WeRead Powered by ReaderPub
The Paper Currency of England Dispassionately Considered / With Suggestions Towards a Practical Solution of the Difficulty cover

The Paper Currency of England Dispassionately Considered / With Suggestions Towards a Practical Solution of the Difficulty

Chapter 2: PREFACE.
Open in WeRead

Explore more books like this:

About This Book

The author examines England's paper currency and the Bank Charter Act of 1844, defending the act's provision for decennial revision and the state's right to redeem note-issuing privileges while criticizing the act's underlying monetary theory as fallacious. He emphasizes the benefits of periodic reassessment for public welfare and for checking the entrenched monopoly of note issuance, argues that banks holding exclusive rights should be prepared to surrender them, and critiques the Act's treatment of country banks. The essay confines itself to English circulation, outlines the law's main provisions and practical difficulties, and offers suggestions toward a practicable reform of the currency system.

The following pamphlet was designed for insertion in a periodical devoted to industrial and commercial purposes, which was to have appeared on the 1st of January. As owing to unavoidable circumstances the publication of this journal has been postponed, the writer has thought it better to present his views to the public in their original form, than to incur the delay that would be necessary if he were to recast the essay and expand its scope so as to embrace the consideration of the Scotch and Irish issues. He trusts that this explanation will serve as an apology for the extreme compression which he has been obliged to exercise in treating of several departments of the subject, as well as for his having neglected to fortify his reasoning by citations from other writers, in many instances in which he might have done so with unquestionable advantage to the reader.

19, Cullenswood-avenue, Ranelagh,
Dublin, Jan. 1856.