Synopsis
“Principles Of Monetary Legislation: With Definite Proposals For Placing The Sound And Successful Principle Into Permanent Operation” by Richard Webster presents a critical polemic against the dominant British monetary doctrine of the 19th century. Webster argues that monetary regulation should rest on sound financial foundations rather than on regulating the currency by foreign exchanges, a policy represented by the Bank Acts of 1844–5. He contends that systemic panics, including those of 1793, 1847, 1857, and 1866, arose not from currency depreciation but from the misapplication of restrictive principles, particularly when the central bullion reserve is divided or unavailable. The book rejects the intrinsic-versus-extrinsic-value confusion that underpins the idea that bullion outflows prove currency depreciation. Instead, he advocates a permanent bullion reserve, an amalgamation of Bank of England’s departments, repeal of the 1844 restrictions, and broader reform of note-issuing banks to preserve public credit and confidence. He calls for a large, accessible reserve (around £20 million) and a monetary system aligned with real economic needs rather than theoretical abstractions. Published in 1874, the work uses historical episodes to argue for a robust, credit-based monetary framework.
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