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

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PAPER-MONEY 441 his views’. For a time the various forms of credit were AD 9 scarcely negotiable. The notes of the Bank of England ’ were subject to 20 °/, discount, and Government tallies® sank 40°/,, 50°/y, or even 60°/,, according to the nature of the funds assigned in security, since some of them did not yield the expected amounts, while some of the tallies had no specific security assigned them. Montague took active steps for the restoration of public credit on the assembling of Parliament in October, 1696. The Commons resolved to grant a supply, which should make up these deficiencies and give ample security for the punctual payment of talliest; the Act of 1697%, not only enlarged the capital, and improved the status of the Bank of England, but restored the credit of the administration as well. Tallies, bank-notes and Bank- various bills all began to circulate freely’, Encouraged by his foe v success, Montague proceeded to issue a large amount of Trodet came paper currency in the form of Exchequer Bills, bearing “ interest’; without some such money, it would have been physically impossible to collect the taxes required for the support of the war; but by these various expedients “ Parlia- gid Je ment laid a good Foundation for Paper Money to supply the Zzchequer Place of our Silver Coin; for so many Payments were at this bids time to be made into the Exchequer, that when the People had assurance given them that the Exchequer notes should be received back again in the payment of the King's Taxes, they were very well satisfied to take them, at first indeed at small Discount but not long after at an Equality. A great number of these Notes were only for Five or Ten Pounds M © d a} C, o | “The ill State of the Coin by Diminution on one Hand, and Adulteration on the other, and the Plan which had been laid for the circulating a sort of fictitions Wealth, such as Exchequer-Tallies, Bank Bills and Government Securities, instead of Gold and Silver, were two other Points which took up the Attention and excited the Concern of every thinking Man.” Ralph, History of England, 11. 564. 2 The great difficulty of procuring coin, for any purpose, made it improbable that either the Government or the Bank would be able to discharge their obligations in cash. 8 Tallies were the documents issued when Government borrowed in anticipation of taxes. 9 W. III. c. 44, § 50. t This suggestion is put forward by Robert Murray, 4 Proposal for the more 2asy advancing to the Orown of any fized sum of Money, p. 1 (1696). 5 8 and 9 W. III. ¢. 20. 6 Kennett, op. cit. 111. 726, I See above, p. 420, n. 7.

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