Silver is the best currency for early times, because it is cheap, just as gold is the best currency for ripe ages, because it is dear.
The verification of the quantity of metal in a coin is a trade; no one would naturally verify gratuitously; the mode of verification ought to yield a profit, like other trades, Edition: English bankers are supposed to be—perhaps are—the most educated part of the English business world.
Standing as a Liberal, he lost that Bridgwater by-election by a mere seven votes to a Conservative opponent. The first step—inaugurating law, custom, and habit—is the hardest; but history proper begins with the next step: The advantages were indisputable, but they were not worth the cost at which they would be purchased.
It is not irony, precisely, for although he uses irony, Bagehot is too earnest to be described as ironical.
The Commissioners describe the proposal in words which on account of their importance it is best to have before us. Longmans, Green and Company. At University College he was a brilliant but not altogether untroubled student — winning prizes but missing several terms due to mental exhaustion.
This calculation, it need hardly be said, was always in favour of the stronger party. Their course is shadowy; the mind seems rather to have seen than to see them, more to feel after than definitely apprehend them. It is the revulsion of one sort of temperament to another that seems antithetical.
Bagehot held that in our own day that respect for action which was characteristic of the times when action was needed to form and mould the national character, is excessive.
John-Stevas tells us, Bagehot found it cheering to go down to the bank and run his hands through a heap of sovereigns.
The banks of Venice, Genoa, Amsterdam, Hamburgh, and Nuremberg seem to have been all originally established with this view, though some of them may have afterwards been made subservient to other purposes. As editor of The Economist—a position he held from until his untimely death—his advocacy of free trade helped to shape the financial policies of England at the zenith of her power.
Bagehot held that a representative assembly which, like the House of Representatives in the United States, cannot effect any great and notable change by its resolutions, is bound to be something of a cipher, and that the people will never care enough about what such an assembly does, to take the pains requisite for selecting the best men.
It means that a contract to pay a sum of money shall be satisfied only by the payment of a specified portion of one known metal; if that metal is gold, then by so much gold; if that metal be silver, then by so much silver.
Silver was the old currency of Europe; gold a mere article of dealing and traffic. So the Opposition tends to play it safe.
Gibbon has written it down. That is a minority view propounded by Sisson alone of the biographers but it should not be glossed over. But he had fully grasped the absolute impossibility of conducting such a government as ours unless the House of Commons, in whom all power is centred, is really docile to its leaders on both sides.
But experience shows that Edition: American Political Science Review An aristocrat at heart, Bagehot himself recoiled from the truckling courtship of the mass.
It seems fitting that Walter, who would later join his father in business, was born just upstairs from the bank, in the living quarters occupied by his parents. It appeared at the same time that Parliament enacted the Reform Act ofrequiring Bagehot to write an extended introduction to the second edition which appeared in Formerly each of the little Italian States had a currency of its own; in the middle ages sovereigns clung hard to the prerogative of coining, for the sake of the profits of seignorage, and because, in case of need, they might ease their treasury by depreciating the standard; and on that account ancient Europe, as we may almost call it—the world before modern changes began—was encumbered with many petty coinages.
Unquestionably, great firms employ skilled clerks, who translate these difficulties—whether of Norway, or Austria, or India—very rapidly, but ordinary traders cannot keep such clerks.
There is therefore a great danger that if the slightest impediment be thrown in the way of English commerce, our Continental customers will soon cease to take even the yarns; and if they have greater facilities given to them as against ourselves by the use of the same money, they will import cotton direct, and not even take our cotton yarns in future.
Yet Bagehot did have a feeling for the nuances of the changes in social stratification that formed the shifting base of the suffrage demands.
Writers and Their Work: The first sight sees what is good in France; the first sight does not see what is good in England. A remarkable movement is going on in the world towards a uniformity of coinage between different nations.
The high gold unit, again, is not wanted in early ages. But the principal matter would reappear in an altered form. He stood for Parliament four times and four times lost, once by seven votes.
In a long indignant letter on the illegal cesses under which the cultivator groaned, Mr. Wilson would never return to England, dying in India in Collections of Bagehot's literary, political, and economic essays were published after his death.
Their subjects ranged from Shakespeare and Disraeli to the price of silver. In honour of his contributions, The Economist ' s weekly commentary on current affairs in the UK is entitled "Bagehot".
Excerpt from The English Constitution: And Other Political Essays The English Constitution, by Mr. Walter Bagehot, has already attracted some attention in this country, but it is a work that deserves to be much more widely and familiarly known.
Note: Citations are based on reference standards. However, formatting rules can vary widely between applications and fields of interest or study. The specific requirements or preferences of your reviewing publisher, classroom teacher, institution or organization should be applied. The English Constitution and Other Political Essays 4 copies Walter Bagehot: a study of his life and thought together with a selection.
Walter Bagehot (–) was an economist and political journalist and one of the most influential writers on the British constitution until recent times.
Bagehot is so important that other commentators have treated his doctrines, published inas if they were part of the unwritten constitution itself. Discover Walter Bagehot famous and rare quotes. Share Walter Bagehot quotations about politics, human nature and opinions. Walter Bagehot (). “The English Constitution: And Other Political Essays”, p, killarney10mile.com 3 Copy quote.
The cure for admiring the House of Lords is to go and look at it.
“The English Constitution: And.Download