Abstract
Pennington may be credited with having been among the first to produce a concise statement of the so-called currency principle which formed the basis of the thinking behind the Bank Charter Act of 1844. Pennington’s proposal appeared in the form of a privately printed Memorandum issued in 1827. This tract actually contained two memoranda, separated by a reply to the first (of 1826) from Huskisson. Much of the material from the memoranda was subsequently reissued by Pennington himself in 1840 as part of his larger Letter to Kirkman Finlay, Esq., on the Importation of Foreign Corn. It seems likely that the first memorandum was written at the suggestion of Thomas Tooke.
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Bibliography
Fullarton, J. 1844. On the regulation of currencies. London: John Murray.
Hayek, F.A. 1939. Introduction to Henry Thornton, An enquiry into the nature and effects of the paper credit of Great Britain (1802). London: George Allen & Unwin. Reprinted New York: Kelley, 1962.
Tooke, T. 1840. A history of prices and of the state of the circulation in 1838 and 1839, with remarks on the corn laws and some of the alterations in our banking system. London: Longman, Orme, Brown, Green & Longmans.
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Milgate, M. (2018). Pennington, James (1777–1862). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_458
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DOI: https://doi.org/10.1057/978-1-349-95189-5_458
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