The Principles and Practical Operation of Sir Robert Peel's Bill of 1844 Explained, and Defended Against the Objections of Tooke, Fullarton, and Wilson

Robert Torrens

ISBN 10: 0371724457 / ISBN 13: 9780371724453

Published by HardPress, 2021

Print on Demand. Seller Inventory # 410582561

Synopsis:

The Principles And Practical Operation Of Sir Robert Peel's Bill Of 1844 Explained, And Defended Against The Objections Of Tooke, Fullarton, And Wilson by Robert Torrens. The book surveys the 1844 Bank of England Act ( Peel's complementary act) that divided the bank into an Issue Department and a Banking Department, fixed the portion of notes unbacked by bullion at 14 million, and required excess notes to be backed by coin. Torrens evaluates the act's aims to secure convertibility and stabilize the currency, and traces how the law performed through 1844-1847, including the financial panic of 1847, when government intervention avoided suspension. The work also offers a rigorous critique of the leading anti-Peel theorists—Tooke, Fullarton, and Wilson—recounting the currency principles of Adam Smith, Ricardo, Loyd, and Norman. Chapters cover the origin of the act, its operation, the Bank of England’s handling of deposits, and conclusions, arguing that the act achieved convertibility, maintained liquidity, and diminished procyclical fluctuations.

Bibliographic Details

Title: The Principles and Practical Operation of ...
Publisher: HardPress
Publication Date: 2021
Binding: Soft cover
Condition: New