An examination into the principles of currency involved in the Bank Charter Act of 1844
Citation:
Cairnes, John E. 'An examination into the principles of currency involved in the Bank Charter Act of 1844'. - Dublin: Proceedings of the Social Inquiry Society of Ireland, 1854, pp.1-78Download Item:
Abstract:
The prospects of the country at the present moment,
on the opening of a European war, present many
aspects of anxious interest, and afford indications of
a revival of many subjects of discussion, as well of
an economical and financial as of a political character,
which have long been allowed to slumber in silence.
Amongst these we may expect to find our monetary
laws pretty severely canvassed; and it is certain that
the necessity of supporting large military expenditure
in foreign countries is a circumstance of precisely that
kind which is likely to bring these laws to a severe
test. We have already parted with some four or five
millions of bullion in discharge of foreign liabilities
of one kind or another; and though the exchanges
may have rallied for the present, it is not possible
that the country should carry on its warlike proceedings
on the scale which seems to be contemplated,
without becoming subject to occasional drains of the
precious metals of a more extensive character than
we have for many years experienced. The occasion,
therefore, seems not to be unsuitable for inviting public
attention to a consideration of the principles upon
which our currency laws are based. These principles,
so far at least as regards the control of our paper
circulation, are embodied in the Bank Charter Act of
1844. Into all the provisions of that Act it is not
intended in the following observations to enter: the
points which it is proposed to discuss are those only
which affect the central establishment in London;
according to which an artificial limit, prescribed
by the legislature, is placed upon the issue of notes
payable on demand.
Description:
The substance of the following pamphlet was read before the Dublin Statistical Society, on the 19th of June last.
Author: Cairnes, John E.
Publisher:
Statistical and Social Inquiry Society of IrelandType of material:
Journal articleCollections
Series/Report no:
Journal of The Statistical and Social Inquiry Society of IrelandPamphlet 1854
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Full text availableKeywords:
Bank notes, Bank charter actISSN:
00814776Metadata
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