The Causes And Consequences of the Pressure Upon the Money-Market : With a Statement of the Action of the Bank of England From 1st October, 1833, to the 27th December, 1836 34
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These circumstances at length attracted the atten- tion of Parliament. The volume of evidence, taken c 34 before a Committee of the House of Commons, and published since the close of the last session, must satisfy every unprejudiced mind of the danger attend- ing the continuance of such a system. Suffice it here to say, that the influence which should have attend- ed the contraction of Bank of England paper arising from the export of bullion, was counteracted by the imprudent facilities of cred...it and cheapness of money occasioned by the proceedings of the Issuing Banks in the interior of England and Ireland. Upon the publication in the Gazette of the issues of the Joint- Stock and private banks of England and Wales in the early part of last July, an increase of 25 per cent, of their issues was exhibited, above the amount existing in March 1834, while the circulation of the Bank of England had been diminished nearly to the same extent. The increase in the issues of the Joint-Stock Banks of Ireland, though not published, has since been ascertained to have greatly exceeded in proportion that exhibited in this country.
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