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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£2 PARLIAMENTARY COLBERTISM which answer'd the necessity of Commerce among the Meaner People, for the Common Conveniences of Life * * *. These Bills passed as so many counters, which the People were satisfied to receive * * * * and these State Counters so well supplied the want of Money, till New Coin was issued from the Mint, that Trade and Commerce were maintained, and Mutual Payments well enough made, to answer the Necessities of the Government and the Peoplet.” In this way the community at large became habituated to the use of a convertible paper currency. Mercantile bills had long been in vogue? and were commonly used by the merchants who frequented Blackwell Hall, or had dealings with gold- smiths. These forms of credit suffered® like the rest, during the period when metallic currency was $0 scarce, and there was difficulty in meeting them punctually, but the general effect of the episode was to render paper currency of every sort more familiar than it had ever been before, and so to develop a new and more economical circulating medium. The Bank, 217. Important as were these incidental services in float- also facili- ing a public loan and in providing currency, it was as an formation organ for the formation and diffusion of capital that the Bank Deal, gave the greatest impulse to the trading life of England. One "projector after another had pointed out the advantages which accrued to Holland from the existence of banks, and insisted that Englishmen might attain similar success if they would employ similar means”. One of the earliest of these writers is Samuel Lambe, a London merchant who addressed Season- able Observations humbly offered to hus Highness the Lord Protector. In it he advocated the establishment of a bank, not as a means of assisting the Government®, nor as a body 1 Kennett, op. eit. m1. 726. 2 Certain London merchants proposed in 1696 to develop the system by insist ing that buyers of goods of £10 and upward should pay in assignable bills. Commons Journals, x1. 620. 8 Review of the Universal Remedy for all Diseases sneident to our Coin (1696). * Se complsints of the heavy discount on bills were frequent; Commons Journals, x1. Newbury, p. 631; Bury, p. 635 (a); Tamworth, p. 640; Chippenham, p. 624. 5 See above, 419, n. 2. Compare the Report of the Committee on Decay of Trade in 1669 in the Hist. Manus. Commission, VIL. 133. 6 In 1660 Francis Cradocke proposed the erection of a Land bank. He was “ware of the necessity of having a fund of cash. as well as credit. in order to A.D. 1689 1776. helped to popularise paper SUTTENCY «

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