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‘A new species of mony’: British Exchequer bills, 1701-1711

Published online by Cambridge University Press:  18 September 2015


Richard A. Kleer
Affiliation:
University of Regina
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Abstract

This article studies the relationship between Bank and Treasury during the War of the Spanish Succession. It examines two new series of Exchequer bills implemented in 1707 and 1709. Far from being loans-for-rents contracts, the principal aim was to accommodate war-related pressures on the nation's monetary system by manufacturing a substitute for scarce specie. The article also shows there was a covert struggle within the financial community for access to the specie flows associated with the nation's system of public finance.


Type
Articles
Copyright
Copyright © European Association for Banking and Financial History e.V. 2015 

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