" column, or choose other free books by Cecil Balfour Phipson to read onlineMoreLess
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