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.

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In August 1815, Pascoe Grenfell, an influential speaker on financial questions in Britain's House of Commons, asked David Ricardo to help him in his Parliamentary battle against th e excessive profits of the Bank of England. Ricardo, who concurred that the Bank's profits should be shared with the public, agreed to assist him. By September 1815 he had written this book, which was published in February 1816, shortly before the debate on Grenfells' motion on the Bank. The book contains a detailed account of Richardo's plan to make the Bank of England resume cash payments by making its notes convertible to gold ingots instead of coins. Ths would have allowed Britain to go back to the gold standard but to use paper as the actual means of payments. This plan was in fact adopted in 1821 and the book gave Ricardo long-lasting fame. Kress B.6787. Goldsmiths 21537. Franklin and Legman p. 3. HBS 66874. Show more