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Bank Restriction Act 1797
The Bank Restriction Act 1797 was an Act of the Parliament of Great Britain (37 Geo. III. c. 45) which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period. Reasons for restricting An increasing number of people were trading their banknotes for gold. Due to the overprinting of banknotes, the Bank of England was losing its supply of gold, and due to the gold standard, the value of each banknote was diminishing. The timing of the act, which had been under consideration for a few months owing to runs on banks in Newcastle-upon-Tyne, Sunderland, and Durham that had in turn requested monetary support from the Bank of England, was the invasion of Britain on 22–24 February 1797 by French forces in Fishguard. When news of this event, now known as the Battle of Fishguard, became known in London, a much greater run on the Bank of E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bullion Committee
The Bullion Committee was set up in order to research the possibility of putting Britain onto the gold standard and how to carry it out. Sir Robert Peel was the chairman of the committee. He managed to put sterling on the gold standard two years earlier than planned. Other members were David Ricardo David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill. Ricardo was also a politician, and a ... and Jeremiah Harman Esq. The effects of the return to the gold standard were not without controversy. Industrialists complained that full employment had been sacrificed to sound money. Thomas Attwood claimed 'Peels Act' created 'more misery, more poverty, more discord, more of everything that was calamitous to the nation, except death, than Attila caused in the Roman Empire'. See also Bank Restriction Act 1797 References Ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Great Britain
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1797 In Economics
Events January–March * January 3 – The Treaty of Tripoli, a peace treaty between the United States and Ottoman Tripolitania, is signed at Algiers (''see also'' 1796). * January 7 – The parliament of the Cisalpine Republic adopts the Italian green-white-red tricolour as the official flag (this is considered the birth of the flag of Italy). * January 13 – Action of 13 January 1797, part of the War of the First Coalition: Two British Royal Navy frigates, HMS ''Indefatigable'' and HMS ''Amazon'', drive the French 74-gun ship of the line '' Droits de l'Homme'' aground on the coast of Brittany, with over 900 deaths. * January 14 – War of the First Coalition – Battle of Rivoli: French forces under General Napoleon Bonaparte defeat an Austrian army of 28,000 men, under ''Feldzeugmeister'' József Alvinczi, near Rivoli (modern-day Italy), ending Austria's fourth and final attempt to relieve the fortress city of Mantua. * January 26 &n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciate
In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Old Lady Of Threadneedle Street
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Gillray
James Gillray (13 August 1756Gillray, James and Draper Hill (1966). ''Fashionable contrasts''. Phaidon. p. 8.Baptism register for Fetter Lane (Moravian) confirms birth as 13 August 1756, baptism 17 August 1756 1June 1815) was a British caricaturist and printmaker famous for his etched political and social satires, mainly published between 1792 and 1810. Many of his works are held at the National Portrait Gallery in London. Gillray has been called "the father of the political cartoon", with his works satirizing George III, Napoleon, prime ministers and generals. Regarded as being one of the two most influential cartoonists, the other being William Hogarth, Gillray's wit and humour, knowledge of life, fertility of resource, keen sense of the ludicrous, and beauty of execution, at once gave him the first place among caricaturists. Early life He was born in Chelsea, London. His father had served as a soldier: he lost an arm at the Battle of Fontenoy and was admitted, first a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Brinsley Sheridan
Richard Brinsley Butler Sheridan (30 October 17517 July 1816) was an Irish satirist, a politician, a playwright, poet, and long-term owner of the London Theatre Royal, Drury Lane. He is known for his plays such as ''The Rivals'', ''The School for Scandal'', ''The Duenna'' and ''A Trip to Scarborough''. He was also a Whig MP for 32 years in the British House of Commons for Stafford (1780–1806), Westminster (1806–1807), and Ilchester (1807–1812). He is buried at Poets' Corner in Westminster Abbey. His plays remain a central part of the canon and are regularly performed worldwide. Early life Sheridan was born in 1751 in Dublin, Ireland, where his family had a house on then fashionable Dorset Street. His mother, Frances Sheridan, was a playwright and novelist. She had two plays produced in London in the early 1760s, though she is best known for her novel ''The Memoirs of Miss Sidney Biddulph'' (1761). His father, Thomas Sheridan, was for a while an actor-manager at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Old Lady Of Threadneedle St
''The'' () is a grammatical article in English, denoting persons or things already mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with pronouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of pronoun ''thee'') when followed by a v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Peel
Sir Robert Peel, 2nd Baronet, (5 February 1788 – 2 July 1850) was a British Conservative statesman who served twice as Prime Minister of the United Kingdom (1834–1835 and 1841–1846) simultaneously serving as Chancellor of the Exchequer (1834–1835) and twice as Home Secretary (1822–1827 and 1828–1830). He is regarded as the father of modern British policing, owing to his founding of the Metropolitan Police Service. Peel was one of the founders of the modern Conservative Party. The son of a wealthy textile manufacturer and politician, Peel was the first prime minister from an industrial business background. He earned a double first in classics and mathematics from Christ Church, Oxford. He entered the House of Commons in 1809, and became a rising star in the Tory Party. Peel entered the Cabinet as Home Secretary (1822–1827), where he reformed and liberalised the criminal law and created the modern police force, leading to a new type of officer known in tribute to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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