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+ Note Note 161 Abstract
Note (a) to p. 160. Ch. XII Comm
6(a) Remedies by which the want of a circulating medium in 1797 was removed.
(a) 1. On the part of the Bank, the extension given to the quantity of this paper — not in notes of the their usual magnitude, but in notes of the the reduced magnitude — the £2 and £1 notes: whereby the market was enlarged to a prodigious such an extent, as, if given to it at an earlier period, might have prevented would probably the exigency. seems likely likely to have prevented the exigenc seems adequate to the prevention of the exigency would it seems probable have prevented the exigency.
2. On the part of Government, the suspending of to a certain degree the action of the restrictive laws by which individuals had been restricted prohibited prevented from opening of a below a certain magnitude
3. On the part of the commercial Body, by their agreement to accept of Bank paper of England paper, without demanding cash for it.
4. To the force of these factitious remedies, ws added that of the natural remedy, the return restoration of the hoarded money of both kinds into the circulation, upon the operation of the alarm.
[+] As to no man can keep any unnecessary quantity of money by him for any The result appears to have been — not only length of time but to a loss, would not this natural a restitution of the amount of the defalcation remedy, have been together with the preceding one have but a positive addition to the mass of material been sufficient? [+] [+] wealth: reduced however in some a considerable degree as to the real amount, and in respect of its real utility, (as will be the case, in the case of addit by conservative addition to the rise of prices (as, in regard to additions to the mass of capital, by additions to the mass of circulating capital, will ever be the case,) by a concomitant addition to the rise of prices.
[+] Whether That the exigency of the case would have admitted of the waiting for the operation of these two last mentioned remedies, is more than I will undertake to say. But that, if it would, the application of the two first might have been omitted with great advantage on other an other score, will is an opinion that will I I imagine be acceded to by whoever recognizes the mischief pointed out as flowing from every augmentation addition to the quantity of money, metallic or paper, in Ch. XIV on the Rise of Prices.
The deleted lines above are bracketed in the margin, with a note Correct this which has been overwritten by the note above.
End of Note (a)
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note (a) to p. 160 |
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jeremy bentham |
<…>m 1798 |
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frances wright |
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