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Proposals for an Economical and Secure Currency: With Observations on the Profits of the Bank of England, as They Regard the Public and the Proprietors of Bank Stock David Ricardo

Proposals for an Economical and Secure Currency: With Observations on the Profits of the Bank of England, as They Regard the Public and the Proprietors of Bank Stock

David Ricardo

Published January 1st 2015
ISBN : 9781108075459
Paperback
138 pages
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 About the Book 

David Ricardos work on currency was published in 1816, and this second edition appeared in the same year. Enormously successful as a stockbroker, Ricardo (1772 1823) was able to lead the life of a wealthy country squire, while his intellectualMoreDavid Ricardos work on currency was published in 1816, and this second edition appeared in the same year. Enormously successful as a stockbroker, Ricardo (1772 1823) was able to lead the life of a wealthy country squire, while his intellectual interests caused him to move in the circles of Thomas Malthus and James Mill. Written at the urging of the Cornish businessman Pascoe Grenfell, M.P., who shared Ricardos interest in financial matters, this work considers the problem of the national debt, in the context of paper money and whether it should in principle be exchanged at face value for gold bullion rather than for minted coins. Ricardo was very concerned at the large profits being made by the Bank of England in its dealings with the government, and suggests here the creation of an independent central bank, a proposal to which he later returned.