INTRODUCTION

THE articles upon Capital, Currency, and Banking, which have appeared in the Economist during the last two years, having been written chiefly in a connected series, and with the view of fairly discussing the general principles upon which the Bank Act of 1844, as applied to England, and that of 1845 as applied to Scotland and Ireland, were founded, their republication, in the more convenient form of the present volume, has been suggested as a useful mode of again bringing them before the public at a moment when these subjects have acquired a wider and more intense interest than at any former time.

Although the whole of the articles now reprinted consist mainly of discussions proceeding upon general principles, and are, therefore, as much applicable to one period as to another, yet the particular events which elicited them from time to time, are necessarily referred to, and it became a question whether or not it would not be better so far to alter them, as to have no special relation to the events of the moment, so as to give them more the appearance and character of permanent essays. On fully considering this question, it has been deemed best to reprint them in the precise form in which they were originally published first, because the temporary events to which they allude are still comparatively new, and must be fresh in the recollection of the reader, and most of which have a lesser or greater relation to those of the present day and secondly, because, looking at the work in a more permanent light, the events referred to will not only be valuable as historical facts, but will serve well to illustrate the principles which it is sought to maintain. In the Table of Contents, we have, therefore, indicated the date, as well as the leading character of each article.

The first ten articles were written in 1845, and are devoted exclusively to a full consideration and critical examination of the principles on which the Bank Act of 1844 was founded. The remaining articles have been written during the present year, and have a direct reference to the deeply interesting financial events through which the country has so recently passed.

As frequent allusion is made, throughout the latter part of this volume, to an article published in October, 1845, in which the full extent of Railway Works, then performed and projected in the United Kingdom, as well as in other countries, is elaborately considered, together with the effects which those works were likely
to produce upon the capital of the country, it has been thought desirable to reprint that article, as part of the preface to this work, and, more especially, as it contains much information of permanent use and interest.

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