Publisher's Synopsis
Excerpt from A Defence of the Joint-Stock Banks: An Examination of the Causes of the Present Monetary Difficulties and Hints for the Future Management of the Circulation
European Governments nay, I go still further, and assert that their transmission has on the whole been favourable to commerce, that they have tended to regulate the exchanges, instead of having had an injurious effect on them; and many most important payments could not have been made, without the powerful assis tance derived from the export of foreign stock, as the most ready means of payment. It will be, indeed, difficult to shew how such descriptions of foreign funds, for which a ready market exists on the Continent as well as in London, could at all injuriously affect the exchanges. Such funds are, in truth, a universal currency, and payments, either at home or abroad, can be made, by their transmission, and the balance of trade as readily adjusted, as by an import or export of the precious metals.
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