The Theory and Practice of Banking, Volumen2

Henry Dunning Macleod

Longmans, Green, 1893

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FROM THE RENEWAL OF THE BANK CHARTER IN 1800	1

Trading customers	3

Increase of the Banks capital	4

First investigation into the theory of the paper currency	10

Their description of the extraordinary debasement of the Irish Currency	11

Exchange with Belfast favourable to Ireland while that with Dublin adverse	13

Difference of 12 per cent between Exchange with Dublin and with Belfast	14

Opinion of Mr Marshall that Irish Bank notes were depre ciated	15

The Government letter authorising the Bank of England to issue notes beyond the limits prescribed by the Act of 1844	170

Extraordinary aid afforded by the Bank of England to Com mercial houses in the Autumn of 1847	171

Meeting of Parliament in November 1847	172

Speech of Sir Robert Peel	175

The same continued	176

Opinion of the Governor and DeputyGovernor of the Bank of England on the Act of 1844	177

Mr Gurneys opinion	178

35 Mr Loyds opinion	179

His evidence on the subject	16

The Theory of the Directors of the Bank of Ireland as to the regulation of the paper currency	17

Report of the Committee	18

The Committee report that the Directors should regulate their issues by the price of guineas and the foreign Ex changes	19

The Committee do not discuss the new theory of paper currency	20

First declaration by a Parliamentary Committee that the paper currency should be regulated by the Foreign Ex changes	21

Renewal of the Banks loan to Government	22

Perfidious conduct of Prussia in 1805	23

The Berlin decree against British commerce in 1807	24

Immense speculation in 1808 and subsequent years	25

Great rise in the market price of gold	26

Names of the Committee	27

Remarks upon some of the evidence	28

State of facts agreed upon	29

Issues inaintained by the other party	30

Discussion of the points of difference	31

49 Evidence of Mr Chambers	32

Remark of Mr Huskisson	34

Another illustration	35

Discussion on second point of difference between the two parties	36

Opinion of a foreign merchant	37

Discussion of the third point of difference between the parties	38

Discussion of the fourth point of difference reserved	39

The same continued	40

The same continued	41

The same continued	42

The same continued	43

The same continued	44

The same continued	45

The same continued	46

The same continued	47

Resolutions of Mr Horner	48

Mr Roses reply to Mr Horner	49

Mr Vansittarts resolutions	50

Historical untruth of the doctrine that the coinage never was intended to contain any fixed quantity of bullion	52

Examples of this given by Mr Sharp	53

Resolutions of Mr Vansittart	54

Mr Canning tries to persuade Mr Vansittart to abstain from pressing his resolution	55

Letter of Lord King	56

Opposed by Lord Grenville	57

Observations of Lord Stanhope	58

Alleged injustice of making the Bank buy gold at the market price	59

Great speculations and increase of country banks in 1813	60

Great destruction of country bank paper in 1816 rise in the foreign exchanges and fall in the market price of gold	61

Which is an example of the truth of the principles of the Bullion Report	62

Restriction prolonged till July 1818	63

Great drain of bullion in 181819appointment of Com mittee by both Houses of Parliament to enquire into the expediency of resuming cash payments	64

Great change in the opinions of the mercantile world regard ing the principles of the Bullion Report	65

Opinion of Mr Pole DeputyGovernor of the Bank	66

Opinion of Mr Haldimand Director of the Bank	67

Failure of the Northern and Central Bank	68

Opinion of Mr Ward Director of the Bank	71

Opinion of Mr Samuel Thornton late Director of the Bank	72

Opinion of Mr Thomas Tooke	74

Opinion of Mr Ricardo	75

Opinion of Mr Baring	77

Opinion of Mr John Ward	79

Reports of the Committees to both Houses	80

Ministerial resolutions	81

Speeches of Lord Lauderdale and Lord King	83

Rejection of the Bullion ReportMr Peel votes with	90

CHAPTER XI	96

during the whole of the restriction from 1797 to 1819	100

tinent than in England	103

General revival of prosperity in 1823	110

Origin of the disaster in 1825 began at the close of 1824	111

Description of the speculative mania of 1825	112

Fatal conduct of the Bank of England at this period	113

Rapid efflux of Bullion from the Bank of England in 1824	114

Banking panic in the autumn and winter of 1825	115

General run upon the London and country bankers	116

The great pressure in the moneymarket turns the exchanges in favour of England	117

Issue of 1 notes by the Bank which stays the panic in the country	118

The speculative mania not attributable to the Bank or to the country banks	120

The bold policy of the Bank saved it from bankruptcy	121

Abolition of 1 and 2 bank notes	122

Mr Barings condemnation of the small notes	123

Opinion of Sir John Newport	125

Speech of Sir Robert Peel	126

Provisions of the Act suppressing small notes in England	127

Intention of the Government to suppress the small notes in Scotland abandoned in consequence of the recommenda tion of Committees of both Hous...	128

majority 34	131

securities	140

Errors committed by him	151

Continuation of Sir Robert Peels speech	152

Unfairness of his illustration	153

Continuation of Sir Robert Peels speech	155

Further proposals of Sir Robert Peel	156

Extract from Sir Charles Woods speech	157

Chief provisions of the Act	158

The Act authorises a violation of its own principle	160

Incorrect to say that the Act of 1844 is the complement of the Act of 1819	161

Great error of writers who think that prices must vary exactly with the amount of the Currency	162

The Bank Act shewn to be subject to the same radical vice as the bank principle of 1832	165

Passes off after the first week of May	167

Great failures in the Autumn of 1847	168

Mr Glyns opinion	180

Comparative view of the bullion and the rate of discount of the Bank of England during 1855	182

Judicious conduct of the Bank during this drain	183

Pressure in 1856	184

Improved management of the Bank	185

Commencement of the crisis of 1857	186

Increase of the panic	187

Evidence of the Governor	188

Notes issued in excess of the Act	190

Pressure in 1863 and 1864	191

Bank of England joins the Clearing House	192

Third Suspension of the Bank Charter Act	193

Great Bank failures	195

Remarkable difference between the rates of discount of the Banks of England and France	196

HISTORICAL SKETCH OF THE RISE AND PROGRESS OF BANKING IN SCOTLAND 1 Foundation of the Bank of Scotland in 1695	198

Rivalry to the Bank	199

The Bank issues 1 notes	200

Proposals to the Bank	201

Foundation of the Royal Bank in 1727	202

The optional clauses in the Bank Notes	205

Fall in the Scotch Exchanges	206

Act to forbid the optional clauses	208

Extract from Adam Smith	209

The Ayr Bank	213

The Bank of Scotland increases its Capital	216

The Scotch Banks suspend payments in cash in 1797	217

The Commercial Bank founded in 1810	218

13 Committees of Parliament on Scotch Banks	219

Scotch Banking Act of 1845	220

Failure of the Western Bank in 1857	221

Details of this failure	233

On the Right of the Scotch Banks to open Branches in England	237

Stoppage of the City of Glasgow Bank	241

CHAPTER XIV	243

Peculiarity of Laws system	244

It is a violation of the fundamental conception of a Currency established in this work	245

Some account of Laws Theory of Money	246

The same continued	247

The same continued	248

The same continued	249

The same continued	250

The essence of Lawism is that money represents commodities and that paper currency may be based upon commodities Money does not represent Co...	251

may buy commodities and keep his money as well	252

Laws idea	253

The most celebrated examples of Lawism	254

Accounts of the French Assignats	255

The same continued	256

The same continued	257

The same continued	258

His extraordinary inconsistency	260

The same continued	262

Practical results of Laws Theory	263

Fifth exampleThe American banking convulsions of 183739	264

The principle of basing a paper currency on the public funds is identical with and is as vicious as basing it on land	266

Fundamental vice of the constitution of the Bank of England	267

The consequences of this vicious principle are prevented by its being limited to that single instance	268

This refutation incomplete	271

The same continued	273

Specific meaning of overissue	274

Fallacy of the expression good bills	275

Bullion is only the regulator of its amount	276

Specie and credit must always increase and decrease to gether	277

The rate of discount is the true mode of acting upon the paper currency	278

Effects of the action of this principle	279

In all commercial crises production should be curbed 280	280

The same continued	281

Historical proof of the fallacy of this theory	282

When the Foreign Exchanges are adverse the Bank must contract its issues	283

Still in spirit the Common Law of England	291

All Negotiable Instruments are Currency	304

Bank Credits are Currency	310

Discussion between Mr Hume and Lord Overstone	320

Legal and philosophical errors of these opinions	326

Opinion of M Michel Chevalier	333

On the causes which compelled the Suspension of the Bank	348

2 The Restrictive Theory	355

principle of 1832	360

An excessive restriction of Credit produces and causes a	363

VOL II	369

Regulations of Bank Charter Act 1833	384

Causes of the failure of Joint Stock Banking in England	390

Decay of private Banking	396

CHAPTER XVIII	402

On Short Bills	412

On Banking Investments	419

Advances by way of Cash Credits and Overdrawn Accounts	427

On the Clearing System	435

On the London Clearing House	443

On Goods taken as Security	452

On Securities by third persons	459

Factors Acts limited to mercantile transactions	469

Bills of Lading Amendment Act 1855	476

22 23	490

Unsatisfactory character of the inquiry	532

Conflict of Laws	587

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Términos y frases comunes

amount assignats Bank Notes Bank of England Bank of Ireland Bank paper banker Bill of Lading bills of exchange Bullion Committee Bullion Report cash payments caused cent cheque circulating medium circumstances coin coinage commercial Commons consequence consider continued contract country banks creditor crisis debt deposit depreciated currency depreciation difference diminution doctrines effect equal excessive issues Exchequer bills export favour Foreign Exchanges France gold bullion Government guineas holder House increase indorsement Irish issue notes joint stock banks liability London Lord Lord Overstone Market Price mercantile merchants Metallic Currency opinion ounce paid panic Paper Currency Parliament payable to bearer period person price of bullion price of gold principles promissory notes Prussia quantity rate of discount rate of Exchange reduced resolutions restored restriction rise rose Scotch banks securities shew silver Sir Robert Peel Smith specie speculation standard theory unfavourable Vict wheat دو

Información bibliográfica

Título	The Theory and Practice of Banking, Volumen2 The Theory and Practice of Banking, Henry Dunning Macleod
Autor	Henry Dunning Macleod
Edición	5
Editor	Longmans, Green, 1893
Procedencia del original	Universidad de Harvard
Digitalizado	29 Ago. 2008

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