The Financial And Commercial Crisis Considered
The Financial And Commercial Crisis Considered
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Now if this amount is held in notes, it reckons as so much Bank paper out ; if it remains a deposit, it is wholly disregarded by the currency guardians. But the power of these two descriptions of claims is exactly the same over the treasure of the Bank either in bullion or in that artificial reserve of paper left at its disposal by the Charter Act. It is a great mistake to suppose that whenever gold is 22 claimed from the Bank, notes are brought in, or that when accommodation is given by discou...nt, notes go out. In nine cases out of ten those great transactions pass through deposits and transfers from account to account, and not by notes ; but deposits are con- sidered as nothing, and the notes taken as the sole indication of the powers and the dangers of the Bank. It is equally a mistake to suppose that the Bank has the power to keep out any amount of notes at its pleasure, supposing it even to disregard the danger of a drain of gold. It will be seen from the returns that they have hardly varied half a million during the period of this heavy storm ; and in this case again the contraction and expansion of accommo- dation have by no means the effect generally supposed on the amount of notes held in circulation; it is pos- sible and even probable that they would not be in- creased if any morning the Bank were to discount half a million of commercial paper.
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You can find similar books in the "Read Also" column, or choose other free books by Alexander Baring Ashburton to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Now if this amount is held in notes, it reckons as so much Bank paper out ; if it remains a deposit, it is wholly disregarded by the currency guardians. But the power of these two descriptions of claims is exactly the same over the treasure of the Bank either in bullion or in that artificial reserve of paper left at its disposal by the Charter Act. It is a great mistake to suppose that whenever gold is 22 claimed from the Bank, notes are brought in, or that when accommodation is given by discou...nt, notes go out. In nine cases out of ten those great transactions pass through deposits and transfers from account to account, and not by notes ; but deposits are con- sidered as nothing, and the notes taken as the sole indication of the powers and the dangers of the Bank. It is equally a mistake to suppose that the Bank has the power to keep out any amount of notes at its pleasure, supposing it even to disregard the danger of a drain of gold. It will be seen from the returns that they have hardly varied half a million during the period of this heavy storm ; and in this case again the contraction and expansion of accommo- dation have by no means the effect generally supposed on the amount of notes held in circulation; it is pos- sible and even probable that they would not be in- creased if any morning the Bank were to discount half a million of commercial paper.
What to read after The Financial And Commercial Crisis Considered?
You can find similar books in the "Read Also" column, or choose other free books by Alexander Baring Ashburton to read onlineMoreLess
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