Journal of a Tour And Residence in Great Britain, During the Years 1810 And 1811 2
Journal of a Tour And Residence in Great Britain, During the Years 1810 And 1811 2
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In our eReader you can find the full English version of the book. Read Journal of a Tour And Residence in Great Britain, During the Years 1810 And 1811 2 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Journal of a Tour And Residence in Great Britain, During the Years 1810 And 1811 2
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From the year 1797 to 180ft no material diflfer^^ ence existed between specie and bank-notes; fo-^ reign exchanges were but little against Engl^md,— not more than the expense of transporting specie^ which is estimated at 6 or 7#per cent. ; and the' price of bullion remained about L. 3, 17s. lOd. ai^ o^nce. In 1806-7, however^ it rose to L. 4. ; and^ towards the end of 1808, continuing to rise^ tbe^ Bank ceased to buy any more ; it is now arrived^ at L. 4, 14s. There is a profit of 20 per cent, ...m melting guineas, and they nave accordmgly disap* peared. A state of things so alarming determined* the Parliament, last year, to appoint a committee, of twenty-one members to examine into the caused and the committee reported, that there was a real depreciation of bank'-notes, occasioned by over* issues, the directors having fallen into the error of MpposiDg llkat they maj safely ditscount all the mer- eraitile acceptaQcea offered to them, proTided the s^natures are good, and the paper issued in conse« mence of real purchases and sales ; and also that wey may dijscount all those promissory-notes of the €r0Temiiieint, called Exchequer-bills, which may he offered to them, without any limits ; a doctrine of which the committee has shewn the fallacy.
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To quickly assess the difficulty of the text, read a short excerpt:
From the year 1797 to 180ft no material diflfer^^ ence existed between specie and bank-notes; fo-^ reign exchanges were but little against Engl^md,— not more than the expense of transporting specie^ which is estimated at 6 or 7#per cent. ; and the' price of bullion remained about L. 3, 17s. lOd. ai^ o^nce. In 1806-7, however^ it rose to L. 4. ; and^ towards the end of 1808, continuing to rise^ tbe^ Bank ceased to buy any more ; it is now arrived^ at L. 4, 14s. There is a profit of 20 per cent, ...m melting guineas, and they nave accordmgly disap* peared. A state of things so alarming determined* the Parliament, last year, to appoint a committee, of twenty-one members to examine into the caused and the committee reported, that there was a real depreciation of bank'-notes, occasioned by over* issues, the directors having fallen into the error of MpposiDg llkat they maj safely ditscount all the mer- eraitile acceptaQcea offered to them, proTided the s^natures are good, and the paper issued in conse« mence of real purchases and sales ; and also that wey may dijscount all those promissory-notes of the €r0Temiiieint, called Exchequer-bills, which may he offered to them, without any limits ; a doctrine of which the committee has shewn the fallacy.
What to read after Journal of a Tour And Residence in Great Britain, During the Years 1810 And 1811 2?
You can find similar books in the "Read Also" column, or choose other free books by L Louis Simond to read onlineMoreLess
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