The Principles of Economical Philosophy, Volumen1

Longmans, Green, Reader, and Dyer, 1875

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All Negotiable Instruments subject to same rule of CURRENCY
All Negotiable Instruments are CURRENCY
Writers who include Bank Credits are Currency
11 COBDEN on Currency
Lord OVERSTONE on Currency
Discussion between Hume and Lord Overstone
Tooke on Currency
Colonel TORRENS on Currency
The Chinese invented Bank Notes
Evil effects of Paper Money in China The CURRENCY PRINCIPLE asserted in China
Banks in Europe constituted on the Currency Principle
No English Banks on this Principle
Foundation of the Bank of England in 1694
The Bank increases its Capital
This principle erroneous
The Bank suspends cash payments in 1696 and 1797
Partial resumption of cash payments in 1816
Total suspension of cash payments in 1819
Peels doctrines in 1819
Provisions of Peels Act of 1819
The Bank adopts the Principles of the Bullion Report in 1827
Method adopted to carry them into effect 462 17 Peels opinion in 1833
Condemnation of the Bank Theory
Peel adopts the modern opinions in 1844
Arithmetical error of the Bank Charter Act
Failure of the Mechanical action of the Bank Act in 1847
The RATE OF DISCOUNT is the true governing power of the Paper Currency
Universal adoption of this principle 482 28 On the causes which compelled the Suspension of the Bank Act in 1847 1857 and 1866
The Monetary Crisis of 1793
Stoppage of the Bank in 1797

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Página 161 - Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Página 171 - In the progress of the division of labour, the employment of the far greater part of those who live by labour, that is, of the great body of the people, comes to be confined to a few very simple operations, frequently to one or two. But the understandings of the greater part of men are necessarily formed by their ordinary employments.
Página 160 - ... it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands, though in others the same man will sometimes perform two or three of them.
Página 103 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.
Página 171 - He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life.
Página 268 - ... if the invention of the ship was thought so noble, which carrieth riches and commodities from place to place, and consociateth the most remote regions in participation of their fruits ; how much more are letters to be magnified, which, as ships, pass through the vast seas of time, and make ages so distant to participate of the wisdom, illuminations, and inventions, the one of the other...
Página 109 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Página 168 - This great increase of the quantity of work, which, in consequence of the division of labour, the same number of people are capable of ' performing, is owing to three different circumstances : first, to the increase of dexterity in every particular workman ; secondly, to the saving of the time which is commonly lost in passing from one species of work to another...
Página 172 - His dexterity at his own particular trade seems, in this manner, to be acquired at the expense of his intellectual, social, and martial virtues. But in every improved and civilized society, this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it.
Página 168 - A common smith, who, though accustomed to handle the hammer, has never been used to make nails, if, upon some particular occasion, he is obliged to attempt it, will scarce, I am assured, be able to make above two or three hundred nails in a day, and those too very bad ones. A smith who has been accustomed to make nails, but whose sole or principal business has not been that of a nailer, can seldom, with his utmost diligence, make more than eight hundred or a thousand nails in a day.

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