Practical Observations On the Report of the Bullion Committee
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* * Mr. Ricardo is also of opinion that the Bank of England 83 Whatever opinion be entertained on these points, however the questions respecting the powers of the Bank be disposed of, still the opinion of the Committee, that, in point of fact, the paper-circulation of the country is exces- sive, stands as the prominent feature of the Re- port. As the fact is not apparent at least, (I mean that there is more paper than the country can easily absorb and employ) the onus probandi seems to lie on t...he Committee, but they have thrown it altogether off their should- ers, they have brought forward neither evi- dence nor documents in support of the opinion, is the great regulator of country-bank paper, " whea they in- crease or decrease the amount of their paper, the country banks do the same. " And he grounds this opinion on the theory of prices tending to equalize the circulating medium in districts having free intercourse. It is foreign to my purpose to enter into an argument en this subject ; but it appears to me, that Mr, Ricardo was bound to shew that some physical impossibility obstructs the increase of bank-notes at the ex- pense of country notes, and -vice versa, before he assumes that an increase of bank-notes must produce an increase of country notes ; he seems to consider it probable that the endeavours of country bankers to displace bank-notes has been successful, in which case the proportion between town and country notes has varied withou \iny such fluctuation, in the price of com- modities has formed the basis of his argument.
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To quickly assess the difficulty of the text, read a short excerpt:
* * Mr. Ricardo is also of opinion that the Bank of England 83 Whatever opinion be entertained on these points, however the questions respecting the powers of the Bank be disposed of, still the opinion of the Committee, that, in point of fact, the paper-circulation of the country is exces- sive, stands as the prominent feature of the Re- port. As the fact is not apparent at least, (I mean that there is more paper than the country can easily absorb and employ) the onus probandi seems to lie on t...he Committee, but they have thrown it altogether off their should- ers, they have brought forward neither evi- dence nor documents in support of the opinion, is the great regulator of country-bank paper, " whea they in- crease or decrease the amount of their paper, the country banks do the same. " And he grounds this opinion on the theory of prices tending to equalize the circulating medium in districts having free intercourse. It is foreign to my purpose to enter into an argument en this subject ; but it appears to me, that Mr, Ricardo was bound to shew that some physical impossibility obstructs the increase of bank-notes at the ex- pense of country notes, and -vice versa, before he assumes that an increase of bank-notes must produce an increase of country notes ; he seems to consider it probable that the endeavours of country bankers to displace bank-notes has been successful, in which case the proportion between town and country notes has varied withou \iny such fluctuation, in the price of com- modities has formed the basis of his argument.
What to read after Practical Observations On the Report of the Bullion Committee?
You can find similar books in the "Read Also" column, or choose other free books by Charles Bosanquet to read onlineMoreLess
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