We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
GEORGE SCROPE, FREE BANKERS, AND THE BANK CHARTER ACT OF 1833.
- Authors
Orzechowski, Paul E.
- Abstract
This article explores the contributions of George Poulett Scrope and the free bankers to monetary reforms in 1833 through their parliamentarian efforts by exploring Hansard recordings. Scrope joined a group of free bankers in the British Parliament to lead a partially successful effort to derail the Whig Government's monetary reform plan. Many monetary economic historians do not emphasize these efforts and simplify the struggle as a pamphlet battle between the Currency School and the Banking School over the currency principle. Free bankers and Scrope were instrumental in defeating the government's effort to eliminate any future joint-stock banking formations under the Banking Co- Partnership Act of 1826 and impose a royal chartering process on banks. The Bank Charter Act of 1833 was approved with a declaratory statement that made clear that joint-stock banks of deposit were allowed to operate within the 65 mile exclusion zone of London. These events allowed for a significant increase in jointstock banking after 1833, which may have helped British economic development.
- Subjects
UNITED Kingdom; BANKING laws; SCROPE, George Poulett; LAW reform; MONETARY policy; CHARTERS; FREE banking; BRITISH banking industry
- Publication
Essays in Economic & Business History, 2019, Vol 37, p180
- ISSN
0896-226X
- Publication type
Article