An Address to the Public On the Plan Proposed By the Secret Committee of the House of Commons for Examining the Affairs of the Bank 17
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Gold may shift in price, as it does from day to day : but the nominal price is, under this in- novation, ever to be the same : because it is to be kept at an uniform price, by varying the amount of currency.
If gold rises, currency is to be diminished; if gold falls in price, currency is to be increased.
The 2nd vice of this system is, that as the price of gold depends less on the circumstances of the home market, than on those of the foreign market, this mea- sure will make the quantity of our... currency and the accommodation of our merchants dependant not on their own wants and interests, but on the wants and interests of foreigners.
The 3rd vice is,— that it limits the currency by the price of one article alone, and not by the wants of the nation, and the amount of its income.
4th. That by forcing up the value of Bank Notes from representing the Mint price to represent the market price of gold, it alters the whole state of value through- out the empire in all its relations.
Suppose the market price of gold 5 per cent, higher than the Mint price, which Bank Paper represents, what would be the effect of such a measure?
What to read after An Address to the Public On the Plan Proposed By the Secret Committee of the House of Commons for Examining the Affairs of the Bank 17?
You can find similar books in the "Read Also" column, or choose other free books by Edward Cooke to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Gold may shift in price, as it does from day to day : but the nominal price is, under this in- novation, ever to be the same : because it is to be kept at an uniform price, by varying the amount of currency.
If gold rises, currency is to be diminished; if gold falls in price, currency is to be increased.
The 2nd vice of this system is, that as the price of gold depends less on the circumstances of the home market, than on those of the foreign market, this mea- sure will make the quantity of our... currency and the accommodation of our merchants dependant not on their own wants and interests, but on the wants and interests of foreigners.
The 3rd vice is,— that it limits the currency by the price of one article alone, and not by the wants of the nation, and the amount of its income.
4th. That by forcing up the value of Bank Notes from representing the Mint price to represent the market price of gold, it alters the whole state of value through- out the empire in all its relations.
Suppose the market price of gold 5 per cent, higher than the Mint price, which Bank Paper represents, what would be the effect of such a measure?
What to read after An Address to the Public On the Plan Proposed By the Secret Committee of the House of Commons for Examining the Affairs of the Bank 17?
You can find similar books in the "Read Also" column, or choose other free books by Edward Cooke to read onlineMoreLess
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