Blackwood's Edinburgh Magazine, Volume 56, Number 350, December 1844Various
History
Blackwood's Edinburgh Magazine, Volume 56, Number 350, December 1844
Various
England -- Periodicals; Scotland -- Periodicals
the individuals who was thus forced by necessity to contravene the
statute, was a fish-curer and merchant, who kept a large store in
Tobermory, and the form of his notes is at once curious and
explanatory. "For want of change I owe you 5s., and for four of these
tickets, I will give a one-pound note." The establishment of branch
banks may somewhat have mended matters on the west coast, though we
doubt if the improvement has been commensurate with that of other
districts in Scotland, owing to the severe, and in our view
mischievous, commercial enactment which supplanted the native
manufacture of kelp, by the substitution of foreign barilla; but if
the branches are removed, no discovery short of the philosopher's
stone will establish the metallic currency there. Do our legislators
seriously mean to compel the population of about one-fourth of
Scotland, comprehending the whole western and northern divisions, to
accept the fish-curer's notes, instead of those of a joint-stock bank,
with its paid-up capital for security?
We have not space here to proceed with a minute analysis of the
evidence which was formerly given. Suffice it to say, that it is of a
much more serious nature than even those who have general notions upon
the question can possibly anticipate. In the event of any change which
shall derange the present system of currency, the landowners and
agriculturists of every class must prepare themselves for crippled
markets, curtailment of the sales of their produce, and consequently
for a great reduction in the rent and value of land. This will apply
equally to the fisheries, the distilleries, and the linen trade--to
every branch, in short, of internal manufacture, which is now
prosperous, and which has become so from the superior ease, facility,
and advantage of our present currency. Compared with these, the
interests of the bankers are actually trifling. Such of them as may
remain under the altered system, will no doubt, in one way or another,
secure their profit; but for that profit the country at large will
have to pay a heavy price.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account