bank charter act, n.Definitions

The Bank Charter Act (n.) was ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠designed, whatever its theory, to make money dear.

The Bank Charter Act (n.) when ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠suspended gives permission to create an unlimited amount of fictitious paper capital and lend it to the world of commerce.

The Bank Charter Act (n.) compels ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the Bank to contract its notes at the very moment the whole world is crying out for them.

The Bank Charter Act (n.) provokes ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the whole world of commerce to meet a crisis by hoarding banknotes — so instead of abolishing crises it intensifies them until either industry collapses or the Act does.

The Bank Charter Act (n.) worked ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠splendidly for the Bank's proprietors — their dividend rose from 7 to 9 per cent, tax paid — while the country sold its goods at forced-sale prices to win back gold.

The Bank Charter Act (n.) was ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠Overstone's: he preached that lender and industrialist share one interest, while his Act was calculated to exploit their difference for the benefit of money capital.

The Bank Charter Act (n.) turned ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠Ricardo's wrong theoretical assumption into a practical experiment on the largest national scale — and an ignominious fiasco.