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The Theory and Practice of Banking Vol 1 by Henry Dunning Macleod

April 5, 2010

INTRODUCTION

THE following work is an attempt to explain, in as clear and simple language as possible, the elementary principles of Currency and Banking, their progressive development in practice, and the laws at present affecting them.

Many of the works already existing on these subjects are excellent in several respects, and contain much valuable information; but it must be admitted that the widest and most fundamental differences of opinion upon almost every point prevail amongst them, and that there is no one so comprehensive and systematic, or which has investigated the subject with such accuracy, as to be generally accepted as an authority.

The fact of so many conflicting and contradictory views prevailing among writers, certainly argues the necessity for a more thorough consideration of the subject, but it acts as a warning against undertaking lightly what has hitherto produced so little that is generally received as satisfactory.

It appears that what is required, and what is most likely to lead to satisfactory conclusions, is a more careful investigation and examination of the fundamental conceptions and general laws of the subject, before considering their application in practice.

It appeared, therefore, that there was room for a work which should endeavour to treat the subject more as a science; and in a more methodical and systematic manner than has hitherto been done. Like every other science whatever, the monetary system has ideas and principles which are peculiar to itself, and if these could be as thoroughly and carefully investigated as is done in every other science, it would necessarily assist m removing some of the differences of opinion and contradictory views on the subject. It is because such care has been taken in ascertaining and settling the elementary ideas and principles of the physical sciences that they are so well understood, and so few differences of opinion prevail about them ; and it is because such care and attention has never yet been bestowed upon settling the definitions and elementary principles of Monetary Science, that it is still in so confused, controverted, and unsatisfactory a state.

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