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- Title
AN HISTORICAL STUDY OF LAW'S SYSTEM.
- Authors
Davis, Andrew McFarland
- Abstract
This article focuses on the economic conditions of France in the 1700s. Various forms of government notes and obligations were in circulation. Some of these had been issued in a regular manner, and some were practically certificates of indebtedness issued from the bankrupt offices of different branches of the revenue service. Double-entry book-keeping had not as yet been introduced by the government, and no person knew the full extent of the government debt or the form in which it stood. The theory prevailed that the effigy of the reigning monarch and the denomination stamped upon the piece of metal which circulated as coin were what gave it value. In 1705, a plan for a land-bank was submitted to the Scotch Parliament. This scheme was published under the title "Money and Trade Considered." Confidence in the bank was complete, and bank credits were more available than coin. Special deposits were permitted in cases where the merchant expected soon to require the specific use of coin; but it is supposed that the general equilibrium between coin and bank credits was preserved through the medium of brokers, who daily dealt in bank credits.
- Subjects
FRANCE; FRENCH economy; GOVERNMENT securities; PUBLIC debts; FRENCH coins; LAND banks; BANK loans
- Publication
Quarterly Journal of Economics, 1887, Vol 1, Issue 3, p289
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1882760