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Join date : 12/01/2011

PostSubject: the consequence   Wed 12 Jan 2011, 13:26

the consequence

"Ans. " I think it does."Q. ,, by Mr. Grote : " Would not the consequence of that proposition be, if followed out, that there would be no notes whatever in the hands of the public, but that all the notes issued by each bank should be, in fact, in the hands of other banks ? "Ans. " That is the effect. There tory burch shoes are three millions of notes out, which is a very small amount; people must have a certain amount of money in their pockets and boxes at home, and shopkeepers must keep a certain tory burch flats amount of money in their tills, the daily receipts of their business; and manufacturers must keep notes to pay peoples wages, and so on ; but that altogether proves but a small proportion compared to the circulation of England. Our three millions in Scotland amount to about £ per head tory burch outlet of the whole population; in England, although you have a gold circulation for everything below £, your paper circulation amounts to £ per head. I am taking about fifteen millions for the population, and thirty millions for the currency." (Tooke, History of Prices, vol. iii, pp. The circulation of the Bank of England and of the English country banks in was Alison's TTifltory of Europe, vol. viii, p. . American edition.'Far from having produced financial crises, they have invariably prevented them. In , when the English banks and bankers aided the wild speculations that prevailed, the Scotch Banks, on the contrary, contracted their loans. In and , many English banks failed, but not a single Scotch bank ceased to grant their usual tory burch sale facilities to their dealers. Forgeries of the bank notes are unknown. The consequence is that the Scotch prefer their bank notes to gold, and make all their collections and payments through the banks, which leads to great economy in the use of both specie and bank notes.
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