The Currency And Banking System of England And the Sister Kingdoms
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In the first-mentioned country, it is the true cause of the stability of its banking system and paper currency, which has been erro- neously ascribed in England to some mere superi- ority of management in that system. The very issuing of notes by bankers supposes the want of an extensive active capital, (or, in other words, of gold and silver, ) but the possession of an ample guarantee capital ; and such was the situation (as regards the latter species of capital) in which the laws of landed pr...operty placed Scotland. That country, up to a very recent period, possessed almost no active capital, and still possesses compara- tively little, but her landholders, and other posses- sors of her fixed capital, formed themselves into banking companies ; and on the credit of their land, the notes which they issued were readily received by the people, and thus was that land actually doubled in value for the public benefit, by being converted into an active as well as a fixed capi- tal ; thus was it made the instrument of its own improvement, and of the introduction and support of commerce and manufactures.
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To quickly assess the difficulty of the text, read a short excerpt:
In the first-mentioned country, it is the true cause of the stability of its banking system and paper currency, which has been erro- neously ascribed in England to some mere superi- ority of management in that system. The very issuing of notes by bankers supposes the want of an extensive active capital, (or, in other words, of gold and silver, ) but the possession of an ample guarantee capital ; and such was the situation (as regards the latter species of capital) in which the laws of landed pr...operty placed Scotland. That country, up to a very recent period, possessed almost no active capital, and still possesses compara- tively little, but her landholders, and other posses- sors of her fixed capital, formed themselves into banking companies ; and on the credit of their land, the notes which they issued were readily received by the people, and thus was that land actually doubled in value for the public benefit, by being converted into an active as well as a fixed capi- tal ; thus was it made the instrument of its own improvement, and of the introduction and support of commerce and manufactures.
What to read after The Currency And Banking System of England And the Sister Kingdoms?
You can find similar books in the "Read Also" column, or choose other free books by James Roy to read onlineMoreLess
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