A Catechism of the Currency
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To the injury of individuals ?
Yes : when a man takes as the transfer of a claim * Blackstone's Comm. B. Ii. C. 30.
36 CATECHISM OF THE CURRENCY.
of debt a bank bill which is forged, or one which is issued by parties having no effects, he loses what he gave for it. He has been defrauded, or he has made what he calls a bad debt.
65.
Is not that an evil arising from the excess of com- mercial paper ?
No : it is an evil arising from his paper not being what it pretends to be, or from his giving cr...edit to some person who was not worthy to be trusted. In every state of society such losses are unavoidable : they occur equally with bills, and without. The individual must be upon his guard, and take no paper but that of well-known solvent parties, as he is on his guard not to sell his goods except to men of approved credit.
66.
Who is to take up commercial paper in gold ?
Every banker will be an exchanger of gold for bills, or of bills for gold ; and the Bank of England will be the greatest mart of all for that purpose : but it is sufficient if commercial bills are paid in money.
What to read after A Catechism of the Currency?
You can find similar books in the "Read Also" column, or choose other free books by Taylor John to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
To the injury of individuals ?
Yes : when a man takes as the transfer of a claim * Blackstone's Comm. B. Ii. C. 30.
36 CATECHISM OF THE CURRENCY.
of debt a bank bill which is forged, or one which is issued by parties having no effects, he loses what he gave for it. He has been defrauded, or he has made what he calls a bad debt.
65.
Is not that an evil arising from the excess of com- mercial paper ?
No : it is an evil arising from his paper not being what it pretends to be, or from his giving cr...edit to some person who was not worthy to be trusted. In every state of society such losses are unavoidable : they occur equally with bills, and without. The individual must be upon his guard, and take no paper but that of well-known solvent parties, as he is on his guard not to sell his goods except to men of approved credit.
66.
Who is to take up commercial paper in gold ?
Every banker will be an exchanger of gold for bills, or of bills for gold ; and the Bank of England will be the greatest mart of all for that purpose : but it is sufficient if commercial bills are paid in money.
What to read after A Catechism of the Currency?
You can find similar books in the "Read Also" column, or choose other free books by Taylor John to read onlineMoreLess
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