The Evidence Given By Lord Overstone Before the Select Committee of the House of
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After the Act of 1844 the Bank has no metallic store.
3784. What I mean by the metallic store is, the store in the Issue Department of this country. The fact of the Bank of England being obliged by the law of 1844 to conduct its business more in relation to the metallic store in the country, will in some degree account for the frequent changes in the rate of discount ? The effect of the Act of 1844 in that respect I understand to be this : that the moment any diminution in the money of the coun...try takes place, in consequence of an adverse drain, then, under the Act of 1844, the money of the country being absolutely diminished, a rise in the rate of interest immediately takes place. Previously to the Act of 1844, the occurrence of that rise in the rate of interest was delayed in consequence of the Bank continuing to put out notes to take the place of the bullion which had gone abroad, the effect was a delay as to the period at which the rise of interest would take place ; but in consequence of that delay, the rise in the rate of interest in the end was greater than is now necessary when it takes place at an earlier period.
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To quickly assess the difficulty of the text, read a short excerpt:
After the Act of 1844 the Bank has no metallic store.
3784. What I mean by the metallic store is, the store in the Issue Department of this country. The fact of the Bank of England being obliged by the law of 1844 to conduct its business more in relation to the metallic store in the country, will in some degree account for the frequent changes in the rate of discount ? The effect of the Act of 1844 in that respect I understand to be this : that the moment any diminution in the money of the coun...try takes place, in consequence of an adverse drain, then, under the Act of 1844, the money of the country being absolutely diminished, a rise in the rate of interest immediately takes place. Previously to the Act of 1844, the occurrence of that rise in the rate of interest was delayed in consequence of the Bank continuing to put out notes to take the place of the bullion which had gone abroad, the effect was a delay as to the period at which the rise of interest would take place ; but in consequence of that delay, the rise in the rate of interest in the end was greater than is now necessary when it takes place at an earlier period.
What to read after The Evidence Given By Lord Overstone Before the Select Committee of the House of?
You can find similar books in the "Read Also" column, or choose other free books by Samuel Jones Loyd Overstone to read onlineMoreLess
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