the payment
Page 1 of 1
the payment
rearytoey Sun May 08, 2011 9:28 pm
the payment
The act of directs the payment of one fourth part of this debt to the bank, and authorizes a correspondent reduction of the capital of the bank. The payment has been made, but I know not if the corporation has reduced its capital.Though, more than once, according to Adam Smith, it has been reduced to the necessity of paying in sixpences.So well established, however, was the credit of the bank, and so strong the public confidence in its resources, that its paper still continued of equal Tory Burch Outlet value with specie, so long .as its issues were kept within their former limits. But when yielding to the temptation of increasing its profits, and, probably, no less to the policy of accommodating the government with temporary advances, it afterwards gradually enlarged its issues, its paper began to depreciate; and, when it had increased to more than double its ordinary amount before the suspension, an ounce of gold, which was worth, at the mint, s. J d., became worth, in bank notes, s., thus showing a depreciation of more than per cent.That the depreciation should have been so much less than the seeming addition to the currency, is to be explained by two circumstances. One was, that, after the suspension, the bank issued notes under ; and this part of its issues sometimes amounted to a third or a fourth of its whole circulation. The other was, that the nation was increasing in population and wealth during the whole time of the suspension, and consequently required an accession to its currency. This demand for additional currency is evinced by a comparison of the issues of the bank since the resumption of cash payments, with its issues before and during the suspension. The average issues of the bank, during four terms of ten years,from to , were as follows:It thus appears that the medium Tory Burch Shoes increase of the bank circulation, in thirty years, (from to ,) was, independent of the suspension, from lli millions to i; and if from the Tory Burch Flats last we deduct the average amount of notes under which circulated during the last ten years, (about li million,) the remainder, ( millions,) showing an increase of § millions from , seems plainly referrible to the intermediate increase of numbers and wealth.
The act of directs the payment of one fourth part of this debt to the bank, and authorizes a correspondent reduction of the capital of the bank. The payment has been made, but I know not if the corporation has reduced its capital.Though, more than once, according to Adam Smith, it has been reduced to the necessity of paying in sixpences.So well established, however, was the credit of the bank, and so strong the public confidence in its resources, that its paper still continued of equal Tory Burch Outlet value with specie, so long .as its issues were kept within their former limits. But when yielding to the temptation of increasing its profits, and, probably, no less to the policy of accommodating the government with temporary advances, it afterwards gradually enlarged its issues, its paper began to depreciate; and, when it had increased to more than double its ordinary amount before the suspension, an ounce of gold, which was worth, at the mint, s. J d., became worth, in bank notes, s., thus showing a depreciation of more than per cent.That the depreciation should have been so much less than the seeming addition to the currency, is to be explained by two circumstances. One was, that, after the suspension, the bank issued notes under ; and this part of its issues sometimes amounted to a third or a fourth of its whole circulation. The other was, that the nation was increasing in population and wealth during the whole time of the suspension, and consequently required an accession to its currency. This demand for additional currency is evinced by a comparison of the issues of the bank since the resumption of cash payments, with its issues before and during the suspension. The average issues of the bank, during four terms of ten years,from to , were as follows:It thus appears that the medium Tory Burch Shoes increase of the bank circulation, in thirty years, (from to ,) was, independent of the suspension, from lli millions to i; and if from the Tory Burch Flats last we deduct the average amount of notes under which circulated during the last ten years, (about li million,) the remainder, ( millions,) showing an increase of § millions from , seems plainly referrible to the intermediate increase of numbers and wealth.
rearytoey- Posts : 3
Join date : 2011-05-08
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|