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.

a G. h .d Nn FO or It re 1 nl ar N= a8 Ne on OIL the ly 28. and ‘tary PAPER-MONEY $39 in 1816*, when silver sank to the position of a token money, AD 1s and gold became the sole standard for legal tender. ’ 216. When action had once been taken for the restora- tion of the metallic currency, much benefit accrued to the community from the success of the Bank of England in T%e popularising the use of paper as a representative of coined a money. This form of circulating medium had been intro- 42, duced in Sweden in 1658, and Killigrew had advocated its ot introduction into England in the time of Charles II. There paper was some doubt at first, both as to the form of wealth which were pro- might serve as a guarantee for their payment, and as to the wien possibility of inducing the public to accept them, though there was a general feeling that if they were rendered available for the payment of taxes? ordinary citizens would accept them in discharge of public debts. Both problems were solved in an excellent fashion by the Bank of England; the interest due from Government to this corporation gave it an ample fund to guarantee the convertibility of its notes; and the public were glad to accept this new form of money from a great Company, which offered them loans in its own notes on very favourable terms. The Bank of England consisted of a body of subscribers who lent £1,200,000 to Government in 1694, on the under- standing that, out of the payments of tonnage? they should receive 8°/,, or in all £100,000 per annum. They were also permitted to engage in the business of banking in their corporate capacity; that is to say, they were to receive money on deposit and to lend it out at interest. This sort of business had been carried on to a considerable extent by goldsmiths, but the Bank developed it enormously because which they were able to offer better terms. The goldsmiths were advanced accustomed to lend coins, or bills which represented bullion 7.7 sz, actually in their possession. The Bank was able to make {me ian loans to an amount which exceeded the total of the deposits smiths. it received : for it could issue notes. to meet which it had no the Bank of England, 1 56 Geo. III. e. 68. * Killigrew, 4 Proposal showing how this Nation may be vast gainers by all the sums of money given to the Crown, p. 8. [Camb. Univ. Lib. mm. 24, 8 (1).] 8 A tax levied on ships according to their tonnage. not on tuns of wine, as in the phrase tunnage and poundage.

Access restriction

Copyright

fullscreen: The Industrial Revolution

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation