Currency fallacies refuted, and paper money vindicated, by the author of An essay on money

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1833 - 80 страници

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Страница 40 - On a huge hill, Cragged, and steep, Truth stands, and he that will Reach her, about must, and about must go; And what the hill's suddenness resists, win so; Yet strive so, that before age, death's twilight, Thy soul rest, for none can work in that night.
Страница 62 - By issuing too great a quantity of paper, of which the excess was continually returning, in order to be exchanged for gold and silver, the Bank of England was for many years together obliged to coin gold to the extent of between eight hundred thousand pounds and a million a year; or at an average, about eight hundred and fifty thousand pounds.
Страница 83 - It is, indeed, a general law of prosperous commerce that the real value of exports should by a small, and only a small, balance exceed that of imports, that balance being a permanent addition to the wealth of the nation. The extent of the prosperous commerce of the nation must be regulated by the amount of its exports, and an important addition to the value .of these will draw after it a corresponding increase of importations.
Страница 24 - In the moral system, it is a part of the wise arrangements of Providence that no member shall suffer alone ; that if the lower classes are involved in wretchedness and beggary, the more elevated shall not enjoy their prosperity unimpaired. That constitution of society is radically unsound of which the inferior order is vicious and miserable : a wretched and degraded populace is a rent in the foundation ; or, if we may be allowed to change the figure, a taint of rottenness at the root of society,...
Страница 103 - To furnish the paper money with which the public act around them, and to be a place of safe deposit for the public money...
Страница 59 - ... the natural price of corn is not so fixed as the natural price of commodities; because, with any great additional demand for corn, land of a worse quality must be taken into cultivation, on which more labour will be required to produce a given quantity, and the natural price o'f corn will be raised.
Страница 85 - Defend me therefore, common sense, say I, From reveries so airy, from the toil Of dropping buckets into empty wells, And growing old in drawing nothing up...
Страница 58 - ... years of scarcity, though the bounty is frequently suspended, yet the great exportation which it occasions in years of plenty, must frequently hinder more or less the plenty of one year from relieving the scarcity of another. Both in...
Страница 62 - ... an ounce, losing in this manner between two and a half and three per cent upon the coinage of so very large a sum. Though the bank therefore paid no seignorage, though the government was properly at the expense of the coinage, this liberality of government did not prevent altogether the expense of the bank.
Страница v - O'Connell. The arguments were a repetition of those which had led, in the session of 1 833, after a three nights' debate, to the resolution, " That it is the opinion of this House, that any alteration of the monetary system of the country, which would have the effect of lowering the standard of value, would be highly inexpedient.