So far our system
So far our system of money is based on the doctrine of chances; and all banking and brokering of money has reference to such doctrine. It was next to an universal combination of the owners ofBeats Headphones money that in the last autumn caused nearly an universal suspension of payment among the banks of the United States. A combination impossible to be withstood. It is a concurrent disposition to hoard when gold is ebbing from the Bank of England's coffers that leads to such panics as have been so often experienced in this country.The means of immediate liquidation in gold, it is thus clear, are out of all proportion insufficient at any one moment for the extent of obligations. It will not, therefore, be surprising that every witness examined except perhaps Lord Overstone declared our monetary system to be

Monster Headphones one of sufferancea system really based on Monster Headphones confidence. And the greater portion of the evidence of last year, and the earlier part of this, is occupied with a subtle and minute examination and crossexamination into the mode by which the Bank of England actually has or might have manipulated the notes they were empowered to issue, so as to make 10,000,000. or 15,000,000. of gold fulfil the functions of 500,000,000. In other words, whether they did or did not conduct their operations in strict conformity to the true doctrine of chances. Lord Overstone and his followers contending that there was no security for the convertibility of the note on demand unless the Bank was restricted by the rigid rules of the Act of 1844. The followers of Mr. Tooke, on the other hand, affirming, and apparently with reason, that for the working of this delicate machinery, a machinery liable to the friction of such sudden and Monster Beats hazardous contingencies as those of the Monster Beats alternations of human interests and human motives, the utmost latitude Beats Headphones of discretion and freedom of action were demanded.Experience has, however, shown, that, under such a system as now exists, no machinery, however ingenious, no mere dexterous manipulation of banknQtes, is competent to prevent great disasters, such as befel the commercial interest periodically during the thirty years before the Act of 1844, and in the course of the fourteen years since its enactment.