The currency question : considered in relation to the Act of the 7th & 8th Victoria, chap. 32, commonly called the Bank Restriction Act / by George Combe.

  • George Combe
Date:
1856
Catalogue details

Licence: Public Domain Mark

Credit: The currency question : considered in relation to the Act of the 7th & 8th Victoria, chap. 32, commonly called the Bank Restriction Act / by George Combe. Source: Wellcome Collection.

    11/56 (page 5)
    THE CURRENCY QUESTION. [From the Scotsman of November 21, 1855.] The Edinburgh Chamber of Commerce has petitioned Lord Palmer- ston “ to advise the immediate suspension of the Act 7 and 8 Victoria, chap. 32,” commonly called the Bank Restriction Act, 11 with a view to its ultimate repeal.” The grounds of this request are, that the Act is at present “ exercising an injurious influence on the trade and commerce of the country ; that though this Act was intended to secure the country against a panic in monetary affairs, it has proved, both in 1847 and at the present moment, to have an exactly opposite effect ; and, in the opinion of your memorialists, nothing short of the interposition of the Executive can prevent the most disastrous consequences arising from its continued operation.” On previous occasions we have largely entered into this question ; hut as it seems difficult to maintain its real merits steadily before the public mind, and as it is one of vital importance, we feel con- strained to enter again into the consideration of it; and we shall endeavour to do so in the language and spirit of common sense, avoiding as much as possible technical terms and abstract argu- ments. The “ currency ” means simply a thing which all persons shall consent to use as a medium of exchange in buying and selling. It is also called “a standard of value,” because the “ price” of every commodity bought and sold is measured by it. Prices are said to “ rise,” when we must give an increased amount of currency for the things bought; and to “ fall,” when we obtain them for a smaller amount. In the present instance, for the sake of elucidation, we may divide buyers and sellers into two classes : First, Those who reside in our own kingdom, and are governed by the same laws; and, Secondly, Foreign nations who have no connection with Great Britain, except as voluntary buyers and sellers in her markets. The members of the British community, in buying and selling among themselves, may use anything as a standard of value or cur- rency in which they all have confidence—no matter whether it be