Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

104 MONEY to give up one five-pound Bank Note for each five one-pound Currency Notes—a substitution of small denominations for large which would not affect the total currency in their hands at all. The Treasury Minute, reviving memories of the 1797 ** Restriction ”” Act, speaks of * restricting the Bank of England from issuing notes above the maximum, as if the Bank was something more than the mere agent of the Treasury in the matter, but there is no getting over the fact that the Currency and Bank Notes Act, 1914, gives all power to the Treasury — “The Treasury may, subject to the provisions of this Act, issue Currency Notes for one pound and for ten shillings,” and “Currency Notes may be issued to such persons and in such manner as the Treasury direct.” * The Minute really amounted to a self-denying ordinance (very properly com- municated to the Bank of England and the other banks) by which the Treasury bound itself to provide for all the future outgoings by other means than the issue of notes. From very shortly after the beginning of the War down to December 1919, sales, known as “issues,” of Currency Notes, had supplemented what was obtained from taxation, from borrowing from individuals and institutions such as the Bank of England and other banks at home and abroad, and from sales of war stores and other miscellaneous l The remainder of Clause 2, of which these last words form the opening, runs, “ but the amount of any notes issued to any person, shall, by virtue of this Act and without further registration or assurance, be a floating charge in priority to all other charges, whether under statute or otherwise, on the assets of that person.” They suggest what is probably true, that the intention of the Act was only to provide loans in cash to individuals or banks in temporary financial diff- culties owing to the War, and that the use which has been made of it is contrary to its spirit though not perhaps to its letter.

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