The New Golden Age And Influence of the Precious Metals Upon the World

Cover The New Golden Age And Influence of the Precious Metals Upon the World
The New Golden Age And Influence of the Precious Metals Upon the World
R H Robert Hogarth Patterson
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20) : — " The proceedings of the Bank generate apprehensions, which tend to produce the evils of a money-panic. Everybody is hoarding. Money is said to be plentiful, but nobody will lend it; and Commerce, constituting the very sinews of the national strength, is crippled without an adequate cause, by the action of the Bank." Again — " Money is said to be plentiful in some quarters, but nobody will lend. Some banks that usually are ex- tremely liberal, refuse to lend at all ! " Thus, we repeat, ...trade and credit were sound, and no extra accommo- dation was needed or asked for by the commercial public : it was purely a failure of power on the part 356 ENTERPRISE IN EUROPE: of the banks to do their ordinary work which occasioned the severe pressure upon the national industry, — a pressure which the Bank of England did not stir a finger to obviate or lessen. Yet France, under a wiser system, contemporaneously passed through a similar drain of specie without any monetary crisis or sacrifice of the national industry and wellbeing.

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