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The introduction of banks, which perform the function of lenders and loan-brokers, with or without that of issuers of paper-money, produces some further anomalies in the rate of interest, which have not, so far as we are aware, been hitherto brought within the pale of exact science.
I reminded them that the enemy would immediately attack all our property in Courland, Dantzic, and Livonia, and that at the Russian headquarters they had threatened me that they would publish, us in all the open commercial marts as issuers of false bonds." "You were then in the Russian camp?" "A fortnight ago, sire.
The enlargement of their action, as issuers of notes and as bankers aided the trade and the colonists; and so good was a Hudson's Bay Company's note that it was taken everywhere over the northern continent, when the "Shin Plasters" of banks in the United States and Canada were refused.
There is no more abstract right to prohibit the export of a potato than to command any other violation of law. Governments have assumed, and will assume, in extreme cases, unconstitutional power, and will trust to the good sense of the people, convinced by the necessity to obey the proclamation, and to Parliament to indemnify the issuers.
The practice, pursued almost invariably, of multiplying by ten the purchasing power of each new issue of sen, proved, of course, enormously profitable to the issuers, but could not fail to distress the people and to render unpopular such arbitrarily varying tokens. The Government spared no effort to correct the latter result, and some of the devices employed were genuinely progressive.
And when we examine the proceedings with care, we shall find that they contain matter of the gravest import. 'This meeting may be considered to admit and recognise the fact that the Bank of England keeps the sole banking reserve of the country. We do not now mix up this matter with the country circulation, or the question whether there should be many issuers of notes or only one.
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