Letter to James William Gilbart, Esquire, Manager of the London and Westminster Bank, on the Relative Merits of the English and Scotch Banking Systems
Liczba stron: 30
Wydanie: 2018 r.
Excerpt from Letter to James William Gilbart, Esquire, Manager of the London and Westminster Bank, on the Relative Merits of the English and Scotch Banking Systems: With Practical Suggestions for the Consolidation of the English Joint-Stock Banking Interest<br><br>The resumption of cash payments, merely made the paper currency legally convertible into gold. But our system of ex changes has in truth converted our paper issues into gold, or its equivalent exchequer bills, by Withdrawing every super ﬂuous note from circulation. Hence it is that our Scotch paper currency is, for all practical purposes, as secure and in finitely more convenient than the English gold currency. At the same time we have made it the interest of every banker in the country to collect the notes of rival establishments, and thereby to withdraw them from circulation, and convert them into gold or Government paper. Here, then, We have a result which in England it required the sanction of the Legislature to confer on the notes of the Bank of England, brought about m Scotland solely by a well-devised and enlightened union of private interest with public convenience and safety.<br><br>About the Publisher<br><br>Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com<br><br>This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.