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Specie Banks

In: Bills of Union

Author

Listed:
  • Aaron Graham

    (University of Oxford)

Abstract

Specie was still seen in this period as the ultimate financial security, and a number of reformers therefore suggested how an imperial paper currency might function in an environment where money invariably drained away from the Americas to Europe. The principles and practices of colonial ‘currency finance’ and private banking as well as British Exchequer Bills, the Bank of England, Scottish provincial and joint-stock banks and even the Dutch West India Company were all ransacked for ideas about how to support a common circulating medium in the British Empire. All used these ideas to reinforce their wider views about the present and ideal commercial, political and strategic relationship between the imperial metropole and its colonial territories, with proposals ranging from the mundane to the messianic and millenarian.

Suggested Citation

  • Aaron Graham, 2021. "Specie Banks," Palgrave Studies in the History of Finance, in: Bills of Union, chapter 0, pages 47-75, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-67677-3_3
    DOI: 10.1007/978-3-030-67677-3_3
    as

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