By J. C. R. Dow
Demanding authorised knowledge of financial thought, this learn of the idea of financial coverage in England analyzes the habit of the banking approach and the problems of critical financial institution keep an eye on, and argues that cash construction is an endogenous procedure, made up our minds in part by way of the fee point.
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Extra resources for A critique of monetary policy: Theory and British experience
Writing in 1735, the governor of Montreal complained that there was no coined money in his district and that prices were higher when payment was made in cards. 22 In spite of detractors the intendant remained confident of the strength of the cards, and even the governor joined him in urging a further issue. They argued that of the 600,000 livres of cards already issued, only one-third actually circulated; the rest were held in hoards or in government coffers. The small circulation was insufficient for the needs of the country, which was prospering.
13 grains. Although each of the recoinages included a recall of previous issues, the recalls were not complete and it was necessary for the government to establish ratings for each type of coin in circulation. By 1726 there were eight separate types and six different weights of louis d'or in circulation in Canada: depending on the issue the louis d'or might be rated at 16 livres 16 sol 21 livres, 24 livres, 25 livres 4 sols, 27 livres 6 sols or 31 livres 10 sols. When it is remembered that the recoinages and adjusted ratings also involved the half and double louis d'or and the louis d'argent and its halves, thirds, quarters, fifths, twelfths and twentieths the confusion in the coinage can hardly be underestimated.
8196898 grains troy weight Colonial finance and more card money With the retirement of card money in 1719 the French government attempted to run the colony on a "sound" basis, paying expenses entirely with coin shipped out each year, with the receipts from the sale of merchandise forwarded by the crown, and on the receipts of the colony. However, France's finances were still not strong and she could not always forward the 44 necessary money: in 1727 the colony received only 5,000 livres in specie to apply to a budget of 308,156 livres, and in 1728 and 1729 no specie at all was received.