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Β Α Ν ΚΙ N G.
HENRY DUNNING MACLEOD, M.A.
OF TRINITY COLLEGE, CAMBRIDGE,
AND THE INNER TEMPLE, BARRISTER - AT-LAW:
THE PURPOSE of the following work is to exhibit in the
simplest language possible the mechanism of the great
system of CREDIT, BANKING, and the FOREIGN EXCHANGES,
and to explain the reasoning upon which is founded the Principle of Currency, which I published in 1856—THAT
THE TRUE METHOD OF CONTROLLING CREDIT AND THE PAPER
CURRENCY IS BY ADJUSTING TIIE RATE OF DISCOUNT BY THE
THE BANK AND THE STATE OF THE FOREIGN
EXCHANGES—which is now universally acknowledged to
be the true one, and which is now adopted by the Bank
of England and by every bank in the world.
H. D. M.