Publisher's Synopsis
Excerpt from An Inquiry Into the Causes of the Pressure on the Money Market: During the Year 1839
A pressure on the money market may be defined to be a difficulty of getting money in the London market, either by way of discounting bills, or of loans upon government securities. This difficulty is usually accompanied by an ufifavourable course of exchange, a contraction of the circulation of the Bank of England, and a high rate of interest. These three circumstances bear the relation to each other of cause and effect. The unfavourable course of exchange induces the Bank of England to contract her circulation, and the contraction of the circulation, by rendering money more scarce.
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