TORRENS, Robert.

The Principles and Practical Operation of Sir Robert Peel's Act of 1844 Explained and Defended: Second Edition.

With additional chapters on money, the gold discoveries, and international exchange; and a critical examination of the chapter "On the Regulation of a Convertible Paper Currency" In Mr. J. Mill's Principles of Political Economy. [Bound with, as issued:] The Economists Refuted; or, an inquiry into the nature and extent of the advantages derived from trade. 1808.

London: Longman, Brown, Green, Longmans, and Roberts, 1857 Stock Code: 126089
£1,125.00

"Classic defence", from the library of the translator of Bastiat

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Notes

Second, enlarged edition, first published in 1848, of Torrens's defence of Peel's bank charter act, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. "It was banking that dominated Torrens's last twenty years. Peel's Bank of England Charter Act 1844 owed much to Torrens's 'currency scheme' and 'bank arrangement' of 1836 (for which he sought a 10,000 gratuity from the Bank of England), and to his currency controversy with Thomas Tooke, 184044. Torrens's classic defence of the act went through six manifestations (184758)" (ODNB). These later editions were occasioned by renewed interest following the temporary suspension of the act in 1857. This second edition is expanded with a new preliminary chapter on whether bank notes are equal to coinage in or instead to credit, an examination of a chapter of John Stuart Mill's, and an examination of the effect of Australian gold discoveries on their currency.

With the bookplate of the economist Patrick James Stirling (1809-1891) to the front pastedown. Stirling's writings include The Philosophy of Trade (1846) - providing a theory of prices and profits and examined the principles that determine the relative value of goods, labour and money - and The Australian and Californian Gold Discoveries (1853), examining the impact of the large 19th-century gold discoveries on the value of money. He also translated Frederic Bastiat's writings into English, helping to establish an English audience for the French economist.

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Description

Octavo. Original embossed cloth, spine lettered in gilt.

Condition

Some pencilled notes, bookplate of the Cameron Smail Library at Heriot-Watt University in Edinburgh to front pastedown over earlier bookplate, inked shelfmarks to title page verso. Spine unevenly sunned with shadow of old shelf label, extremities bumped, front hinge a little tender, short closed tear at head of front free endpaper, pages a little crudely opened at head in a few instances, latter half of the book unopened. A good copy.

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