Women

Duncan, Dorothy; Holtby, Winifred; Mitchison, Naomi; Presland, John

doi:10.2307/20629224

Cited by 1 publication

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“…by extortionate discounts on account of the statutable scarcity of legal tender'. 112 Those who refused to accept the BoE's terms still had to find income from somewhere to cover their current liabilities, such as those owed by bankers to their depositors and by manufacturers to their workforce. A prudent banker might respond to the scarcity of legal tender by heeding the advice of the currency school and adjusting the ratio between their liabilities and reserves.…”

Section: Enforcing the Act: 'Grievous And Unnecessary Evils Of A Collmentioning

confidence: 99%

Between the ‘Bank Screw’ and ‘Affording Assistance’. Rules, Standards, and the Bank Charter Act of 1844

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2019

Modern Law Review

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This article explores a dilemma at the centre of the monetary order: how to counter inflation eroding the value of money and simultaneously allow bank-created credit to meet the needs of an expanding economy. Building on recent scholarship on the history of money, the article analyses the Bank Charter Act of 1844 and the financial crisis of 1847 to reveal a response to this dilemma which continues to shape the modern context. That response relies on ex ante restrictive measures in a bid to limit the discretion of the monetary authorities and cultivate financially prudent behaviour. Yet the history of the mid-nineteenth century exposes the challenges faced by those who enforce such rules, challenges which tie the mid-nineteenth century to the post 2008 reforms in both the US and the Eurozone, and reveal the ongoing force of the dilemma: that simultaneous desire for both expansive credit and sound money.

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Section: Enforcing the Act: 'Grievous And Unnecessary Evils Of A Collmentioning

confidence: 99%

Between the ‘Bank Screw’ and ‘Affording Assistance’. Rules, Standards, and the Bank Charter Act of 1844

Frame¹

2019

Modern Law Review

View full text Add to dashboard Cite

show abstract

Women

Cited by 1 publication

References 0 publications

Between the ‘Bank Screw’ and ‘Affording Assistance’. Rules, Standards, and the Bank Charter Act of 1844

Between the ‘Bank Screw’ and ‘Affording Assistance’. Rules, Standards, and the Bank Charter Act of 1844

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