The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The evolution of securities

Collection:: Economics Books

5 THE WORK OF THE STOCK EXCHANGE over, the sums borrowed in this way were comparatively small, and could be made only for short periods, owing to the limited resources of private money-lenders. The Increasing Expensiveness of Government.—How- ever crude dependence of governmental finance upon personal borrowing by the sovereign may seem today, it sufficed fairly well for the relatively small needs of sixteenth and seventeenth century governments. In those distant periods populations were smaller than at present, the standard of living was almost inconceivably lower, and the contemporary warfare with blun- derbusses, swords, and sailing ships vastly cheaper. Many a modern city requires vastly more financial accommodation than did the whole kingdom of Elizabeth. Nevertheless, the ex- penses of government were through this period steadily in- creasing, owing to such diverse factors as the Spanish discov- eries of gold in America, the frequent and expensive amours of a Charles or a Louis, and the semireligious, semipolitical wars in the low countries and elsewhere. Financial stringency helped to expel the last Stuart king from England in 1688, and to dampen the warlike ardor of his successor, William III. During the reign of the latter, however, a financial policy was adopted with profound consequences for society. Interest- bearing negotiable certificates acknowledging the public indebt- edness were issued by the State, and sold to the recently created class of English investors who were earnestly seeking a safe way of investing their savings. In contrast to the private money-lending institutions of the day, such investors possessed a vastly larger aggregate of investable funds, and in addition they generally preferred to make long-term rather than short- term loans—so much so, in fact, that the principal portion of both the British and French funded national debts came sub- sequently to be issued in securities without a maturity date. Modern Government Expenditure.—Since about 1700, when this new and practical means of obtaining larger funds

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