Important Notices of That Which Concerns the Pecuniary Credit of a State : And in Particular That of England 32
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10 But both Whigs and Tories, administration and opposition, after the peace of 1815, joined in acting under the delusion of a depreciation of the State's money, that never existed; and adopting the insuf- ficient act of 1819, returned to the obsolete and ineffectual law and mode of 1694, for organizing and originating the State's gold standard money, in 1819.
The circumstances that gave rise to the idea and malaria of depreciation were, whether interested or not, the sophistries of the modern ...political econo- mists, deducing false conclusions, from the simple facts, of the rise in price of the material of the State's standard coin, — and that of the paper notes of a commercial house, the Bank of England, not fetch- ing more on the Continent, very often, during the wm-, than from 50 to 75 per cent, of their represen- t;ative value at home, at the same time that when any English guineas, were to be met with, they would fetch, instead of 21, perhaps 27 and 28 shil- lings, and they argued from these premises, that tiie States' standard money was depreciated.
What to read after Important Notices of That Which Concerns the Pecuniary Credit of a State : And in Particular That of England 32?
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To quickly assess the difficulty of the text, read a short excerpt:
10 But both Whigs and Tories, administration and opposition, after the peace of 1815, joined in acting under the delusion of a depreciation of the State's money, that never existed; and adopting the insuf- ficient act of 1819, returned to the obsolete and ineffectual law and mode of 1694, for organizing and originating the State's gold standard money, in 1819.
The circumstances that gave rise to the idea and malaria of depreciation were, whether interested or not, the sophistries of the modern ...political econo- mists, deducing false conclusions, from the simple facts, of the rise in price of the material of the State's standard coin, — and that of the paper notes of a commercial house, the Bank of England, not fetch- ing more on the Continent, very often, during the wm-, than from 50 to 75 per cent, of their represen- t;ative value at home, at the same time that when any English guineas, were to be met with, they would fetch, instead of 21, perhaps 27 and 28 shil- lings, and they argued from these premises, that tiie States' standard money was depreciated.
What to read after Important Notices of That Which Concerns the Pecuniary Credit of a State : And in Particular That of England 32?
You can find similar books in the "Read Also" column, or choose other free books by Moore, Richard, 1810-1878 to read onlineMoreLess
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