Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

PAPER PRICES 103 Let copies of this Minute be transmitted to the Banks of England and Ireland, the Bankers’ Clearing House Tommittee, and the Comptroller and Auditor- Gene ~~ let copies be presented to both Houses of © In estimating the importance of this document and of the Cunliffe Committee which inspired it, we must remember that the obligation of the Bank of England to keep 100 per cent. cover against all notes issued above a certain fixed amount had taken on a new and much greater importance since conver- tibility into gold coin freely exportable and meltable had been taken away during the War. Before the War, if the ~-n per cent. requirement had been abrogated, _.::. Notes would still have been limited by the existenc : ¢f convertibility to whatever amount could be kent in circulation without depreciation. Convertibilit seing removed by the circumstances of the War and ‘ie regulations made under the Defence of the Realm “=f, the requirement of 100 per cent. cover became “he only limit. So long as sovereigns or other gold cam= in to the Bank without any pre- mium, the 2inl: Note issue did increase, but this source was drying up and certain to become negligible before long, and aller that the Bank Note issue must become an amount incapable of appreciable increase until the depreciation of the paper against gold disappeared. Thus the Cunliffe Committee had no need to trouble about Bank Notes. The scheme consequeni*!v put a limit on the whole paper curren~ T'~ To —--nt was not likely to buy gold - ee “2inst additional Currenr * as the amount of Ba “-L >xplained, tobuy or - —wsticnal Currency Notes wo" at Tie mablic would have

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