Observations on the Circulation of Individual Credit and on the Banking System of England, Teil 1Longman, Hurst, Rees, Orme & Company, 1812 - 97 Seiten |
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Observations on the Circulation of Individual Credit, and on the Banking ... B. A. Heywood Keine Leseprobe verfügbar - 2018 |
Observations on the Circulation of Individual Credit, and on the Banking ... B. A. Heywood Keine Leseprobe verfügbar - 2016 |
Observations on the Circulation of Individual Credit: And on the ..., Teil 1 B a Heywood Keine Leseprobe verfügbar - 2016 |
Häufige Begriffe und Wortgruppen
acceptor amount appears arising balances Bank Directors bank discounts Bank of Eng Bank of England banking system become bill circulating medium bills and notes bills drawn bills of ex bills of exchange bona fide transactions borrower Bullion Committee calculation capital cash certainly circulating credit Clearing House commercial common consideration considered consists of Bank convenience cotton coun country bank notes culation debt discharged dium ducats effect England notes establishment evidence excess Exchequer bills exist export extended fractional sums gold coin Government hoarding increased individual credit inland bills interest issue Johnstone limited London Lord Liverpool means medium of circulation ment mercantile merchants mercial opinion paid paper circulation parties payable on demand payment principles probably profit promissory notes prosperity receive respect says shew shewn Sir Francis Baring stamp duty suppose Thornton tion town bankers trade Treasury bills UNIVERSITY OF MICHIGAN
Beliebte Passagen
Seite 31 - And, besides, it would impower one to assign that to another which he could not have himself; for since he to whom this note was made could not have this action, how can his assignee have it? And these notes are not in the nature of bills of exchange; for the reason of the custom of bills of exchange is for the expedition of trade and its safety; and likewise it hinders the exportation of money out of the realm.
Seite 6 - ... speculative writers. To find arguments in its support, at least to the extent to which it is at present carried, they have been obliged to connect it with paper credit; so that the principles on which the use of paper credit is truly founded, may be brought in support of a great emission of paper currency. Paper currency, strictly speaking, consists only of bills or notes payable or convertible into cash on demand by the person who issued the same at the will of the holder.
Seite 31 - Rep. 117 (1692). drawer can be charged; but inland bills need no protest; and the notes in question are only an invention of the goldsmiths in Lombard Street, who had a mind to make a law to bind all those that did deal with them; and sure to allow such a note to carry any lien with it, were to turn a piece of paper, which is in law but evidence of a parol contract, into a specialty...
Seite 48 - In the former chapter it was shewn that bills, though professedly drawn for the purpose of exchanging a debt due to one person for a debt due to another, are, in fact, created rather for the sake of serving as a discountable article, and of forming a provision against contingencies ; and that, by being at any time convertible into cash (that is, into either money or bank notes) they render that supply of cash which is necessary to be kept in store much less considerable.
Seite 44 - ... retire upon wealth rapidly accumulated, thousands are left to lament the ruin, which deluded by the example of such rapid success on the one hand, and tempted by the facility of overtrading on the other, they have brought upon themselves.
Seite 44 - In the nature of things, such a speculation could not continue universally and uninterruptedly fortunate. The markets, at first scantily supplied, would soon be overstocked. Some of the adventurers, from being too late, others, from ignorance or misconduct, extravagance or misfortune, would fail. The chain was sure to give way in some of its links ; — great and numerous failures are the consequence, suspicion and alarm become general, securities, hitherto negotiable...
Seite 31 - That the maintaining of these actions upon such notes were innovations upon the rules of the common law ; and that it amounted to the setting up a new sort of specialty, unknown to the common law, and invented in Lombard Street, which attempted in these matters of bills of exchange to give laws to Westminster Hall.
Seite 46 - ... this artificial facility, and these forced speculations ? To those who still shut their eyes to the melancholy but instructive lessons which we have lately received in this respect, it would be useless to offer any other proofs of their dangerous tendency. They would remain unconvinced, even if all the follies of the South Sea adventure, or of the Missisippi scheme, were acted over again.
Seite 46 - ... proportion to the paper currency he can borrow. Under such circumstances it is idle to talk of the Bank Directors having the power to contract their discounts when they perceive there has been an over-issue, unless a motive can be shewn for the exercise of that power. While the Restriction Act is in force, the only rule of their conduct will be the validity of the bills that are offered for discount, and they are bound by the duty they owe to the Bank Proprietors who appoint them, to profit by...
Seite 8 - ... degree, in price. Bills, since they circulate chiefly among the trading world, come little under the observation of the public. The amount of bills in existence may yet, perhaps, be at all times greater than the amount of all the bank notes of every kind, and of all the circulating guineas...