History of the Bank of England: 1640 to 1903
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| 245 | 1 | 0 | |a History of the Bank of England |b 1640 to 1903 |c Andreas Michaēl Andreadēs |
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| adam_text | Titel: History of the bank of England
Autor: Andreadēs, Andreas Mich
Jahr: 1966
CONTENTS.
VOLUME I. 1640—1819.
INTRODUCTION...........t
Importance and Difficulties of the Subject. Reasons why no
History of the Bank of England has ever been written.
Examination of Sources : (a) Narrative sources and general
works on Banking, (6) Official publications, (c) Pamphlets and
tracts. Observations in reply to two criticisms likely to be
made of the present work.
Part I.
ORIGIN AND DEVELOPMENT OP BANKING IN ENGLAND . . . I4
Political situation in England about 1640. Financial diffi-
culties of Charles I. Seizure of Bullion deposited by the
merchants in the Tower. Serious results of this proceeding.
It encourages the development of Banking, but delays the
establishment of a National Bank.
RISE OF BANKING..........21
Position and transactions of the Goldsmiths. Reasons for
their success and their unpopularity.
BANKING UNDER THE REPUBLIC AND THE PROTECTORATE ... 26
Extension of English Trade. Projects for a National Bank.
Pamphlets by Gerbicr and Lamb. The return of the Jews, ils
influence upon Banking.
BANKING AFTER THE RESTORATION.......32
The Bankers and the Government of Charles II. The
King s Foreign Policy. Dutch War. First Run on the Banks.
Financial Relations between Charles II. and Louis XIV.
Second Dutch War. Suspension of Exchequer payments.
Results and criticism of this Policy.
xliv CONTENTS
Part II.
FOUNDATION OF THE BANK OF ENGLAND.
CHAPTER I.
NECESSITY FOR A NATIONAL BANK.......43
COMMERCIAL NECESSITY FOR A BANK......45
Sketch of the commercial requirements. The rate of interest.
Importance attached to a low rate. Theories of Sir J. Child.
The paper currency. In what way this could be made less
variable than a metallic currency. Account of the proposed
schemes. The Bank of Credit. Failure of the schemes.
Reasons for this failure.
POLITICAL NECESSITY FOR A BANK.......54
Bad state of the public finances. Heavy expense of the War
against Louis XIV. Inadequate returns from taxation. Mon-
tague s financial expedients. The Tontine and the Lottery
Loan. Montague and Paterson s scheme.
CHAPTER II.
PATERSON S UFE AND WORK. FOUNDATION OF THE BANK OF
ENGLAND.
LirE OP WILLIAM PATERSON........60
Birth and youthful adventures. Return to England after 1688.
Active share in public affairs. Explanation of his leaving the
Bank of England shortly after he had founded it. The Darien
Expedition. Last years of his life. His claims on public
gratitude.
W. PATERSON AND THE BANK OF ENGLAND.....65
Paterson s first scheme, 1691. His Pamphlet in 1694, A
Brief Account of the Intended Bank of England. Principles
on which the new Bank should be based.
THE OPPONENTS OF THE BANK........6j
Political opponents ; Jacobites and Tories ; Commercial
rivals ; the Goldsmiths. Hostility of the landed gentry ; its
causes. The dissentient Whigs. Arguments used by the Bank s
opponents. Opposition in Parliament. Bill only passed because
the Government wanted money and could not obtain it other-
wise.
CHAPTER III.
ORGANISATION OF THE NEW BANK.
CHIEF PROVISIONS OP THE TONNAGE ACT AND OF THE BANK CHARTER J*
The Tonnage Act. The Bank supported by Government and
by the commercial world. Enthusiastic subscription for its
stock. The Bank Charter.
CONTENTS xlv
COMPARISON BETWEEN THE BANK OF ENGLAND AND THE PRINCIPAL
CONTINENTAL BANKS OF THE PERIOD.....-75
The Bank of Venice. Primitive Venetian Banks; their
transactions resembled those of modern Banks. Reasons for
the establishment of a single Bank by the Senate. The Banco
della Piazza del Rialto (1584) and the Banco del Giro (1619).
Amalgamation of these two establishments. Their transactions.
The Bank of Genoa. Origin and original character of the
Bank of Saint George. The biglietti di cartulari di San-Giorgio.
The Bank of Amsteidam. Its importance. Its exceptional
position up to the end of the eighteenth century. Distinctions
between the bank of England and the three continental Banks.
Bank money and the English bank notes. Resemblance in
this respect between the Banks of England and Sweden. The
use of the continental bank notes forced, and the English ones
not even legal lender. No monopoly enjoyed by the Bank of
England when first founded. Gradual disappearance of these
distinctions. Close resemblance between the Bank of England
in the present day and the primitive Banks of Italy and
Holland.
THE TRANSACTIONS OF THE BANK OF ENULANU .... 84
Character of the new notes. Not guaranteed by any metallic
reserve. The discounts and deposits.
CHAPTER IV.
RESULTS OF TUE FOUNDATION OF THE BANK.....86
Political and economic condition of England at the time of
its foundation. Success of the Bank. Causes of this success.
Michael Godfrey, his salutary influence on the commercial
world, his pamphlet, A Short Account of the Bank of
England. Services of the Bank to the Government and the
public.
CHAPTER V.
THE RESTORATION OF THE COINAGE.......OO
Scandalous condition of the English coinage. Laws power-
less to prevent clipping. The He-Coinage Act of 1696. Exam-
ination of this Law. Montague s difficulties, (a) Great expense
involved in the successful completion of the operation, (0) The
standard of the new coins Controversy between Lowndes and
Locke. Decision of the House of Commons.
CHAPTER VI.
THE LAND HANK----RENEWAL AND KXTKNSION OF THE BANK CHARTER I03
(11) Dr. Chamberlain. His Economic theories and scheme for
a Land Bunk. Hill for the Land Bank passed by the House of
Commons. Collapse of the Land Bank. (i ) Position of the
Bank of England after the re-coinage and the foundation of
the Land Bank. Partial suspension of the Bank s payments.
First Exchequer Bills issued, (c) Grievances and demands of
the Bank of England. Renewal and extension of the Charter.
Chief provisions of the Act of February 3, 1697. Question of
a monopoly.
xlvi CONTENTS
CHAPTER VII.
PAOK
THE BANK AND THE WAR OF SUCCESSION.....I 4
(o) Economic condition of England in 1700. Problem of the
Spanish Succession. Political position of William III. Un-
popularity of a War with France. War declared, (b) Policy
of the Bank during the War. Bank s close alliance with the
Protestant Monarchy. Attacked by the enemies of the Govern-
ment, but secures the continuation and extension of its Charter.
Run of 1707. Act of 1709 Criticism of this Act : (1) Bank
secures a genuine monopoly. Results of this, (2) Bank under-
takes to circulate Exchequer Bills. Is authorised to double its
Capital. The Sacheverell affair. Attack on the Bank.
Part III.
THE BANK OF ENGLAND UNDER THE HANOVERIAN DYNASTY UP
TO THE TIME OF THE FRENCH REVOLUTION.
CHAPTER I.
THE BANK AND THE SOUTH SEA COMPANY.....«8
The South Sea Company. Offers to take over all the Public
Debts. Proposals of the Bank in this matter. Government
accepts the proposals of the South Sea Company. Speculative
mania. Multiplication of schemes of every kind. The South
Sea Company s lawsuit against the new Companies. Results
of this lawsuit; Ruin of the South Sea Company. Trial of the
Company s Directors. End of the crisis. Part played and risks
run by the Bank during the crisis.
CHAPTER II.
THE BANK IN THE REIGN OF GEORGE II....... 46
Establishment of a Reserve Fund. Renewal of the Charter
in 1742. Contemporary idea of the privilege of Exclusive Bank-
ing, Definition given by the Act of 1742. Importance of the
Act. The Bank and the Jacobite rising of 1745. Black Friday.
The Bank and the conversion of 1750. Relation between the
Bank and the Treasury.
CHAPTER III.
THE BANK FROM THE DEATH OF GEORGE II. TO THE FRENCH REVOLUTION I54
Renewals of the Bank Charter (1764 and 1781). Commercial
Crises of 1763, 1772, 1783 Re-coinage. Gordon Riots. Bank
afterwards guarded day and night.
Part IV.
THE BANK DURING THE REVOLUTIONARY AND NAPOLEONIC WARS
CHAPTER I.
ECONOMIC CONDITION OF ENGLAND AT THE OUTBREAK OF THE
REVOLUTION...........loi
Sketch of the Industrial Revolution in England. The Cotton
and other industries. The canals. The steam engine. Results
CONTENTS xlvii
PAM
of the transformation of England from an agricultural and
commercial into a commercial and industrial Country. Its
effects on the Revolutionary and Napoleonic Wars. Its effects
on the organisation of provincial credit. The Country Banks.
CHAPTER II.
FINANCIAL POLICY OF WILLIAM PITT.......174
Pitt s financial policy before 1789. Pitt and the Revolution.
Connection between Pitt s financial policy and the suspen-
sion of cash payments. Sketch of this policy. Mr. Gladstone s
speech. The subsidies paid to the Allies. The rate at which
the loans were raised. Loans versus taxation. Criticism of
Pitt s policy. The Sinking Fund. Conclusion.
CHAPTER III.
THE BANK RESTRICTION ACT. SUSPENSION OF CASH PAYMENTS BY THE
BANK............187
Crisis of 1793. Crisis of 1797. Pitt s unwise treatment of the
Bank. Advances to Government forbidden by the Bank
Charter. Modification of this. Incessant loans from 1793 to
1797. Exportation and drain of specie. Distuibances among
the Country Banks, Panic due to the landing of a handful of
French Troops. Policy of the Bank directors. Suspension of
cash payments. Decision of the Privy Council. Message from
the King to Parliament. Position of the Bank and parliament-
ary debates. The Bank Restriction Act.
CHAPTER IV.
RESULTS OF THE BANK RESTRICTION ACT......203
Results of the Act between 1797 and 1808. Pitt s caution.
Prevailing errors on the subject Increase in the issues and in
the advances to Government. Results of the Act in reference to
Economic theories. Parliamentary debates. Theory stated by
Addington. Speeches of Fox and Lord King. The economists
and the influence of excessive issues on the foreign exchanges
and the price of gold. Crisis of 1800. State of public opinion.
Theories of Waller Boyd, Thornton, Lord King and Ricardo
on the depreciation of a paper currency. Monetary crisis in
Ireland. Parliamentary inquiry. Opinion held by the Directors
of the Bank of Inland. Report pi the Committee.
CHAPTER V.
THE BULLION COMMITTEE AND THE BULLION REPORT . . , 218
Appointment of the Bullion Committee. The Berlin Decree
and the Spanish Wars. Speculation due to these events.
Imprudent policy of the Bank. Crisis of 1809. Appointment
of a Committee of Inquiry. The Bullion Report. Comparison
with the Irish Crisis in 1804. The problem put before the
Bullion Committee. Discussion on the depreciation of the
notes. Discussion on the effects of increasing the note issue.
Discussion on the effects of decreasing the note issue. Dis-
xlviii CONTENTS
PAO»
i ussion on the policy to be adopted with regard to the Issues.
Conclusions of the Bullion Report. Discussion of the Bullion
Report in Parliament. Speeches of Horner, Rose, Thornton,
Vansittart and Canning. Horner s resolutions thrown out,
those of Vansittart passed.
CHAPTER VI.
REPEAL OK THE BANK RESTRICTION ACT......2.1.Í
Results of the rejection of the Bullion Report. Lord King s
circular to his tenants. The Stanhope Act. The Act of 1819.
Great drain of specie in 1818 and 1819. Appointment of Com-
mittees to consider the advisability of resuming cash payments.
Reports of the Committees of both Houses. Proposals of Lord
Lauderdale. Debates in Parliament : Robert Peel s Speech
on the alteration of the standard. The Act of l8iy, its chief
provisions. Resumption of cash payments.
VOLUME II. 1819—1903.
INTRODUCTORY CHAPTER.........*45
Difference between Volume II. and Volume I. in respect to
their subject matter. The possibility of omitting references to
general history in Volume 11. Necessity for dealing in one
part of the present Volume with the working of the Bank under
the existing system. The Act of 182ft regarded as one of the
causes of the Act of 1844. Method adopted in examining the
intention of Peel s Act.
Part I.
CAUSES AND ANALYSIS OF PEEL S ACT.
CHAPTER I.
! CRISIS OF 1825 AND THE ACT OF 1826.....248
The Crisis of 1825. Effects of the resumption of cash pay-
ments. Renewal of speculative mania. Its causes. Speculations
in South American and Foreign Loars. The crisis. Policy of
the Bank during the crisis. The Responsibility of the Banks
and 11» effects of over-issues on the crisis exaggerated. The
Act of 1826. Meeting of Parliament : Speeches of Lord
Liverpool, Peel and Huskisson. The Act of 1828, its two-fold
object. Reorganisation of the provincial credit system. Sup-
pression of the Bank of England s privileges in the Provinces.
Abolition of small notes. Small notes continued in Scotland.
Action of Sir Waller Scott.
CONTENTS xlix
CHAPTER II.
PA»
THE INQUIRY OF 1832 AND THE ACT OF 1833.....256
The Inquiry of 1832. Chief problems brought forward : (a)
The regulation of the currency. Theory stated for the first lime
by Horsley Palmer, that a reserve equivalent to one-third of the
liabilities guarantees a Bank from all risk. Application of this
theory by legislation in various cases. Its worth. (6) Estab-
lishment of Joint-Stock Banks in London. History of this
matter. Mr. Joplin s book. Legal aspect of the question.
(c) Bank Notes as legal tender. Advantages of making tile
notes legal tender as slated by Lord Althorp. Peel s opposition.
Notes made legal tender, (d) The limitation of the rate of
interest. Need for suspending the usury laws especially with
reference to the Bank, (e) The publication of accounts. The
Act of 1833. Its chief provisions. Fate of the Joint-Stock
Banks.
CHAPTER III.
THE CRISIS OF 1836-1839.........263
Condition of public opinion from 1833 to 183b. Extensive
speculations at home. Foreign Loans. The Bank s policy
during this Period. Rapid fall in the Bank reserve in 1836.
Its causes : President Jackson s monetary reform in America :
the crisis in Ireland. Refusal of Bank to re-discount paper
already discounted by a joint-stock bank. Outbreak of the
crisis in Lancashire. It spreads throughout England. Firm
policy of the Bank, the crisis apparently over. Return of the
crisis in 1838 on the Continent and in the United States. The
Bank of Belgium suspends payment. Remarkable imprudence
of the Directors of the Bank of England. Violence of the crisis
on the London Market. The Bank on the verge of ruin.
Assistance of the Bank of France. Painful and prolonged
liquidation of the crisis.
CHAPTER IV.
THE BANKING PRINCIPLE AND THE CURRENCY PRINCIPLE . . 269
Active movement for reform aroused by the crisis of 1836-
1839. Numerous schemes proposed. Two main tendencies : (0)
The Banking Principle : Its chief exponents, Tooke, Fullarton
and Wilson. The essence of the Banking Principle, Current
errors on this subject. Criticism and dangers of the theory,
(o) The Currency Principle : Statement of the Currency Prin-
ciple. The theoretical and practical errors involved. Success of
the Currency Principle. Need to examine the practical foim
under which this theory presented itself in Engtand.
CHAPTER V.
THE CURRENCY PRINCIPLE AND THE PROMOTORS OF THE ACT OF 1844
(LORD OVERSTONE, COLONEL TORRENS, G. W, NORMAN) . . 278
Lord Overstone, the chief promoter of the Act of 1844, his
pamphlets and his theories—Analysis of the Reflections Sug-
CONTENTS
PAOS
gated by Mr. Palmer s Pamphlet. Lord Overstone and the
Bank of England : Criticism of the organisation of the Bank.
Suggests two reforms : (a) Full publication of accounts, (b)
Division of Bank into two departments. Colonel Torrens plan.
Bank obliged to purchase bullion at a fixed price. Lord Over-
stone and the country banks of issue : Numerous disadvantages
in the multiplicity of banks of issue. Need for strengthening
the central monopoly of issue. Summary of the proposals of
the advocates of the Currency Principle.
CHAPTER VI.
SIR ROBERT PEEL AND THE ACT OF 1844.....284
Action of Sir Robert Peel. Peel s theories on Banking. His
two Speeches in the House of Commons. His Memorandum
to the Cabinet. Peel s rejection of free competition as regards
note issue. Argument from reason. Argument from experience ;
disastrous part played by country banks. Necessity for a
central bank of issue : Reasons why this should be the Bank of
England. The Act of 1844 passed without opposition. Chief
provisions of the Act. As regards the Bank of England. As
regards the country banks of issue. Limitation and gradual
loss of the right of issue. Ricardo s plan for a national bank.
Points of likeness to Robert Peel s Act. Its uselessness.
Part II.
THE BANK OF ENGLAND IN ORDINARY TIMES
INTRODUCTION—THE BANK RETURN.......»95
The weekly Bank Return. The works of Clare and Raffalo-
vich. Outward form of the return. Comparison with a French
balance sheet. The separation of the Bank into two depart-
ments ; The issue department and the banking department.
The plan both dangerous and artificial.
SECTION I.—THE ISSUE DEPARTMENT...... 397
The amount of the issue and the part played by cheques.
The issue of notes from an administrative standpoint. Manu-
facture of the notes. Destruction of all notes returned to the
Bank. Average circulation of the notes. The issue of notes
from a legal standpoint. Rules governing the issue : Except for
a fixed amount, the issue to be against gold. Rights of issue
held by certain country banks. Present position of the question.
Authorised issue much reduced since 1844, the actual issue
much less than the authorised issue. Statistics. The issue and
the circulation. Quantity of notes in circulation less during
the last ten years than the metallic reserve of the Bank.
Explanation of the fact. The function of cheques. The Clear-
ing Houses in London and the provinces. Consideration of the
English system of note issue. The English system indefensible
CONTENTS
from a theoretical standpoint. The practical aspect of the ques-
tion. Comparison between the Act of 1844 and the German
Laws of 1875 and 1899.
SECTION II.—THE BANKING DEPARTMENT
CHAPTER II.
THE RESERVE.
Nature of the reserve. What is meant by the term. The
reserve, as the keystone of English credit. The bank reserve
and the reserve of the bankers. Amount of the reserve. Its
normal fluctuations. The reserve in time of crisis. Question
whether the suspension of the limit of issue was foreseen by
Peel in 1844. Obscurity of the debates in Parliament. A letter
of Peel. Mr. Lowe s scheme for reform (1873).
PAS«
305
The Banking Department of the Bank of England is like any
other bank except that it must publish a weekly balance sheet.
This balance sheet, like all others, states the liabilities and
the assets. The liabilities of the banking department. Pro-
prietors Capital and the Rest. Amount of the Capital ; Com-
parison with that of the Banks of France and of Germany.
The Rest and its amount. Public Deposits. Amount and
fluctuations of these. Other Deposits. The current account of
the bankers. Advantage of publishing a separate statement of
this account, discontinued in 1877. Seven Day and other Bills.
The assets of the Banking Department. The four headings
under which the assets are divided are : (a) Government
Securities, (6) Other Securities, (c) Notes, (d) Gold and Silver
Coin. The two first constitute the investments of the Bank,
and the two last its reserve.
CHAPTER I.
THE INVESTMENTS OF THE BANK OF ENGLAND.
(o) Government Securities. Their nature ; (6) Other securities.
Hankey s theory as to the proper nature of these. Uncertainty
as to their actual character.
3«
THE BANK AND THE DISCOUNT RATE......312
The average Bank Rate. Its fluctuations. Average since 1844
and variations. Periodic fluctuations. The Autumnal Drain.
The Bank Rate and the Market Rate. The Bank Rate before
1844. Competition between the Bank and the Market between
1844 and 1878. Since 1878 the Bank Rate in London always
above the Market Rate. Position different in the Provinces.
Frequent fluctuations in the Bank Rate. Comparison with the
chief European Banks. Bad effect of the fluctuations in the
discount rate upon trade. Explanation of the fluctuations of
the English Bank Rate. Special character of the London
Market. Artificial charccter of the Act of 1844. Lack of
fluidity in the securities held by the Bank of England.
3
Hi CONTENTS
Part III.
PEEL S ACT IN TIMES OF CRISIS.
CHAPTER I.
Than
THE CRISIS OF 1847.........33I
Causes of the crisis : Failure of the harvests made necessary
a large importation of grain and hence a large exportation
of specie. Extensive speculation. The railway mania. The
Crisis of 1847 and the Bank of England. Unfortunate effect of
the Act of 1844 ; useless pressure on the Money Market ;
Luckily the object of its promoters not attained as regards the
restriction of the interior circulation in exact proportion to the
export of bullion. Unwise policy of the Bank : its reserves
reduced to £2,558,000. The crisis, allayed for a time, renewed
with violence. Large number of failures. Bank refuses to
make advances on Government securities. Panic produced by
this policy, hoarding of notes and coin, increase in failures-
Bank forced to choose between complete refusal to discount and
suspension of the Act of 1844. Suspension of the Act of 1844.
End of the crisis. Delay of Government to suspend Act until
situation desperate. Letter from the Chancellor of the Ex-
chequer to the Governor of the Bank. Conditions under which
the suspension granted. Magic effect of the suspension. The
knowledge that notes could be obtained removed the desire to
have them. End of the crisis. Great services of the Bank to
the public during the crisis. Results of the crisis. Parlia-
mentary Debates. Speech of Sir Robert Peel ¡ his opinion of
the effects of the Act ; degree in which its object attained ;
modifications to be made in the Act ; the joint-stock banks and
the metallic reserve. The Inquiry of 1848. Report of the Com-
mittee of the House of Commons. Remarkable Report of the
Lords Committee.
CHAPTER II.
the crisis of 1857.........343
Sudden outbreak of the crisis of 1857 : a contrast to the
preceding one. Cautious policy of the Bank during the Crimean
War. Condition of the market during 1856 and more than
half 1857. . The crisis of 1857 in America. The three causes
of the American crisis. Their influence felt also in Europe-
fa) The great discoveries of gold, (t) The extension of railways,
¦•) The development of banking and the abuse of credit
facilities. Extraordinary number of failures in America. The
ruin of American banks led to that of a number of English
banks. The Bank of England the only source of discount in
the United Kingdom. Reduction of the Bank Reserve on
November 12, to .¿ 384,114. Assistance given by the Bank to
commerce in anticipation of the suspension of the Act. The
suspension of the Act. Letter of the Chancellor of the
Exchequer: text of this letter. Bank issues £2,000,000 notes
in excess of the statutory limit ; the maximum put into
circulation only £928,000. Comparison between the crisis
of 1857 and the crises of 1847 and 1866 with reference to the
353
CONTENTS Hü
suspension of the Act of 1844. A Bill of Indemnity had to be ™
passed. The Inquiry of 1858 and the causes of the crisis of
IPJ ( ) Unprecedented extension of International Trade,
(2) Excessive importation of precious metals, (3) Remarkable
development of banks of credit.
CHAPTER III.
THE CRISIS OF i860........
Economic results of the Civil War in the U.S.A. Influx of
gold into Europe. Disturbance of the cotton trade. Immedi-
ate causes of the crisis of 1866. (1) The rage for limited com-
panies, (2) The practice of financing, (3) Bad customs adopted
by certain banks with regard to deposits. The crisis of 1866.
The crisis of 1864 and the crisis of 1866. A retarded liquida-
tion. The failure of Overend and Gurney. Black Friday.
Remarks on the firm of Overend and Gurney and the causes
of its collapse. Unprecedented panic resulted from the failure
of this firm. Advances amounting to four millions made by the
Bank in a single day (Friday, May 11). Suspension of the Act
of 1844. End of the crisis. Part played by the Bank. The Act
suspended on the evening of Friday, May 11. Announcement
of suspension allayed panic, fresh outbreak a few days later,
flow of deposits to the Bank, no additional issue required.
Great services rendered by the Bank, Advances amounting to
,£12,225,000 made in five days. Results of the crisis of 1866.
Excitement aroused by the crisis outside England. Lord
Clarendon s circular. Heavy losses at home. Some good effects
of the crisis.
CHAPTER IV.
THE CRISIS OF 1890.........362
The Bank between 1866 and 1890. Causes of the crisis.
Formation of numerous limited companies. Extensive specu-
lation, especially in the Argentine Republic. The Argentine
Land Banks and the cédulas. The Bank rate of discount.
Reprehensible policy of the joint-stock banks. Incidents of the
crisis. Failure of the Barings. Intervention of the Bank. The
guarantee fund. Firm and successful policy of the Governor,
l.iddcrdalc. Importation of foreign gold. Assistance given by
the Bank of France. Fate of the firm of Baring. Comparison
between the crisis of 1890 and the preceding crises. Important
differences. The Bank Reserve during the various crises. The
crisis of 1890 stopped in time, the others were not. The public
knew nothing of the crisis of 1890 until it was over.
liv CONTENTS
Part IV.
GENERAL CONSIDERATION OF PEEL S ACT—PRESENT POSITION
OF THE QUESTION-SCHEMES FOR REFORM.
CHAPTER I.
PAO«
SCHEMES FOR REFORM AND MR. COSCHEN S PROPOSAL . . . 370
Opposition to Act of 1844 re-awakened by the crisis of 1890.
Numerous schemes for reform. Proposal of Mr. Goschen,
then Chancellor of the Exchequer. Analysis of Mr. Goschen s
speeches. Criticism of existing system. (1) Insufficiency of
central stock of gold, (2) Absence of elasticity in time of crisis.
Plan for reform. Drawbacks to and advantages of Mr.
Goschen s plan. (1) The plan too complicated, (2) No conditions
specified subject to which the second reserve to be available.
Advantages of the scheme. Increase of the central stock of
gold through the introduction of a new and convenient form
of paper currency, and without resorting to the international
gold market. Fate and results of Mr. Goschen s scheme.
Doubtful welcome given to his proposals. Little justification
for opposition to £1 notes. The situation in 1825 and at
present. Mr. Goschen s proposals never drafted in the form of
a Bill, but had the good effect of increasing the central stock
of gold.
CHAPTER 11.
CONSIDERATION OF THE PRESENT POSITION OF THE BANK OF ENGLAND j8l
Change in public opinion as regards the Act of 1844.
Opinion of the English economists. The Foreign economists.
Opinions and observations of M. Paul Leroy-Beaulieu. Desir-
able reforms. Danger of a sudden withdrawal of large quan-
tities of gold. Reforms suggested in the administration of the
Bank. Report of the Lords Committee of 1848.
APPENDIX.
HISTORY OF THE RELATIONS BETWEEN THE BANK OF ENGLAND AND
THE TREASURY..........389
Relations of chartered banks of issue and the Public
Finances. Various ways in which such banks pay for their
privileges. Advantages gained by the English Government from
the privileges granted to the Bank. Summary of these advant-
ages : Business connected with the Treasury and the public
money, the Administration of the national debt. Manage-
ment of the revenues : (a) The management of the revenues
before the Act of 1834, (6) The Act of 1834, (e) Modifications
made in the Act of 1834. Present position. Management of the
expenditure. The Act of 1848. The Paymaster General. Simple
and practical management of the accounts. The Administration
of the national debt. The Bank and the administration
of the permanent dett. The Act of 1751. The Act of 1834.
CONTENTS Iv
MOB
Deficiency bills and deficiency advances. The Bank undertakes
not only the payment of interest, but also the administration of
the national debt. The Bank and the administration of the
floating debt (issue, circulation, redemption of exchequer bills
and bonds and of treasury bills. The Act of 1709 and those
of 1834 and 1866. The exchequer bills and bonds and the
treasury bills. Indemnity paid to the Bank in return for the
administration of the permanent and floating debts.
conclusion...........402
SUPPLEMENTS—
I. Memorandum on Banking submitted by Sir Robert Peel
to the Cabinet........407
II. Text of the Bank Charter Act, 1844 .411
HI. Ricardo « Flan for a National Bank, 1824 . . .417
BIBLIOGRAPHY...........429
INDIX............447
|
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| author | Andreadēs, Andreas Mich. 1876-1935 |
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| building | Verbundindex |
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| edition | 4. ed. |
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| indexdate | 2024-07-09T23:07:15Z |
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| language | English |
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| spelling | Andreadēs, Andreas Mich. 1876-1935 Verfasser (DE-588)116308958 aut History of the Bank of England 1640 to 1903 Andreas Michaēl Andreadēs 4. ed. London Cass 1966 LV, 455 S. txt rdacontent n rdamedia nc rdacarrier Bankgeschichte fes Wirtschaftsgeschichte fes Großbritannien fes HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021789263&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Andreadēs, Andreas Mich. 1876-1935 History of the Bank of England 1640 to 1903 Bankgeschichte fes Wirtschaftsgeschichte fes |
| title | History of the Bank of England 1640 to 1903 |
| title_auth | History of the Bank of England 1640 to 1903 |
| title_exact_search | History of the Bank of England 1640 to 1903 |
| title_full | History of the Bank of England 1640 to 1903 Andreas Michaēl Andreadēs |
| title_fullStr | History of the Bank of England 1640 to 1903 Andreas Michaēl Andreadēs |
| title_full_unstemmed | History of the Bank of England 1640 to 1903 Andreas Michaēl Andreadēs |
| title_short | History of the Bank of England |
| title_sort | history of the bank of england 1640 to 1903 |
| title_sub | 1640 to 1903 |
| topic | Bankgeschichte fes Wirtschaftsgeschichte fes |
| topic_facet | Bankgeschichte Wirtschaftsgeschichte Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021789263&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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