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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FACILITIES FOR TRADE 445 g 8 § 0 by the well regulating of it be more certain of profit, and AD Lon she quick and sure satisfaction of a debt by assignment in Bank will preserve many a good man’s credit, which many times is impaired, though he may have a good estate out in Trade beyond the Seas and cannot command it, or because he cannot receive his money where it is owing to him, to make payment where it is due. It being seldom seen that any of the Dutch Nation fail: and if any of them by losses do miscarry, being known to be industrious, are soon credited again with stock out of bank, or otherwise. to recover them- selves again by trade. “And many other (conveniences) which trial and ex- t many perience will daily discover, as quick and easy, paying bills “4 of exchanges, foreign or domestic, and all other payments, preventing fraudulent payments, in counterfeit and clips coin or mistelling money, rectifying errors in accompts, which occasion Law suits, preventing theft and breaking open houses, where money is suspected to lie, and robbing on the high ways graziers, carriers or others that use to carry money from fairs, or other places, which may be returned by assignment in bank, whereas now the several hundreds in many places are forced to guard such as carry money for fear of their being robbed, and such hundred paying them the money they lost as it hath often fallen out of late times.” This enumeration of the felt disadvantages from the non-existence of banks throws very clear light on the advantages which accrued to the trading public by the in- stitution of the Bank of England. As a bank of deposit, it greatly developed the business already undertaken by goldsmiths, and gave many people the opportunity of leaving their hoards in the safe keeping of an institution, which could use money remuneratively by lending it to traders. In this way the Bank did a great deal to add fo the available capital of the country. Davenant and the 4 did not other critics of the Bank had maintained, with considerable money from plausibility, that the Bank would divert capital from pro- productive luctive employments! to be lent to the State; but as a ments, . Essay upon Ways and Means, in Works, 1. 24.

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