Murphy, Joseph John. 'On the principles of a note circulation'. - Dublin: Dublin Statistical Society,Vol.II, Part IX, 1857, ppi-50
Journal of the Dublin Statistical Society Vol.II, Part IX, 1857
It may be regarded as established beyond controversy, that the
convertibility of bank notes must be preserved. But the conditions
under which convertible notes ought to be issued are still open to
Dr Hancock maintains, in his defence of the Bank Charter Act
of 1844, that notes being, like coin, part of the circulating medium,
they ought, like coin, to be issued by the state or under its immediate care. I agree with this argument in so far as it is consistent
»n itself. I think that the state ought to be the issuer of the
paper circulation, in the same sense that it is the issuer of the
metallic circulation. But the expression, "issuer of the circulation,"
is ambiguous. The state issues the metallic circulation in the
sense of stamping it, in order to authenticate its value — not in the
sense of supplying the country with a metallic currency.
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