An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain
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Their general operations, of a pecuniary kind, must be such as always to check a local rise in the price of commodities in either place, while it is as yet so small as to be scarcely perceptible. In this manner, therefore, the ex- changeableness of country paper for London pa- per will never fail very nearly to equalize the va- lue of them both. It is, moreover, important clearly to point out that their value will be equalized, or nearly equaHzed, not by a tendency in the London paper to partak...e in a low value which the country paper has acquired in consequence of its not being limited by any voluntary act of the issuers ; nor by a tendency in each to approximate in value to the other j but by a tendency in the country paper to take exactly the high value which the London paper bears in consequence of its being restricted by the issuers. That this must be the case is plain, from the remark which has just been made ; for it has been shewn, that the country paper, however 'it may fail to be limited in quantity by any mode- ration 220 ration or prudence of the issuers, becomes no Jess effectually limited through the circumstance of their being compelled by the holders to exchange as much of it as is excessive for the London paper which is limited ; which is limited, I mean, in con- sequence of a principle of limitation which the di' rectors of the Bank of England have prescribed to themselves.
What to read after An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain?
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To quickly assess the difficulty of the text, read a short excerpt:
Their general operations, of a pecuniary kind, must be such as always to check a local rise in the price of commodities in either place, while it is as yet so small as to be scarcely perceptible. In this manner, therefore, the ex- changeableness of country paper for London pa- per will never fail very nearly to equalize the va- lue of them both. It is, moreover, important clearly to point out that their value will be equalized, or nearly equaHzed, not by a tendency in the London paper to partak...e in a low value which the country paper has acquired in consequence of its not being limited by any voluntary act of the issuers ; nor by a tendency in each to approximate in value to the other j but by a tendency in the country paper to take exactly the high value which the London paper bears in consequence of its being restricted by the issuers. That this must be the case is plain, from the remark which has just been made ; for it has been shewn, that the country paper, however 'it may fail to be limited in quantity by any mode- ration 220 ration or prudence of the issuers, becomes no Jess effectually limited through the circumstance of their being compelled by the holders to exchange as much of it as is excessive for the London paper which is limited ; which is limited, I mean, in con- sequence of a principle of limitation which the di' rectors of the Bank of England have prescribed to themselves.
What to read after An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain?
You can find similar books in the "Read Also" column, or choose other free books by Henry Thornton to read onlineMoreLess
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