Summary Statement of the One Pound Note Question
Summary Statement of the One Pound Note Question
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25). The whole management of this was in the hands of his Ma- jesty's Ministers, and Country Bankers were never consulted about it.
In the mean time, One Pound Notes had been made the subject of taxation. In 1815 the stamp duty upon each was four-pence, and the period for each note to circulate was restrict- ed to three years. There was also an annual licence of £20 to be paid by each banking firm issuing Promissory Notes. Upon the revisal of the Stamp Act, Mr. Vansittart, the Chan- cellor of t...he Exchequer, proposed to increase the above-mentioned duty to slvpence. A ge- neral meeting of the Country Bankers was then held in London, and it was found to be neces- sary that an application should be made to the Chancellor of the Exchequer upon the subject 11 of the proposed increase of duty. The confer- ences which were held proceeded on the plain grounds that the circulation of One Pound Notes depended upon his Majesty's Ministers for its continuance or discontinuance — that if it was thought expedient to continue them, the proposed duty was higher than the case would admit of, and would amount to a prohibition of them — and that his Majesty's Government had already secured for the country, by means of the stamp duty and licence, a large proportion of any profit that might arise out of the circula- tion.
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To quickly assess the difficulty of the text, read a short excerpt:
25). The whole management of this was in the hands of his Ma- jesty's Ministers, and Country Bankers were never consulted about it.
In the mean time, One Pound Notes had been made the subject of taxation. In 1815 the stamp duty upon each was four-pence, and the period for each note to circulate was restrict- ed to three years. There was also an annual licence of £20 to be paid by each banking firm issuing Promissory Notes. Upon the revisal of the Stamp Act, Mr. Vansittart, the Chan- cellor of t...he Exchequer, proposed to increase the above-mentioned duty to slvpence. A ge- neral meeting of the Country Bankers was then held in London, and it was found to be neces- sary that an application should be made to the Chancellor of the Exchequer upon the subject 11 of the proposed increase of duty. The confer- ences which were held proceeded on the plain grounds that the circulation of One Pound Notes depended upon his Majesty's Ministers for its continuance or discontinuance — that if it was thought expedient to continue them, the proposed duty was higher than the case would admit of, and would amount to a prohibition of them — and that his Majesty's Government had already secured for the country, by means of the stamp duty and licence, a large proportion of any profit that might arise out of the circula- tion.
What to read after Summary Statement of the One Pound Note Question?
You can find similar books in the "Read Also" column, or choose other free books by Kahn Otto Hermann to read onlineMoreLess
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