A Short History of Paper Money and Banking - download pdf or read online

By William Gouge (1835)

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Joplin says that the principles of the Bullion Committee became the received opinions, we are to understand thereby that they became the opinions of a large part of the British nation. 'I'he Anti-Bullionists w~re so closely wedded to their favorite theory, that neither f~~ts nor reasonings could separate them from it. Such was their influence, and such was the force of circumstances, that, though it had been determined that specie paymentd should be resumed one year after the close of the war, the Government delayed, for four or five years, to take the necessary measures for effecting this object.

Honesty, alike subversive of social happiness and morals. Every intelligent mind must express regret and astonishment, at the recurrence of these disasters in tranquil times,. OF REAL MONEY. 7 and bountiful seasons, amongst an enlightened, industrious, and enterprizing people, comparatively free from taxation, unrestrained ln our pursuits, possessing abundance of fertile lands, and valuable minerals, with capital and capacity to improve, and an ardent disposition to avail ourselves of these great bounties.

Nor had this doctrine ever been impugned by those who differed from the Bullion Committee in other respects. They, on the contrary, always contended, that paying in cash would not merely prevent over-issues, but would prevent enough being issued. It was too great a check upon x PREFACE. issues. " Mr. Charles Grant stated, that "the great problem with respect to currency, is to discover that check whereby the evil we wish to avoid may be arrested before it takes place. The principle should be preventive rather than corrective.

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A Short History of Paper Money and Banking by William Gouge (1835)

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