the exchanges

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the exchanges

Bài gửi  hunsssalin on Thu Mar 17, 2011 2:20 pm

the exchanges

But. where the exchanges are effected with bank notes, the issues are increased at those moments when the exchanges or payments are large, and they contract, by the return of the superfluous note.s to the banks that issued them, as soon as the exchanges or payments diminish.This keeps down the circulation, at all times, to the lowest possible amount required to effect the exchanges or payments taking place. Thus the banks in Scotland require tory burch flats seven millions of notes to attain tory burch sale an average circulation of only three millions. Can any system of currency be more perfect or more advantageous than this ? It facilitates the exchanges of commodities even better than coin, except with foreign nations ; when properly managed, it expands and contracts in exact accordance with the transactions of commerce and industry, while it does not, like coin, absorb a large portion of the capital of the community. " Where the currency is purely metallic, the additional circulation required for these occasions would be drawn from the private hoards; while, wherever the credit system prevails, the circulation is supplied by the banks." (Fullarton on the Regulation of Currencies, For some years past, inquiries into the Origin and Use of Money have occasionally occupied my leisure hours, and afforded me recreation after the discharge of duties more necessary, though less agreeable than the study of Numismatics. In this way, probably, I should have continued to amuse myself, with no ulterior views, had not circumstances arisen which converted what was previously a source of private tory burch outlet gratification, into a pursuit of higher character. My investigations, as I proceeded, began to assume a more serious aspect, and to promise usefulness to my country in the place of solitary entertainment. I saw that, generally speaking, there were tory burch shoes truths in the theory of money " not dreamt of in our philosophy."The growing distresses of the people convinced me that these truths had a most important bearing on our times; and that I should fail to discharge my duty unless I communicated to my countrymen, and to society at large, those facts and inferences, which, in my opinion, were materially calculated to affect the interests of all ranks of people in every country, but especially in our own.


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