Thoughts On the Separation of the Departments of the Bank of England
Thoughts On the Separation of the Departments of the Bank of England
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The country issues varied twenty per cent. , and with no sort of correspondence to the bullion or to the Bank issues. The minimum of country issues corresponds with the maximum of bullion and of Bank issues (September, 1833). The maximum of country issues, as also of the aggre- gate circulation, occurs when the bullion has pro- ceeded about half way in its course of redaction (June, 1836). The country issues are again very near their maximum point (in December, 1836) when the bullion has sustai...ned a serious and rapid further reductio7i, and when the Bank circu- lation is almost at its minimum point; and during the three following months, — within which we have already observed that the Bank circulation underwent a most remarkable increase — we find the country circulation undergoing an equally ex- traordinary decrease. So that the result is, that with violent and opposing fluctuations by the Bank and Country circulation, between September and December, 1 836, and again between Decem- ber, 1836, and March, 1837, the aggregate circu- lation varies but slightly, although during this time the bullion, previously very much reduced, continues to diminish steadily and largely.
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To quickly assess the difficulty of the text, read a short excerpt:
The country issues varied twenty per cent. , and with no sort of correspondence to the bullion or to the Bank issues. The minimum of country issues corresponds with the maximum of bullion and of Bank issues (September, 1833). The maximum of country issues, as also of the aggre- gate circulation, occurs when the bullion has pro- ceeded about half way in its course of redaction (June, 1836). The country issues are again very near their maximum point (in December, 1836) when the bullion has sustai...ned a serious and rapid further reductio7i, and when the Bank circu- lation is almost at its minimum point; and during the three following months, — within which we have already observed that the Bank circulation underwent a most remarkable increase — we find the country circulation undergoing an equally ex- traordinary decrease. So that the result is, that with violent and opposing fluctuations by the Bank and Country circulation, between September and December, 1 836, and again between Decem- ber, 1836, and March, 1837, the aggregate circu- lation varies but slightly, although during this time the bullion, previously very much reduced, continues to diminish steadily and largely.
What to read after Thoughts On the Separation of the Departments of the Bank of England?
You can find similar books in the "Read Also" column, or choose other free books by Samuel Jones Loyd Overstone to read onlineMoreLess
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