Money And Its Laws Embracing a History of Monetary Theories And a History of T
Money And Its Laws Embracing a History of Monetary Theories And a History of T
Henry Varnum Poor
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" Sir Robert Peel followed, in a more apologetic strain. As the responsible author of the Act of 1844, he was not a little chagrined at the result. It was unfair, he said, that he should be singled out as the great object of attack. The Act was not his own, but of Parliament. It had been alleged that it had been passed without due consideration ; but the subject was one upon which Committees had sat for five years, and during their investigations had asked more than 14, 000 questions, and recei...ved more than 14, 000 answers. As nothing practical had come of them all, the government determined to pass some measure upon its own responsibility. If the one adopted were inadequate to its objects, he was ready to accept any provision necessary to render it so. " There has, " said Sir Robert, " been some misrepresentation respecting the object of this Act. I do not deny that one of the objects contemplated by the Act was the prevention of the con- vulsions that had heretofore occurred in consequence of the neglect by the Bank of England to take early precautions against the withdrawal of its treasure.
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