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Two contrary theories respecting the influence of bank issues, e e e - - e - e - .
215 % 2. Examination of each, . - e e - - - . 218 3. ... Should the issue of bank
notes be confined to a single establishment? . - 242 6. Should the holders of
notes be ...
At the quarterly periods when the public dividends are paid at the Bank, a sudden
increase takes place of the money in the hands of the public ; an increase
estimated at from a fifth to two-fifths of the whole issues of the Bank of England.
But it is chiefly in the latter form that it has become, in commercial countries, an
express occupation to issue such substitutes for money. Dealers in money (as
lenders by profession are improperly called) desire, like other dealers, to stretch
him to meet any claims of that sort which can be expected to occur within the time
necessary for providing himself with more: and prudence also requires that he
should not attempt to issue notes beyond the amount which experience shows ...
And this effect is produced, though none of the written instruments called
substitutes for currency may be called into existence; though the transaction may
give rise to no bill of exchange, nor to the issue of a single bank note. The buyer ...
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Pragmatic or muddled? Mill sets out to explore economic principles but, ultimately, finds that there is no principle which doesn't have any amount of conceivable exceptions. You have to wonder why its ... Читати огляд повністю