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'sRijks vlottende schuld en de Nederlandsche Bank

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References

  1. Zie mijn artikel dd. 6 Mei ll. (Economist 15 Mei).

  2. “Benkcijfers over het jaar 1895 en eenige aanteekeningen betreffende deze bankcijfers”. Economist 1896 bl. 281/300.

  3. Economist 1911 bl. 121 v.

  4. Cf. betreffende deze golvingen mijn genoemd artikel in de Economist van 1911 en mijn artikel van 1908 bl. 298 v. “De Binnenlandsche geldmarkt en de Nederlandsche Bank in 1907” zie ook Economist 1906 bl. 125 v en 1907 bl. 213 v.

  5. Principles of Political Economy; book III, chapter 24, § 2 en eigenlijk § 1 & 2, bl. 207 v. van D. II van den 7den druk d.d. 1871. Niet III, 7 § 2 gelijk Mr. van Nierop aangeeft.

  6. Mill Principles III. 22 § 2 en 3.

  7. Het deel behandelende de jaren 1839 tot 1847, zijnde het vierde deel van het geheele werk; niet deel I zooals Mr. van Nierop aangeeft.

  8. John Fullarton. On the regulation of currencies bl. 18–19 van de 2de editie. Londen 1845.

  9. Op de vraag door de Commissie gericht tot Bestuurs-leden der Bank, naar hunne meening betreffende het verband tusschen de wisselkorsem op het buitenland, en den binnenlandschen marktprijs van het goud eenerzijds en den toestand van het circuleerend medium anderzijds, en of het Bankbestuur daaraan eenigen regel vastknoopte voor de biljetten-uitgifte, werden o. a. de volgende antwoorden bekomen. Van Mr. Whitmore, oud-governor van de Bank, “My opinion is, I do not kwow whether it is that of the Bank, that the amount of our paper circulation has no reference at all to the state of the Exchange” en verder “the present unfavorable state of Exchange has no influence upon the amount of their issues, the Bank having acted precisely in the same way as they did before”. Van Mr. Pearse, den toenmaligen governor der Bank: “I cannot see how the amount of Banknotes issued can operate upon the price of Bullion, or the state of the Exchanges, and therefore I am individually of opinion that the price of Bullion, or the state of the Exchanges can never be a reason for lessening the amount of Banknotes to be issued”, en verder “I never think it necessary to advert to the price of Gold, or the state of the Exchange, on the days on which we make our advances. I do not advert to it with a view to our general advances, considering it not to bear upon the question”. Van Mr. Harman, een der directeuren van de Bank: “I must very materially alter my opinions, before I can suppose that the Exchanges will be influenced by any modifications of our paper currency”.

  10. De opgave dezer geschriften is te vinden in T. A. Stephens' Contribution to the Bibliography of the Bank of England, London 1897.

  11. Een zeer interessant en tamelijk uitvoerig overzicht van het debat is te vinden in A Andréades' Histoire de la Banque d'Angleterre (Parijs 1904) D. I, bl. 320/26. Voorts is o a. te consulteeren John Francis', History of the Bank of England (D. I, bl. 290 v. van de 2de ed. dd° 1847) waar een extract voorkomt van een der zonderlingste redevoeringen welke uitgesproken werden.

  12. Thomas Tooke. History of Prices. D. IV, bl. 99.

  13. Inglis Palgrave. Dictionary of Political Economy. Art: Report of Bullion Committee.

  14. Het staatje is ontleend aan de bijlagen van de “Historical Sketch of lhe Bank of England”, welke in 1831 anoniem verscheen, toch waarvan bekend is dat ze door J. R. Mc. Culloch geschreven werd.

  15. Dr. Adolph Wagner, Geld- und Credittheorie der Peel'schen Bankacte, Weenen 1862.

  16. Zoo leest men b. v. (de spatieeringen zijn door mij geschied):... This impression will of course derive further confirmation from the fact, that these duties are usually united in the same parties, and that not only in this, but in almost every country in which a paper-money exists, the issue of the paper circulation is in the same hands as are performing the ordinary banking business of the Community” (bundel Tracts bl. 30).... “It would be well for the public interests that she (the Bank of England) should do so (meeting the calls upon her to support mercantile credit to the utmost extent of her means) if among these means there did not unfortunately exist a power over the paper issues of the country”. (Tracts bl. 34).... “The only respect in which the Bank will be restricted, by the separation of the currency from the banking department, will be in the exercice of her imporper and dangerous power of creating money beyond the amount which ought to exist”. (Tracts bl. 140).... “Separate the management of the circulation, that is, in other words, the power of creating money, from banking business”. (Tracts bl. 181).

  17. Remarks on the Management of the Circulation and on the condition and conduct of the Bank of England and of the country issuers, during the year 1839, bl. 139 van den bundel Tracts; Londen 1858.

  18. Vgl wat betreft de onjuistheid dezer stelling ook Dr. K. Helfferich “Das Geld” II, III, 82 § 8 en 9.

  19. Reflections suggested by a perusal of Mr. J. Henry Palmer's pamphlet on the causes and consequences of the pressure on the Money market; in bundel Tracts bl. 36.

  20. Remarcs on the Management of the Currency etc., bl. 60 v. in den bundel Tracts, en A letter to J. B. Smith, Tracts bl. 177.

  21. De letterlijke inhoud van de tweede en derde Resoulutie—de eerste betrof de wenschelijkheid van de verlenging van het Bankcharter in het algemeen—was als volgt: “That it is expedient to provide by law, that the Bank of England should henceforth be divided in two separate departments; one exclusively confined to the issue and cirulation of notes, the other to the conduct of banking”. “That it is expedient to limit the amount of securities upon which it shall henceforth be lawful for the Bank of England to issue promissory notes payable to bearer on demand, and that such amount shall only be increased under certrain conditions to be prescribed by law”. Men vindt de beide redevoeringen van Sir Robert Peel, die van 6 en die van 20 Mei, in de verzameling van zijn Speeches, te Londen verschenen in 1853, D. IV, bl. 349/366 en 374/385.

  22. On the Regulation of Currency 2de ed. bl. 176/184.

  23. History of Prices, D. IV, bl. 165.

  24. History of Prices IV, bl. 158/9.

  25. Zie Charles 1st earl of Liverpool. The Coins of the Realm, ch. XVII, bl. 128 v. van de editie d.d. 1880, uitgegeven door de Governors der Eng. Bank.

  26. Men vindt dit Memorandum vermeld in het in 1891/99 uitgegeven werk: Sir Robert Peel from his private papers edited for his trustees by Ch. S. Parker. Aldaar D. III, bl. 134 v.

  27. Leerboek, D. I, bl. 504 (2de editie).

  28. Regulation of currencies, bl. 65.

  29. History of Prices IV, bl. 183 v.

  30. Zoo schreef Fullarton, o.a.: “Perfect convertibility is no doubt one essential condition of every sound and efficient system of currency”. (Regulation of currencies bl. 67) en in bet slotwoord van zijn boek, sprekende van Peel's bankwet van 1844: “I regret the course wich has been adopted the more, from the high value wich I set on the principle of convertibility, and my anxiety to see the standard of our currency maintained through all vicissitudes in its full purity” (bl. 241); en Tooke schreef o. a.: “It is of the very essence of the system on which banks of issue, of strictly convertible paper, can be conducted, so as to ensure the fulfilment of their obligations, that their advances etc.—(Hist of Prices IV, bl. 193). En James Wilson, een andere medestander der Bankingschool, toenmaals hoofdredacteur van The Economist, schreef o. a.: “... it follows, as a simple corollary of those principles wich have been admitted by all writers worthy of mention, that as long as paper is at pleasure convertible into gold, no such redundancy can take place, no such difference can arise between the value of gold and the value of paper, and no such general increase of prices of commodities can be experienced”. (Capital, Currency and Banking, 2de ed. d.d. 1859 bl. 59—ook aangehaald door Tooke bl. 196).

  31. Men zie ten opzichte van dit punt—voor uitweiding waarover hier geen plaats was—het hoogst belangrijke onlangs verchenen werk van Sir David Barbour “The Standard of Value”. En moge hierbij opgemerkt worden, hoe de volgende woorden van dezen schrijver: “Gold tends to flow to countries where prices are lowest, or in other words where the value of gold, is highest” (bl 85), (ik spatieer), welke als het ware de resumtie vormen van des schrijvers uiteenzetting van dit onderwerp, in volkomen overeenstemming zijn met het merkwaardige artikel van Mr. N. G. Pierson “Foreign Exchanges”, opgenomen in de verzameling der Verspreide Economische Geschriften, Deel IV, bl. 114/177.

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Boissevain, G.M. 'sRijks vlottende schuld en de Nederlandsche Bank. De Economist 61, 781–811 (1912). https://doi.org/10.1007/BF02210640

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