An Inquiry Into the Principles of Political Economy; Being an Essay on the Science of Domestic Policy in Free Nations: ... Population, Agriculture, ... Circulation, Banks, Exchange, Public Volume 3

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1796 edition. Excerpt: ...are instructed in the principles which influence prices, the more easily will the machine move. A workman then learns to sink his price without regret, and can raise it without avidity. When principles are not understood, prior-s cannot gently fall they must be pulled down; and merchants dare nor susIer them m rise, for sear olsi abuse. even although the perfection of an insant.manufacture should require lt. The last interest l shall examine is that os the bank os England, which naturally must regulate that of every other. Had this great company followed the example an invariable standard, as the measure of all their debts and credits, they would not have been liable to any inconvenience upon a variation of the of its institution, and to others relative to the principles of English government with regard to mo ney, may help us to guess at what other people, who have access to be informed, may. discover. with certainty. The bank of England was projected about the year 1694, at a time when the current money of the. the only, Of afleast the most profitable trade osany, was that ofjobbing in coin, and carrying backwards and forwards the precious metals from Holland to England. Merchants profited also greatly from the cfsects which the utter disorder of the coin produced upon the price of merchandize. At such a juncture the resolution was taken to make a new coinage, and upon the prospect of this, a company was sound, who, for an exclusive charter to hold a bank for r3 years, willingly lent the government upwards ofa million sterling at 8 per cent. (in light money Isuppose) with a prospect os being repaid both interest and capital in heavy; This was not all: part of the money lent, was to be applied for the establishment of the bank, and no...