Sept. 15, 1866. N. 328.

The Money Market Review, 15. September 1866. S. 303/304.
Icon dass Zitate symbolisiert

Bankact of 1844.  Zusatz von Marx.
(Raising Rate of Discount.) (Bonamy Price) Want of Capital or Money?

Was Gladstone, „Economist“ etc an dem Bankact rühmen ist: »The Policy of raising the Bankrate of Discount in the case of a foreign drain«, aber dieß nicht »the limitation of the Banknote issues in that case«. Nun, was der Akt wirklich vorschreibt, ist die limitation des Banknote issue, während das raising of discount mit drain etc »is not a specific policy or mode of proceeding prescribed or imposed by the Bank Act, but is left entirely in the discretion of the directors, as well under the provisions of the Act of 1844 as it was before that Act was passed, and as it would be if that Act were now repealed.« Seit der Crise von 1783 (incl.) never any danger from apprehension as to convertibility of note Zusatz von Marx.

Great Authority – the  Kommentar von Marx.
Bonamy Price  Zusatz von Marx.
as a director of the Turin and Savona Railway Co., of the Aberama Iron Works, and several other Joint Stock Cos. He set himself up to maintain that „the cause of the pressure in the money market was a deficiency not of sovereigns and notes, but of capital, commodities, or the products of human industry.“ He was called upon to explain, therefore, how it was that, if commodities were deficient, in relation to the demand, they did not rise in price, instead of falling in price? He is asked to say of what use commodities, instead of banknotes or sovereigns, would have been on the great day which followed the fall of Overend etc?

The Money Market Review, 15. September 1866. S. 303.
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Bullion Drain.  Zusatz von Marx.
(Reversion of Current)

The current of the precious metals suddenly reversed. It was recently, and has been for many years, from West to East, and it is now from East to West. The accustomed „drain of silver for the East“ is at an end, and from the East we now receive gold; while to the Unit. States we now export gold. Probable causes: 1) that our remittances for Indian cotton have exceeded what was required, especially as so large a store of raw cotton has been discovered in the U. St., and that the money is coming back again from India; 2) that our active purchases of American cotton, and of American securities „for gold by next steamer“, necessitate a preponderance of cash payments to the West.


  • London. 1868.
  • 1866 „The Economist“ (Jahrgang 1866) vol. XXIV.
  • The Social Economist, 1. Oktober 1868
  • „The Economist“ (Jahrgang 1866) (Fortsetzung)
  • Jahrgang 1867.
  • Register der obigen Auszüge aus dem Economist für 1866 und 1867.
  • The „Money Market Review“. Jahrgang 1866.
  • The Money Market Review. Jahrgang 1867.
  • Register Money Market Review Jahrgänge 1866 und 1867