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

Chapter 4: Transcriber’s Notes

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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.

Transcriber’s Notes

Punctuation and spelling were made consistent when a predominant preference was found in this book; otherwise they were not changed.

Simple typographical errors were corrected; occasional unbalanced quotation marks retained.

Ambiguous hyphens at the ends of lines were retained; occurrences of inconsistent hyphenation have not been changed.

A vertical white blemish near the left margin partly-obscured the text of many page images. Transcribers were able to reconstruct the affected words, but the line also went through the second digit of some numbers, particularly in multiple occurrences of what was judged to be “£11,000,000”. It is possible that the correct value for some of those was “£14,000,000”.