Refutations refuted. A reply to pamphlets put forth in answer to "The currency question considered." / by George Combe.
- George Combe
- Date:
- 1856
Licence: Public Domain Mark
Credit: Refutations refuted. A reply to pamphlets put forth in answer to "The currency question considered." / by George Combe. Source: Wellcome Collection.
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![THE CURRENCY QUESTION. [From the Daily Scotsman of 1 7th May, 1856.] A number of “refutations” in the shape of pamphlets have appeared of our views on the currency formerly published. No two of them agree in their own plans of currency reform, and most of them fail to trace the application of their principles to actual business transactions; or at least they appear to us to fail. Instead, there- fore, of attempting the task of replying to each in detail, we shall submit a few elucidations of principles which apply to all plans and systems, and leave the public to form their own judgment on the subject. Among the publications dealing with our recent articles are a pamphlet by Lieutenant-Colonel J. H. Macdonald, entitled “ Mr. George Combe’s Doctrines on the Currency Question Ex- amined and Refuted;” and an anonymous one by “ Civis,” entitled “ A Reply to Mr. George Combe’s Pamphlet on the Currency, etc.” Mr. Edwin Hill has published an independent work, entitled “ The Principles of Currency, etc.,” and commented on our views in the London Globe. Besides these we have also a brochure by Mr. John Haslam, late “Turgot,” called “The Paper Currency of England Dispassionately Considered ; with Suggestions towards a Practical Solution of the Difficulty”—a well-written and dispassionate pamphlet, clear in ex- pression, and, on the whole, logical in thought. The following are the leading views which it contains. Our monetary code presents a most anomalous appearance. The Bank of England, possessing a bond fide capital of about £18,000,000, is restricted to the issue of £14,000,000 of Notes, on the security of that capital; for every note circulated above this amount it must hold gold. The 250 English country Banks are authorised to issue notes to the extent of their average issues in 1 844, without reference to the amount of their capital; there being cases in which their issues exceed their capital in the proportion of three to one. Again,](https://iiif.wellcomecollection.org/image/b28749194_0011.jp2/full/800%2C/0/default.jpg)
