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.

FACILITIES FOR TRADE 443 for enlarging the currency by the issue of notes? but as a AD fos means of assisting traders generally, and thereby rendering r a y | - 194 k 1e :h :d Id TS T= rd ik, ly 18. 1g. 36), als, sr of was r to make the institution a success, and he suggests expedients by which this may be procured, An Expedient for taking away all Impositions, p. 4. He urged that the Crown would be wise to anticipate revenue on easier terms and also would be able to carry on a remunerative banking business, p. 6. His scheme is more fully expounded in his Wealth Discovered (1661), and was commended by Charles II. to the consideration of the Council of Trade. Compare also R. Murray's Proposal for the advancement of trade (1676) by the establishment of magazines where merchants might deposit surplus stock as security for advances made to them. 1 Lambe recognised that the merchants who kept their accounts at the Bank could make payments to one another by the transfer of their credit with the Bank ; this was one important feature in the practice of the Bank of Amsterdam (Adam Smith, Wealth of Nations, Bk. 1v. iii. p. 194). “A bank is a certain number of sufficient men of estates and credit joined together in a joint stock, being, as it were, the general cash keepers or treasurers of that place where they are settled, letting out imaginary money at interest at 2 and 4 or 81. per cent. to tradesmen, or others that agree with them for the same, and making payment thereof by assignation, and passing each man’s account from one to another with much facility and ease, and saving much trouble in receiving and paying of money, besides many suits in law and other losses and inconveniences, which do much hinder trade; for oftentimes & merchant hath goods come from some place beyond the sea, which he is not willing to sell at the price current, knowing either that he shall lose by them, or that he hopes they will yield more in England, or some other country where there will be more need of them; therefore is desirous to keep them, and yet drive on his frade, which peradventure he cannot well do wanting stock, so much of it lying dead in the said commodity, therefore procures credit in the bank for so much as he shall have occasion for, at the rates afore- said, and receives and makes payment thereof where he hath occasion for it, by assignment in bank. As, for example: The said merchant buys cloth of a clothier for 1001. value, more or less, and goes with him to the bank, where he is debtor so much money as he takes up, and the clothier is made creditor in account for so much as he sold for to the said merchant, then such clothier having occasion to pay money to a stapler or woolmonger, for wool he doth buy of him; so the said clothier is made debtor, and the woolmonger creditor in account; The said wool- monger hath bought his wool of a country farmer, and must pay him for it; so the woolmonger is made debtor, and the farmer ereditor: The farmer must pay his rent to the landlord with the proceed of the said wool; so the farmer is made debtor, and such landlord creditor: The landlord for his occasion buys goods of B mercer, grocer, vintner, or the like; then he is made debtor, and such mercer or other tradesman, ereditor; then peradventure such mercer, or other tradesman, buys goods of the same merchant that took up the first credit in the bank, and stands yet debtor there; but upon sale of goods to the mercer, or other tradesman, both clear their account in the bank, and such mercer, or other tradesman, is made debtor, and the said merchant creditor: Thus every man’s account is cleared, and so in all trades, as occasion presents; which way, if it be thought fit to be settled for a trial at London, I verily believe will be found so convenient, end such an encouragement to trade, by increase of the stock of the land, and be such an ease to the people, that it will be soon desired that others might be also settled at Edinburgh for Scotland, at Dublin for Ireland, and in some other chief rities and shire towns in England. as York. Bristol. and Exeter. &e., for the

Access restriction

Copyright

fullscreen: The Industrial Revolution

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation