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This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1881. Not illustrated. Excerpt:... barometer on these terrible occasions. Between October 10 and November 18, the bullion in the bank fell from 10,110,000 to 6,484,000 while the reserve of notes fell during that period from about 4,500,000 to about 1,400,000. For some months previously to this date the foreign drain of bullion was accompanied by an adverse state of the exchanges, and a high rate of discount at the bank. On April 2 the rate of interest was at 6 per cent. on June 18, at 6 per cent. on July 16, at 5 per cent. on October 8, again at 6 per cent. on October 12, at 7 per cent. on October 19, at 8 per cent. on November 5, at 9 per cent. and on November 9, at 10 per cent. So grave was the condition of affairs that government felt bound to repeat the interference of 1847, and suspend the Bank Act. Accordingly, on November 12, a joint letter was addressed by Lord Palmerston and Sir George Cornewall Lewis, the chancellor of the exchequer, to the directors of the Bank of England, by which authority was given to the bank to issue an amount of notes not exceeding 2,000,000 in excess of the proportion allowed by the Act. To understand the nature of this permission it is necessary to be acquainted with the operations of the statute enrolled by Sir Robert Peel. In the course of his long political career Sir Robert had induced the legislature to agree to two important Acts relating to the currency. The first Act was passed in 1819 it restored the currency to its proper metallic basis, and established the convertibility of the bank note. After that Act had been passed, the power of the Bank of England to issue notes was unlimited in point of extent subject only to the condition of being payable in gold on demand. The power of establishing count...*Author: Ewald, Alexander Charles *Bi

    The Right Hon. Benjamin Disraeli, Earl of Beaconsfield, K.G., and His Times (Volume 1) by Ewald, Alexander Charles [Paperback]

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