... by and for tradesmen and
merchants rather than the feudal aristocracy. In the course of trading with each
other they developed a system of ‘trade fairs’ where, in effect, normal laws were
largely ... much at heart and will inaugurate that new
monetary era the lofty object of the international conference, and the
noblest aim of the concourse of nations, as yet without parallel in t...
... then began the attempt to develop an adequate system of
bank and credit regulation (back to Part II). The Bank Charter Act of 1 844 ,
was preceded and followed by a series of financial crises as the ... banking, and explain what can seem to Europeans the
parochialism and backwardness of American retail banking.
4 A HISTORY OF MONEY
system. Later, though, it was England alo...
... another of the
periodical adjustments needed to take account of normal wear and tear on the
actual circulating coins and of changes in the relative prices of gold and silver.
Wear and tear has ... cloths of Flanders were exchanged in Africa for Guinean
gold and the linens of Rheims were bought for the silks of China in the
heart of Asia.
(Bautier 1971: 146 )
The great trade fa...
... European traders discovered that the ratio in Japan was 4 to
1. Great profits were made—for a short time…At the time of the treaty of
1858 between Great Britain, the United States and Japan a very ... Money which has already
lost at least 2/5 parts of its Intrinsick value by Clipping and Adulteration.
(Li 1963:218)
Newton (1696) also made a point about the gold/silver ratio.
A...
... company appeared to have a nominal
capital of 40 million, a market capitalization of 40 0 million a vast sum of
money in those days. The greater part of this represented the sudden accretion
of ... money was used, but still as a convenient means
of money transmission, rather than a major component of money supply. The
period was also a great age of European...
... of barter. Although the Bank of England blamed the country banks for
the crisis, and vice versa, there was no Parliamentary enquiry as it was fairly
clear already what had happened. As William ... fate was that of nearly all who have dealt in innovative fashion with
money (Galbraith 1975:82). This is hardly fair. Biddle was a conservative and
competent banker. Maybe he was a megalo...
... structure of UK
banking law and practice was, from a monetary point of view, now in place.
BANK CHARTER ACT 1 844 : THE CRISIS OF 1 847 197
21
THE BANK CHARTER ACT OF 1 844
AND THE CRISIS OF 1 847
THE BANK ... ordered payment by way of precaution. And after
the notice we only required about £100,000 instead of £200,000. From
that day we had a market of comparative e...
... countenance the introduction of a paper money
or a national bank, either of which can only produce a great evil and of
which the memories alone are capable of frightening us because of the
abuse and ... distinguishing
between an advance of capital to merchants as an additional supply of
currency to the general mass of circulating medium’ (page 50). The concept
…that wh...
... 1891
and replaced by the Banco de la Nacion Argentina.
Brazil
The situation was broadly similar to that in Argentina. Notes of the Bank of
Brazil date from 1808. Gold and silver had disappeared, ... concludes that
‘it was easy to show that one of the striking lessons of experiments of paper
246 THE AMERICAN CIVIL WAR AND THE GREENBACKS
Seward as Secretary of State. He was a h...
... 119
Asiento trading agreement 138–1
Asquith, Herbert H., Earl of Oxford 2 64
assayed value of coinage 10, 11
Assignation Banks (Russia) 255
Assignats (France) 220–8;
failures of 225–9;
value of 228
Astor, ... Debts,
and a Letter to His Majesty relating to the same; referred to in the last-mentioned
Treaties, January 14 17 14. (5) Calculations and Remarks relating to Half-Pay, and...