Publisher's Synopsis
Excerpt from War and Lombard Street
A new edition enables me to correct an error on p. 32, where it is stated that "Bank of England did not avail itself of the suspension" of the Bank Act. Many critics of this book questioned its statement that the Bank Act had been suspended, on the ground that the limits on the note issue imposed by the Bank Act had never been exceeded. It seemed to me that since the Currency and Bank Notes Act of August 6, 1914, gave the Bank of England power to issue notes in excess of any legal limit, subject only to the authorization of the Treasury, the provisions of the Act of 1844 were thereby in fact suspended, even though, as my critics and I agreed in believing, the Bank had not availed itself of this power.
Subsequent revelations have shown that my critics and I were all wrong together.
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