By William Gouge (1835)
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Extra info for A Short History of Paper Money and Banking
E historical sketch was part of a chapter. It has been extended to its present length, from a belief that a tolerably full account of incidents in the fIistory of American Banking would be acceptable to the reader. If additional illustrations of the nature of the system were wanted, they might be derived from its history in Great Britain. These, our Ii mits will not permit us to introduce. We have, however, room for a sketch of the changes of opinion that have taken place in that country, in regard to paper money.
F A gives a promissory note to B, and B gives it to C, in exchange for goods, and C passes it to D, the use of money is in two cases superseded, and in one deferred. Bills of exchange have, in some respects, a similar effect. A merchant at Paris sending goods to Alsace, and wishing money for them, would be forced to wait till the goods could be sold, and the money brought from Alsace, if he could not procure a bill of ex~hange. In like manner, a manufacturer at Alsace, sendillg goods to the capital, would be forced to wait for payment till the money could be brought from Paris.
Mr. Charles Grant stated, that "the great problem with respect to currency, is to discover that check whereby the evil we wish to avoid may be arrested before it takes place. The principle should be preventive rather than corrective. His honorable friend opposite (Mr. Smith) seemed to think, that the convertibility of paper into gold would operate as a sufficient check to arrest its progress; and in this opinion he was certainly supported by high authorities, amongst whom were some of the wisest men that composed the BulliOll Committee.
A Short History of Paper Money and Banking by William Gouge (1835)