About this book
My library
Books on Google Play
PAGE
11
13
14
15
16
17
18
.
19
20
s 18. Their description of the extraordinary debasement of the
Irish Currency
19. Exchange with Belfast favourable to Ireland, while that with
Dublin adverse
20. Difference of 12 per cent. between Exchange with Dublin and
with Belfast
21. The fact proved that a balance of payments was due to
Ireland, while the Exchange was so depressed .
22. First declaration of the opinion that gold had risen, and paper
had not fallen
23. Opinion of Mr. Marshall that Irish Bank notes were depre-
ciated
24. His evidence on the subject
25. The Theory of the Directors of the Bank of Ireland as to the
regulation of the paper currency
26. Report of the Committee
27. The Committee report that the Directors should regulate
their issues by the price of guineas and the foreign Ex-
changes
28. Very debased state of the coinage
29. The Committee do not discuss the new theory of paper
currency
30. They recommend an assimilation of the English and Irish
currencies.
31. Mr. Fox declares it to be a fantastical opinion that paper was
not depreciated, and that gold had risen
32. First declaration by a Parliamentary Committee that the
paper currency should be regulated by the Foreign Ex-
33. Renewal of the Bank's loan to Government
34. Circumstances which lead to the great depreciation of the
British Currency
35. Perfidious conduct of Prussia in 1805
36. The Berlin decree against British commerce in 1807
37. Immense speculation in 1808, and subsequent years
38. Great multiplication of country banks in 1809
39. Great rise in the market price of gold
40. Appointment of the Bullion Committee
41. Report of 1810 identical in principal with that of 1804
42. Names of the Committee
43. Identity in sentiment between the witnesses examined before
both Committees
44. Remarks upon some of the evidence
45. State of facts agreed upon
46. Issues maintained by one party
47. Issues maintained by the other party
48. Discussion of the points of difference
21
22
§ 49. Evidence of Mr. Chambers
32
50. Remark of Mr. Huskisson
34
51. Fallacy of Mr. Chambers's opinions
52. Another illustration
35
53. One argument to shew that there was no difference in value
between guineas and bank notes
54. Discussion on second point of difference between the two
parties
36
55. Opinion of a foreign merchant
37
56. Discussion of the third point of difference between the parties 38
57. Discussion of the fourth point of difference reserved
39
58. Analysis of the Bullion Report
59. The same continued
60. The same continued
40
61. The same continued
62. The same continued
41
63. The same continued
64. The same continued
65. The same continued
42
66. The same continued
43
67. The same continued
68. The same continued
69. The same continued
44
70. The same continued
71. The same continued
72. The same continued
45
73. The same continued
74. The same continued
46
75. The same continued
76. The same continued
77. The same continued
78. The same continued
47
79. The same continued
80. The Bullion Report is the standard by which all legislation
regarding the paper currency should be regulated
81. Resolutions of Mr. Horner
48
82. Mr. Rose's reply to Mr. Horner
49
83. Speech of Mr. Thornton
84. Mr. Vansittart's resolutions
50
85. Historical untruth of the doctrine that the coinage never was
intended to contain any fixed quantity of bullion
52
86. Prevalence of a paper price and a cash price for goods 52
87. Examples of this given by Mr. Sharp
53
88. Instances given by Sir Francis Burdett
89. Theory of the opponents of the Bullion Report
90. Rejection of the Bullion Report-Mr. Peel votes with the
majority
54
58
§ 91. Regolutions of Mr. Vansittart
92. Mr. Canning tries to persuade Mr. Vansittart to abstain from
pressing his resolution
55
93. Great absurdity of the law regarding the sale of guineas 55
94. Letter of Lord King
56
95. Lord Stanhope's Act in 1811
96. Opposed by Lord Grenville
57
97. Observations of Lord Stanhope
98. Absurdity of these opinions .
99. Lord Stanhope's Bill passed
100. Remarks upon overtrading of 1809 reserved
101. Alleged injustice of making the Bank buy gold at the market
price.
59
102. High price of corn in 1812
103. Great speculations and increase of country banks in 1813 60
104. Very abundant harvest of 1813, and revulsion of credit in 1815-16
61
105. Great destruction of country bank paper in 1816; rise in the
foreign exchanges, and fall in the market price of gold 61
106. Which is an example of the truth of the principles of the
Bullion Report
62
107. Partial resumption of cash payments in 1816
108. Restriction prolonged till July, 1818
63
109. Mismanagement of the Bank in 1818
110. Great drain of bullion in 1818–19-appointment of Com-
mittee by both Houses of Parliament to enquire into the
expediency of resuming cash payments
64
111. Names of the Committee
112. Great change in the opinions of the mercantile world regard-
ing the principles of the Bullion Report
65
113. Opinion of Mr. Dorrein, Governor of the Bank
114. Opinion of Mr. Pole, Deputy-Governor of the Bank
66
115. Opinion of Mr. Haldimand, Director of the Bank
67
116. Opinion of Mr. Ward, Director of the Bank
71
117. Opinion of Mr. Samuel Thornton, lato Director of the Bank. 72
118. Opinion of Mr. Irving .
72
119. Opinion of Mr. Holland
120. Opinion of Mr. Thomas Tooke
74
121. Opinion of Mr. Ricardo
75
122. Opinion of Mr. Baring.
77
123. Opinion of Mr. John Ward .
79
124. Resolution of the Bank of England in opposition to the
evidence of the mercantile witnesses .
125. Reports of the Committees to both Houses
80
126. Ministerial resolutions
81
127. Speech of Lord Liverpool
128. Speeches of Lord Lauderdalo and Lord King
83
133.
90
129. Speech of Lord Grenville
130. The speeches of Lords Liverpool and Grenville deserve to be
carefully studied
86
131. Speech of Mr. Peel in the House of Commons
132. Speeches of various members
89
Chief provisions of the Act .
134. Act to prohibit the Bank making advances to Government . 91
135. Enthusiastic adoption by Parliament of the principles of the
Bullion Report in 1819
91
136. The Bank of England resists the principles of the Bullion
Report for eight years longer, but finally adopts them in
1827.
92
137. Cause of the fallacy which so long deceived the public on
this subject
138. The principles of the Bullion Report are not matters of
Opinion but of Demonstration .
93
Table shewing the chief variations in the market-price of
Gold Bullion from 1790 to 1819, and the real value of the
£1 Bank note during the restriction .
95
CHAPTER XI
FROM THE ACT FOR THE RESUMPTION OF CASH PAYMENTS
IN 1819, TO THE BANK ACT OF 1844
1. Great disturbance in the proportions of supply and demand
in several articles after 1819
96
2. High prices of corn in 1818
3. Market-price of gold at par with Mint-price in 1819
97
4. Great fall in the price of corn at the end of 1822
98
5. The Bank resumes cash payments 1st May, 1821
6. Corn Act of 1815 to secure price of wheat at 80s. a quarter 99
7. Committee on agricultural distress in 1822
100
8. Prolongation of the issues of the £l country bank notes 100
9. Mr. Western's attack on the Currency Act of 1819, in June,
1822.
101
10. Proposal for the “ equitable adjustment” of contracts 102
11. The price of agricultural produce more depressed on the Con-
tinent than in England
103
12. The Currency Act of 1819 produced no
traction of the Currency
13. Sir Robert Peel is entitled to neither the merit nor the blame
of the Currency Act of 1819
104
14. Fallacy of the supposition that the increased prices of agri-
cultural luce in 1823 were ing to increased issues 104
15. Second attack by Mr. Western on the Currency Act, in June,
105
16. Speech of the Marquis of Titchfield
106
con-
1823.
$ 17. The Marquis of Titchfield's description of “ Currency" 108
18. Fallacy of alleging that the paper currency was depreciated
during the whole of the restriction from 1797 to 1819 . 109
19. General revival of prosperity in 1823
. 110
20. Origin of the disaster in 1825 began at the close of 1824 111
21. Great speculation caused by the recognition of the inde-
pendence of the South American colonies of Spain by
Great Britain in 1824
111
22. Great apparent prosperity at the beginning of 1825
23. Description of the speculative mania of 1825
112
24. Fatal conduct of the Bank of England at this period 113
25. Collapse of Credit in the autumn of 1825
113
26.
eftlux of Bullion from the Bank of England in 1824
and 1825
114
27. Banking panic in the autumn and winter of 1825
. 115
28. General run upon the London and country bankers . 116
29. Description of the great crisis of December
. 116
30. Policy of the Bank
116
31. The great pressure in the money-market turns the exchanges
in favour of England
117
32. Sudden change of policy by the Bank-profuse issue of
£5,000,000 Bank Notes in four days .
33. Issue of £1 notes by the Bank, which stays the panic in the
country
118
34. The crisis an example of the truth of the principles of the
Bullion Report .
35. The speculative mania not attributable to the Bank or to
the country banks
120
36. Speculative manias have occurred both before and after-
wards, not attributable to the Bank
37. The bold policy of the Bank saved it from bankruptcy 121
38. Determination of Government that the monopoly of the
Bank must be modified
. 121
39. Discussion in Parliament on the commercial crisis in
1826.
121
40. Abolition of £1 and £2 bank notes
. 122
41. Mr. Baring's condemnation of the small notes
. 123
42. Speech of Mr. Huskisson
123
43. Opinion of Sir John Newport
· 125
44. Speech of Sir Robert Peel
126
45. Provisions of the Act suppressing small notes in England 127
46. Intention of the Government to suppress the small notes in
Scotland abandoned, in consequence of the recommenda-
tion of Committees of both Houses
128
Adoption by the Bank of England of the
Principles of the Bullion Report—The Reso-
lution of 1819 expunged from their books 128