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The Currency School


Between 1819 and 1821 the convertibility of the note issue into gold was reinstated, an episode known in the literature as ‘Resumption’. But the ensuing two decades were marked by significant monetary instability. The Bullionists had believed that the restoration of convertibility would be sufficient to ensure stability. Any over-issue of notes and prices would be stabilised at a level consistent with balance of payments equilibrium. Convertibility, however, proved not to be its own safeguard.

Volume Contents

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    Front Matter
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    Introduction By D. P. O’Brien
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    1
    1837 On the Causes of the Recent Derangement in the Money Market By Robert Torrens
  • 1838 Some Prevalent Errors with Respect to Currency and Banking By George Warde Norman
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      Section I: Principles of Currency — Erroneous Criteria Usually Applied to Decide upon its Proper Amount —Plan Of An Improved Paper Currency
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      Section IV: Reasons why the Scheme for a Paper Currency Proposed in the First Section Cannot Now be Adopted—Measures which the Legislature Ought to Adopt, so as Gradually to Introduce a Better System
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    3
    1840 On the Management of the Circulation By Samuel Jones Loyd
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    4
    1840 On Objections against the Separation of the Business of the Bank into a Department of Issue and a Department of Deposit and Discount By Robert Torrens
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    5
    1840 Observations on Money, and the Foreign Exchange By James Pennington
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    6
    1841 On Money and the Means of Economising the Use of It By George Warde Norman
  • 1844 On the Separation of the Departments of the Bank By Samuel Jones Loyd
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      Thoughts on the Separation of the Departments of the Bank of England
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      Thoughts, &c. &c.
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    8
    1844 On Metallic and Paper Currency By Robert Torrens