The Principles of Currency And Banking Being Five Lectures Delivered in Queen
The book The Principles of Currency And Banking Being Five Lectures Delivered in Queen was written by author Richard Horner Mills Here you can read free online of The Principles of Currency And Banking Being Five Lectures Delivered in Queen book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is The Principles of Currency And Banking Being Five Lectures Delivered in Queen a good or bad book?
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An ounce; if the gold currency which makes up £3 175. LO^cl. Comes to weigh less than an ounce — if, when converted into bulHon in the crucible, this sum would not yield this weight, whosoever wishes to buy an ounce of gold bullion must give so much more for it as will make up a sum equal in weight to the bullion he desires to purchase. Such a state of things could not now occur, because, as we have already seen, a sovereign ceases to be a legal tender if it be less than 122^ grains in weight, ...and when presented at the Bank of England it will be clipped. A tliird cause of the excess of the market price over the mint price of gold, was the over-issue by the banks of inconvertible paper during the period of the resti'ic- c2 20 LECTURE I. turn on cash pa3'mcnts, from 1797 to 1819. The Bank of England was then discharged from the liability of paying its notes in gold; and, after some time, it and the nnmerous country banks proceeded to issue so largely, and to increase the amount of the currency to such an extent, that the prices of every thing rose, and ol' course the price of gold bullion rose along with the rest.
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