The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

PARLIAMENTARY CONTROL OVER PUBLIC BORROWING 411 forced to rely on parliamentary backing in order to obtain A.D. 1689 advances, was the turning point in his career’. Those —17. who urged that a bank was inconsistent with monarchical to oro government were not far wrong?; they observed that “™ such institutions had only flourished in republics, such as Genoa, Venice, and Amsterdam; a bank created an imperium tn tmperio that could not be tolerated under an absolute monarchy. The Bank trenched in some ways on the royal prerogative; the maintenance of the purity of the circulating medium had always been considered as belonging to the royal honour; but a Bank which had the right to put its notes in circulation, and was responsible for main- taining their value, came at least to share in this part of y | y 5} B rt 0 nN I 3) m 18 Nn ibe 1g, Ad 116Car.I.c.7. “Whereas great sums of money must of necessity be speedily advanced and provided for the reliefe of his Majesties Army and People in the Northern parts of this Realm and for preventing the imminent danger this King- lome is in and for supply of other his Majesties present and urgent occasions which cannot be soe timely effected as is requisite without credit for raising the said moneys which credit cannot be obtained until such obstacles be first removed as are occasioned by fears jealousies and apprehensions of diverse his Majesties Loyall Subjects that this present Parliament may be adjourned prorogued or dissolved before Justice shalbe duly executed upon Delinquents publike grievances redressed and firme Peace betweene the two Nations of England and Scotland concluded and before sufficient provision be made for the repayment of the said moneys so to be raised all which the Commons in this present Parliament assem- bled having duly considered Do therefore humbly beseech your Most Excellent Majestie that it may be declared and enacted Aud be it declared and enacted by the King our Sovereign Lord with the assent of the Lords and Commons in ihis present Parliament assembled and by the Authority of the same That this present Parliament now assembled shall not be dissolved unlesse it be by Act of Parliament’ ete. Note. “This Act was not found amongst the original Public Acts of this Session at the Parliament Office, but is annexed to the Act for the Attainder of the Earl of Strafford amongst the Private Acts, and both the said Acts received the Royal Assent by Commission, being the only Acts which appear to have passed in that manner during this Session.” Statutes of the Realm, p. 103. 3 One of the first advocates of the establishment of a bank, Henry Robinson, argues against this view, which must have been current in 1641. England's Safety, in Shaw, Writers on English Monetary History, p. 56. Balthasar Gerbier urged on the Council of State that they had an excellent opportunity of founding a bank, as there was no longer a danger of its money being seized by the king. Some considerations on the two grand Staple Commodities of England, p. 6 (1651). The alleged incompatibility was felt, not only by the projectors of banks but by politicians. The objection is well put by T. Violet, Appeal to Caesar (1660), p. 20; and was borne in mind by the founders of the Bank of England, who say in anticipating the objections of opponents, “In all their Peregrinations they never met with Banks nor Stocks anywhere, but only in Republicks. And if we let them set footing in England we shall certainly be in danger of a Common wealth.” A brief account of the intended Bank of England (1694), p. 8. Brit. Mus. 1139. d. 10.

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