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Meulen wrote 2 generations after Lord Overstone, not contemporaneously! |
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The '''British Currency School''' was a group of British economists, active in the 1840s and 1850s, who argued that the excessive issuing of [[banknote]]s was a major cause of [[price inflation]], and believed that, in order to restrict circulation, issuers of new banknotes should be required to hold an equivalent value of [[gold]] as a reserve. In these beliefs they were supporting the provisions of the [[Bank Charter Act 1844|1844 Bank Charter Act]], which had been passed by the [[Conservative Party (UK)|Conservative]] government of [[Robert Peel]].
The leading figure of the school was [[Samuel Jones-Loyd, Baron Overstone]], the British politician and banker.
The currency school was opposed by members of the [[British Banking School]], who argued that currency issue could be naturally restricted by the desire of bank depositors to redeem their notes for gold.
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