Historical Sketch of the Bank of England : With An Examination of the Question As to the Prolongation of the Exclusive Privileges of That Establishment 30
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Should the country become, at any future period, unable to make good its engagements, it will better consult its honour and its interest, by fairly compounding with its creditors, than by endeavouring to slip from its engagements by resorting to the dishonest expedient of enfeebling the standard.
The price of corn, which had been very much depressed in 1821 and 1822, rallied in 1823; and this circumstance contributed, along with others peculiar to that period, to promote an extraordinary rage f...or speculation. The issues of the country banks being in consequence far too much extended, the currency became redundant in 1824 ; and the exchanges having been depressed, a drain for gold began to operate upon the Bank of England. The Bank does not appear to have taken any steps for up- wards of a twelvemonth, by contracting her issues, to check the drain ; but being at length compelled, in order to prevent the exhaustion of her coffers, to lessen her paper, a violent revulsion took place. Such of the coun- 30 HISTORICAL SKETCH OF try banks — and they were a numerous class — as had been originally established without sufficient capital, and such as had conducted their business upon erroneous principles, began to give way the moment they experienced an increased difficulty of obtaining pecuniary accommoda- tions in London.
What to read after Historical Sketch of the Bank of England : With An Examination of the Question As to the Prolongation of the Exclusive Privileges of That Establishment 30?
You can find similar books in the "Read Also" column, or choose other free books by J R John Ramsay Mcculloch to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Should the country become, at any future period, unable to make good its engagements, it will better consult its honour and its interest, by fairly compounding with its creditors, than by endeavouring to slip from its engagements by resorting to the dishonest expedient of enfeebling the standard.
The price of corn, which had been very much depressed in 1821 and 1822, rallied in 1823; and this circumstance contributed, along with others peculiar to that period, to promote an extraordinary rage f...or speculation. The issues of the country banks being in consequence far too much extended, the currency became redundant in 1824 ; and the exchanges having been depressed, a drain for gold began to operate upon the Bank of England. The Bank does not appear to have taken any steps for up- wards of a twelvemonth, by contracting her issues, to check the drain ; but being at length compelled, in order to prevent the exhaustion of her coffers, to lessen her paper, a violent revulsion took place. Such of the coun- 30 HISTORICAL SKETCH OF try banks — and they were a numerous class — as had been originally established without sufficient capital, and such as had conducted their business upon erroneous principles, began to give way the moment they experienced an increased difficulty of obtaining pecuniary accommoda- tions in London.
What to read after Historical Sketch of the Bank of England : With An Examination of the Question As to the Prolongation of the Exclusive Privileges of That Establishment 30?
You can find similar books in the "Read Also" column, or choose other free books by J R John Ramsay Mcculloch to read onlineMoreLess
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