"This doctrine, but very imperfectly understood and extremely unpopular at the time it was first published in 1856, is now universally acknowledged to be the true one, and is adopted by all the Banks in the world. It was acknowledged to be perfectly efficient by Mr. Norman, before the Committee of the House of Commons, on the crisis of 1857; it is the principle upon which the Bank of England is now managed; the Usury Laws in France were modified for the express purpose of enabling the Bank of France to adopt it: and through understanding and adopting this principle, the Notes of the Bank of France, which was obliged to suspend payments in cash during the misfortunes of the country, were enabled to circulate at par. In fact, this principle is now as well established among all competent persons as the Newtonian Law of Gravity."
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Theory and Practice of Banking
Theory and Practice of Banking, Volumes 1 & 2, by Scottish economist and historian , was published 1855-1856 by Longman, Brown, Green and Longmans, London. Quotes below, unless otherwise noted, are from the fourth edition, London, Green, Reader and Dyer, London.
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