Sunday, June 2, 2013

The History of Banks by Richard Hildreth

Status: One Round of QC (06.02.2013)


Fix Notes:

Page 25: par. 0: purchasing

Thousands who had imagined themselves rich, sunk at once into poverty and distress ; and as coin was hardly to be had, and nothing but coin would be accepted in payment, it was difficult to find the means of purchashing the necessaries of life.

Page 28: par. 0: acquiescence

The people at large knew very little about the matter ; but satisfied with the acquiesence of the government and the merchants, they followed in the wake ; and presently things went on exactly as if the Bank had never failed.

Page 33: par. 0: resolve

In this condition of things, the nation, the ministry, and the merchants had not the courage to rosolve upon an instant resumption of specie payments.

Page 33: bottom par.: procedure

Now, what was the natural, certain, and inevitable consequence of this mode of proceedure?

Page 35: par. 0: magnificent

This acknowledgement was attended with an increased intercourse with those states; loans were opened in London on their behalf ; companies were established with large capitals, to work the American mines ; and the most mag-nificient reports were manufactured and circulated, touching the certain profits of these new undertakings.

Page 36: par. 1: disastrous

The resumption of specie payments had nothing to do with the panic of 1825,—except, indeed, that the delay with which that resumption had been attended, had been constantly producing, as I have already shown, a most disasterous influence upon the industry of the country.

Page 52: par. 2: subtleties

An assembly of lawyers rather chose to rest the decision upon legal quibbles and verbal subtilties, at which many of them were sufficiently adroit.

Page 77: par. 0: development

This is contrary to all their experience ; and they wait with fear and trembling for the final developement of this wonderful phenomenon.

Page 80: par. 0: controlled

A change took place in the national administration which did not extend to the Bank; the government were of one party in politics, and those who controled the Bank, of another.

Page 84: par. 3: disbursement

Notwithstanding all that has been said to the contrary, that act of the President’s was clearly legal ; and if we recollect that the charter of the Bank was to expire in less than three years, and that it was necessary seasonably to arrange some other system for the keeping and disburs-ment of the public moneys, we shall be inclined to pronounce that celebrated removal, not only an act of punishment, but an act of prudence.

Page 91: par. 1: improvement in

Such a steady drain, together with the improvementi n business throughout Europe, has raised the rate of interest there ; and this rise will cause to cease that fertilizing tide, which otherwise the Bank of England would try in vain to stop.

Page 106: par. 1: harassing

The gains of the bank are tolerably certain ; but the customers, a far more numerous body, and one in whose welfare, the public have a much deeper stake,—they are kept in a constant state of the most harrassing and servile dependence.

Page 110: par. 2: synonymous

Value, that is price,—for in matters of trade, these two words are synoni-mous,—depends 1st, upon supply, 2nd, upon demand.

Page 111: bottom par.: permanent

For this purpose they are adapted by their capability of being subdivided to almost any degree, without loss; by their small comparative bulk, which enables a large comparative value to be easily carried about and transported from place to place ; and by their capability of receiving a permament imprint, expressive of their weight [...]

Page 118: par. 1: possession

[...] to a certain sum of coin, at a certain place described in the bill, to the possesssion of which coin, the holder of the bill is entitled. In itself a bill of exchange is nothing but a piece of paper; [...]

Book 2 (Page 9) (159 in PDF): par. 1: controlling

With respect to prices, there is an influence exercised over them, upon which political economists have not yet dwelt ; but an influence which exerts a controling power [...]

Book 2 (Page 9) (159 in PDF): par. 2: to run

He, then who knows how liable opinions are to vary, and indeed torun from one extreme to another, will not think it necessary to seek the origin of fluctuation in prices, in the state of the currency.

Book 2 (Page 9) (159 in PDF): bottom par.: independently

Gold and silver have been universally fixed upon as standards of value, independantly of [...]

Book 2 (Page 10) (160 in PDF): bottom par.: American

The Amer-can Congress and the French Convention, exerted all their powers in vain, in attempting to establish, the one, continental bills of credit, and the other, assignats, as a standard of mercantile value.

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