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On the Rates of Interest for the use of Money in Ancient and Modern Times. Part III.
Published online by Cambridge University Press: 18 August 2016
Extract
The steady and gradual diminution in the rate of interest that took place from towards the end of the sixteenth to the middle of the eighteenth century, was generally attributed, during the period, to the great additions made, after the discovery of America, to the amount of gold and silver circulating in Europe.
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References
page 68 note 1 Econo. Financ.du 18e Siècle; Paris, 1841; p. 667 Google Scholar .
page 68 note 2 Esprit des Lois, liv.xxii.chap. 6.
page 68 note 3 The following estimates of the amounts of the precious metals circulating in England and Wales at different periods, are given by Dr. Charles Davenant (Works i. 369):—
page 68 note 4 Montesquien has been accused of asserting facts upon doubtful authority when they appeared to support his opinions. The historian he refers to is not mentioned in the list of writers prefixed to Dr. Robertson's History of America; and his works appear to have been unknown to Hume, who, in the Essay upon Interest, confounds him with the Spanish poet, Garcilasso de la Vega.
page 69 note 1 Wealth of Nations, book ii, chap. 4.
page 69 note 2 Insurance Guide and Handbook; Lond., 1857; p. 196 Google ScholarPubMed.
page 70 note 1 Assurance Mag. vi. 328.
page 70 note 2 Hist. Comm. ii. 103.
page 70 note 3 Hallam, Hist. Middle Ages ii. 404 Google Scholar.
page 70 note 4 Hist, of his own Times; Loud., 1838; p. 209 Google ScholarPubMed.
page 70 note 5 Hist, of the Reformation; Lond, 1847; i. 222 Google ScholarPubMed.
page 71 note 1 Memoirs; Paris, 1814; iii. 6 Google ScholarPubMed.
page 71 note 2 Hist. Comm. ii. 223.
page 71 note 3 Hist. Eng.; Appendix, No. 3.
page 71 note 4 Assurance Mag. vi. 332.
page 71 note 5 Dialogue, &c, p. 78.
page 71 note 6 Ibid., p. 38.
page 71 note 7 Ibid., p. 51.
page 71 note 8 Ibid., p. 15.
page 72 note 1 Percy Reliques, &c.; Lond., 1839; p. 56 Google Scholar.
page 72 note 2 Kelly, On the Usury Laws, p. 13 Google Scholar.
page 72 note 3 Mayhew's London Labour, &c: Lond., 1851; i. 29 Google Scholar.
page 72 note 4 I have already given a table for comparing monthly with annual payments of interest (Assurance Magazine vi. 304). The following table has been constructed upon precisely the same principles for the comparison of weekly with annual payments. The resnlts are given up to 1 per cent. for a week to the nearest fraction of one eighth above that rate to the nearest whole number.
page 72 note 5 London Labour, &c., i. 30.
page 72 note 6 Ibid, i. 31
page 73 note 1 (l + r)12 = (l + 3)12 = 16,777, 216.
page 73 note 2 Mayhew i. 31.
page 73 note 3 , Kelly: On the UsuryLau's, p. 13 Google Scholar.
page 73 note 4 Mayhew i. 30.
page 74 note 1 Statistical Journal iv. 351.
page 75 note 1 Parl. Papers, 1833, No. 76.
page 76 note 1 Page 6.
page 76 note 2 Page 8.
page 76 note 3 Commons' Journals i. 290.
page 76 note 4 Ibid., i. 303.
page 77 note 1 Commons' Journals i, 611.
page 77 note 2 Ibid. i. 631.
page 78 note 1 Lords' Journals iii. 325.
page 78 note 2 Commons' Journals i 87.
page 79 note 1 Selden's Table Talk; art., “Usury.”
page 79 note 2 Commons' Journals vii. 575.
page 79 note 3 Hist. Comm. II, 182.
page 79 note 4 Ibid. II. 376.
page 79 note 5 Ibid. ii. 303.
page 79 note 6 Ibid. II. 312.
page 79 note 7 Ibid. II 336.
page 80 note 1 Rushworth, Hist. Collections iv. 1181 Google Scholar.
page 80 note 2 Ibid. IV. 1216.
page 80 note 3 Ibid. iv. 1218.
page 80 note 4 There is a very extraordinary circumstance relating to this speech, which seems to leave the authorship of it doubtful. In the posthumous works of Sir Robert Cotton (Cottom Posthuma; Divers Choice Pieces of that renowned Antiquary, Sir Robert Cotton, Knight and Baronet, preserved from the injury of time and exposed to public light for the benefit of posterity, by J. H., Esq.: London, 1651) a copy of the speech attributed by Rushworth to Sir Thomas Rowe is printed as having been delivered by Sir Robert Cotton before the Privy Council on the 2nd September, i n the second year of King Charles (1626). There can be no doubt as to the identity of the two speeches, which. with two or three insignificant exceptions, are word for word the same. Cotton died in 1631; and it will be observed, the speech attributed to him was not published as his until twenty years afterwards, nor until eleven after it is said to have been spoken by Sir Thomas Rowe.
page 81 note 1 Rushworth iv. 1216.
page 81 note 2 Hist. Rebellion, book ii. Hume, in noticing the errors and partiality of Clarendon, gives him full credit for honesty of intention (Hist. Eng., chap. IxIIi.); and, recently, an accomplished critic in the Times repudiated rather strenuously the charge of wilful falsification brought against the historian of the Great Rebellion in Mr. Forster's admirable Essay on ike Grand Remonstrance. It is impossible that Clarendon could have been ignorant of the nature of the transactions mentioned in the text, or that he could have been honest in describing them as he has done.
page 81 note 3 Hist Rebellion, book ii.
page 81 note 4 Rushworth, part i., iv. 1281.
page 82 note 1 Hist. England, book 1, chap. lxxi.
page 82 note 2 Hist. England i. 289.
page 82 note 3 Assurance Mag. vi. 325-328.
page 82 note 4 Sinclair's Hist. Pub. Rev; 3rd edit, i. 220.
page 82 note 5 Ibid. i, 385.
page 82 note 6 Hist. England, chap. xxi.
page 83 note 1 Hume: Hist. England; Appendix, No. 3.
page 83 note 2 Survey of London, book i., p. 286.
page 83 note 3 Macpherson, Hist. Com. ii. 15, 220 Google Scholar.
page 83 note 4 Ibid. II. 140.
page 83 note 5 Ibid. II. 220.
page 83 note 6 Commons' Journals ii. 30.
page 84 note 1 Commons' Journals ii. 160.
page 84 note 2 Ibid.
page 84 note 3 Ibid. ii. 161.
page 84 note 4 Ibid. ii. 170.
page 84 note 5 Ibid. ii. 210.
page 84 note 6 Ibid. ii. 178.
page 84 note 7 Ibid. ii. 108.
page 84 note 8 Ibid. II. 358.
page 84 note 9 i, 285.
page 85 note 1 Commons' Journals ii. 981, 982.
page 85 note 2 Ibid. ii. 591.
page 85 note 3 Ibid. vii. 162.
page 85 note 4 Ibid. vii. 618.
page 85 note 5 Ibid. vii. 575.
page 85 note 6 See Journals vi, pp. 360, 388, 488, 491, 500, 503, 576; vii., pp. 213, 246, 249, 250, 251, 253, 427, 435, 437-439, 441, 449, 450, 659.
page 85 note 7 Ibid.vii. 441.
page 86 note 1 Ludlov's Mem. Vevay, 1698. i. 438.
page 86 note 2 Commons' Journals vii. 659.
page 86 note 3 Hist. Com. ii.730.
page 86 note 4 Ibid. in. 4.
page 86 note 5 Ibid. iii. 9.
page 86 note 6 Ibid. in. 205.
page 86 note 7 Commons' Journals viii. 14.
page 86 note 8 Ibid. viii. 4.
page 87 note 1 Commons' Journals vIII. 45.
page 87 note 2 Ibid. viii. 311.
page 87 note 3 Lords' Journals xi. 323.
page 87 note 4 Discourse on Trade; Lond., 1693, P. 20 Google Scholar.
page 88 note 1 Commons' Journals viii., pp. 362, 364, 366, 367.
page 88 note 2 Ibid. viii. 604.
page 88 note 3 Ante, p. 80.
page 89 note 1 Hist. Com. ii.427.
page 89 note 2 Works, Lond., 1812, v. 8 Google ScholarPubMed.
page 89 note 3 Trade, &c., considered. p.17.
page 89 note 4 Ibid., p. 18.
page 89 note 5 Hist. Com. ii. 562.
page 90 note 1 Hist, of his own Times: , Smith, London, 1693: p. 36 Google ScholarPubMed.
page 90 note 2 p. 32.
page 90 note 3 Hist. Com. ii. 519.
page 90 note 4 Ibid. ii. 561.
page 90 note 5 Hist. Eng. 1. 308.
page 91 note 1 Works v. 9.
page 91 note 2 Hist, of his own Ttmes, p. 204.
page 91 note 3 Ibid.
page 92 note 1 See Hume, Macaulay, Burnet, &c.
page 92 note 2 Hist Com. ii. 530.
page 92 note 3 , Sinclair: Hist. Pub. Rev. i. 401 Google Scholar.
page 92 note 4 Ibid.
page 92 note 5 Hist, Eng., chap. Ixxi
page 92 note 6 Commons' Journals Xii. 78.
page 93 note 1 Commons' Journals Xii. 114.
page 93 note 2 Ibid. ix. 79, 86.
page 93 note 3 Ibid. vi. 197.
page 93 note 4 Works i. 359.
page 93 note 5 Trade, &c. considered, p 15.
page 94 note 1 Works v. 39.
page 94 note 2 Discourse of Trade. &c, p. 14.
page 94 note 3 Ibid.
page 94 note 4 Manley, Usury at Six per Cent. examined, p. 32 Google Scholar.
page 94 note 5 Ibid.
page 94 note 6 Natural and Political Observations on the Bills of Mortality; 5th edit.; London, 1676, p. 80 Google Scholar.
page 94 note 7 Assurance Mag. vi.
page 94 note 8 Burnet, Hist, of his own Times, p. 204 Google Scholar.
page 95 note 1 Discourse concerning Trade, p. 14.
page 95 note 2 Trade, &c., considered, p 6.
page 95 note 3 Preface to Usury at Six per Cent. examined.
page 95 note 4 Hist. Com. ii. 463.