Metallic Paper Credit Currency And the Means of Regulating Their Quantity And
Metallic Paper Credit Currency And the Means of Regulating Their Quantity And
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70 Wljcii, however, we find Mr. Norman stating, that the Bank finds extreme difficulty, during an influx of bullion, in keeping np the amount of its mercantile securities, " though the Bank has not deemed it right, hitherto, to lower the rate of dis- count to such an extent as to keep up the whole amount of securities from that source ; "* and when we know that the purchase of Exchequer bills is resorted to at such moments, — when we have seen the Bank offering money to the public, at such a te...mpting rate of interest that it became difficult to refuse the bait, as in the instance of the re-issue of the money accumulated on the West India loan, which was offered at the rate of 3^ per cent. — when also we have seen advances made to Govern- ment, simply in accordance with the wants of the Exchequer, without reference to the fullness or otherwise of the currency, we cannot help coming to the conclusion, that more circulation has at times been forced upon the public, than the state of trade and business operations of the country has required.
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To quickly assess the difficulty of the text, read a short excerpt:
70 Wljcii, however, we find Mr. Norman stating, that the Bank finds extreme difficulty, during an influx of bullion, in keeping np the amount of its mercantile securities, " though the Bank has not deemed it right, hitherto, to lower the rate of dis- count to such an extent as to keep up the whole amount of securities from that source ; "* and when we know that the purchase of Exchequer bills is resorted to at such moments, — when we have seen the Bank offering money to the public, at such a te...mpting rate of interest that it became difficult to refuse the bait, as in the instance of the re-issue of the money accumulated on the West India loan, which was offered at the rate of 3^ per cent. — when also we have seen advances made to Govern- ment, simply in accordance with the wants of the Exchequer, without reference to the fullness or otherwise of the currency, we cannot help coming to the conclusion, that more circulation has at times been forced upon the public, than the state of trade and business operations of the country has required.
What to read after Metallic Paper Credit Currency And the Means of Regulating Their Quantity And?
You can find similar books in the "Read Also" column, or choose other free books by J W James Whatman Bosanquet to read onlineMoreLess
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