On the Frequent Pressure in the Money Market
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This is the poUcy to a considerable extent adopted even at present. The Times represents the Bank directors as feeling- confidence that the amounts of currency gradually withdrawn during July, August, and September would shortly return. But their confidence failed when the sudden October pressure fell upon the Bank. Here, I apprehend, was to some extent a double error.
The newspaper press and the mercantile world were not sufB.ciently aware that the chief pressure falls into October. Had this... been thoroughly known it would have been only prudent for the Bank directors to strengthen their position somewhat earlier than they did. "When the expected run in the beginning of October came upon them it would have been quite unnecessary to put on so violent a pressure as a rise of 2^ per cent, in the rate of discount in ten days.
It cannot be denied, indeed, that to some extent the periodic drain was aggravated by a more chronic scarcity of capital which has been felt ever since. Still I have no hesitation in asserting that if the public and the commercial press had been thoroughly aware how peculiar those first few weeks of October naturally are, far less alarm, pressure, revulsion of prices and injury would have been excited last autumn.
What to read after On the Frequent Pressure in the Money Market?
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To quickly assess the difficulty of the text, read a short excerpt:
.
This is the poUcy to a considerable extent adopted even at present. The Times represents the Bank directors as feeling- confidence that the amounts of currency gradually withdrawn during July, August, and September would shortly return. But their confidence failed when the sudden October pressure fell upon the Bank. Here, I apprehend, was to some extent a double error.
The newspaper press and the mercantile world were not sufB.ciently aware that the chief pressure falls into October. Had this... been thoroughly known it would have been only prudent for the Bank directors to strengthen their position somewhat earlier than they did. "When the expected run in the beginning of October came upon them it would have been quite unnecessary to put on so violent a pressure as a rise of 2^ per cent, in the rate of discount in ten days.
It cannot be denied, indeed, that to some extent the periodic drain was aggravated by a more chronic scarcity of capital which has been felt ever since. Still I have no hesitation in asserting that if the public and the commercial press had been thoroughly aware how peculiar those first few weeks of October naturally are, far less alarm, pressure, revulsion of prices and injury would have been excited last autumn.
What to read after On the Frequent Pressure in the Money Market?
You can find similar books in the "Read Also" column, or choose other free books by Jevons, William Stanley, 1835-1882 to read onlineMoreLess
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