An Efficient Remedy for the Distress of Nations
by John Gray (9781150334467)

An Efficient Remedy for the Distress of Nations (Book)

General Books publication date: 2009 Original publication date: 1842 Original Publisher: A. and C. Black Subjects: Economics Money Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text. When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. Excerpt: CHAPTER II. Op A Standard Bank And Mint. The first step to be taken towards the establishment of a rational system of exchange, must be that of appointing commissioners to carry the plan into effect. These being selected and empowered to act, they must first proceed to establish the standard bank, with such a capital as the government shall be pleased to allow it to begin with. To enable the commissioners fully and fairly to conduct the most extensive as well as the most important experiment that ever was made in this world, a grant of fifty millions would be no great stretch of liberality. And, seeing that much time must necessarily elapse before the formation of details, erection of buildings, and other preparatory works could be completed, and the new mode of exchange brought into operation, I think that such grant of fifty millions should not be chargeable with any interest, or considered as a loan at all; but that it should be freely given back by the government to those who would be called upon to contribute it, -- the community at large. With the means thus placed at their disposal, the commissioners must now purchase or erect, in some convenient part of London, the standard bank; which being done, and a bank governor appointed, he is to become forthwith the custodier of the grant: the first payment out of which fund would have been already made for the bank premises themselves. The commissioners must then, with the aid of competent advisers, go on to purchase or erect all the buildings and machinery necessary for the commencemen...

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