|Died||26 February 1858 83) (aged|
Thomas Tooke ( // ; 28 February 1774 – 26 February 1858) was an English economist known for writing on money and economic statistics. After Tooke's death the Statistical Society endowed the Tooke Chair of economics at King's College London, and a Tooke Prize.
Economic statistics is a topic in applied statistics that concerns the collection, processing, compilation, dissemination, and analysis of economic data. It is also common to call the data themselves 'economic statistics', but for this usage see economic data. The data of concern to economic statistics may include those of an economy of region, country, or group of countries. Economic statistics may also refer to a subtopic of official statistics for data produced by official organizations. Analyses within economic statistics both make use of and provide the empirical data needed in economic research, whether descriptive or econometric. They are a key input for decision making as to economic policy. The subject includes statistical analysis of topics and problems in microeconomics, macroeconomics, business, finance, forecasting, data quality, and policy evaluation. It also includes such considerations as what data to collect in order to quantify some particular aspect of an economy and of how best to collect in any given instance.
The Royal Statistical Society (RSS) is one of the established statistical societies. It has three main goals. The RSS is a British learned society for statistics, a professional body for statisticians, and a charity which promotes statistics for the public good.
King's College London is a public research university located in London, United Kingdom, and a founding college and member institution of the federal University of London. King's was established in 1829 by King George IV and Arthur Wellesley, 1st Duke of Wellington, when it received its first royal charter, and claims to be the fourth oldest university institution in England. In 1836, King's became one of the two founding colleges of the University of London. In the late 20th century, King's grew through a series of mergers, including with Queen Elizabeth College and Chelsea College of Science and Technology, the Institute of Psychiatry, the United Medical and Dental Schools of Guy's and St Thomas' Hospitals and the Florence Nightingale School of Nursing and Midwifery.
In business, he served several terms between 1840 and 1852 as governor of the Royal Exchange Corporation. Likewise, he served for several terms as chairman of the St Katharine's Docks company.He was also an early director of the London and Birmingham Railway.
St Katharine Docks is a former dock and now a mixed-used district in Central London, in the London Borough of Tower Hamlets and within the East End. It lies on the north bank of the River Thames, immediately downstream of the Tower of London and Tower Bridge. From 1828 to 1968 it was one of the commercial docks that made up the Port of London. It is in the redevelopment zone known as Docklands, and is now a popular housing and leisure complex.
The London and Birmingham Railway (L&BR) was an early railway company in the United Kingdom, existing from 1833 to 1846, when it became part of the London and North Western Railway (L&NWR).
Born at Kronstadt on 29 February 1774, he was the eldest son of William Tooke, at that time chaplain to the British factory there. Thomas began his professional life at the age of fifteen in a house of business at St Petersburg, and subsequently became a partner in the London firms of Stephen Thornton & Co., and Astell, Tooke, & Thornton.
Kronstadt, also spelled Kronshtadt, Cronstadt or Kronštádt is an early 18th-century foundation which became an important international centre of commerce whose trade role was eclipsed by the growth of its strategic significance in the ensuing centuries as the primary maritime defence outpost of the former Russian capital. It is now the port city in Kronshtadtsky District of the federal city of Saint Petersburg, Russia, located on Kotlin Island, 30 kilometers (19 mi) west of Saint Petersburg, near the head of the Gulf of Finland. It is linked to the former Russian capital by a combination levee-causeway-seagate, the St Petersburg Dam, part of the city's flood defences, which also acts as road access to Kotlin island from the mainland. In March 1921, the island city was the site of the Kronstadt rebellion.
William Tooke (1744–1820) was a British clergyman and historian of Russia.
He took no serious part in discussion of economic questions until 1819, when he gave evidence before committees of both Houses of Parliament on the resumption of cash payments by the Bank of England. Tooke was one of the earliest supporters of the free trade movement which assumed the form in the petition of the merchants of the City of London presented to the House of Commons by Alexander Baring, on 8 May 1820. This document was drawn up by Tooke; and the circumstances which led to its preparation are described in the sixth volume of his History of Prices. Lord Liverpool's government, especially through William Huskisson after 1828, moved in the direction sought.
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946.
Free trade is a trade policy that does not restrict imports or exports; it can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold liberal economic positions while economically left-wing and nationalist political parties generally support protectionism, the opposite of free trade.
The City of London is a city and local government district that contains the historic centre and the primary central business district (CBD) of London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the agglomeration has since grown far beyond the City's borders. The City is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it forms one of the 33 local authority districts of Greater London; however, the City of London is not a London borough, a status reserved for the other 32 districts. It is also a separate county of England, being an enclave surrounded by Greater London. It is the smallest county in the United Kingdom.
It was to support the principles of the merchants' petition that Tooke, with David Ricardo, Robert Malthus, James Mill, and others, founded the Political Economy Club in April 1821. From the beginning Tooke took part in its discussions, and continued to attend its meetings to the end of his life.
David Ricardo was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.
James Mill was a Scottish historian, economist, political theorist, and philosopher. He is counted among the founders of the Ricardian school of economics. His son, John Stuart Mill, was also a noted philosopher of liberalism, utilitarianism and the civilizing mission of the British Empire.
The Political Economy Club was founded by James Mill and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, James Mill, Thomas Malthus, and Robert Torrens were among the original luminaries.
Out of controversy over paper money emerged the Bank Charter Act 1844, the main object of which was to prevent the over-issue of notes. Tooke was opposed to the provisions of the act. He thought that by some changes in the management of the Bank of England, coupled with the compulsory maintenance of a much larger reserve of bullion, more satisfactory results would be achieved.
The Bank Charter Act 1844, sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892.
Besides giving evidence on economic questions before several parliamentary committees, such as those of 1821 on agricultural depression and on foreign trade, of 1832, 1840, and 1848 on the Bank Acts, Tooke was a member of the factories inquiry commission of 1833. He retired from active business on his own account in 1836, but was governor of the Royal Exchange Assurance Corporation from 1840 to 1852, and was also chairman of the St. Katharine's Dock Company. He was elected a Fellow of the Royal Society in March 1821, and correspondant de l'Institut de France (Académie des Sciences Morales et Politiques) in February 1853. He resided in London at 12 Russell Square, then later in Richmond Terrace, and at 31 Spring Gardens, where he died on 26 February 1858.He is buried at Kensal Green Cemetery.
In the year after Tooke's death the Tooke professorship of economic science and statistics at King's College, London, was founded in his memory, the endowment being raised by public subscription. There was a watercolour sketch of Tooke in the office of the Royal Exchange Assurance Corporation, and a portrait was painted by Sir Martin Archer Shee.
As a follower of Ricardo, Francis Horner, and Huskisson, Tooke was a supporter of the principles embodied in the report of the bullion committee of 1810. The three years which followed the Resumption of Cash Payments Act 1819 were marked by a fall in the prices of nearly all commodities. An opinion gained ground that the fall was due to a contraction of the currency which was assumed to result from the return to cash payments. To combat this view was the task to which Tooke applied himself in his earliest work, Thoughts and Details on the High and Low Prices of the last Thirty Years (1823), and the same line of argument is pursued in his Considerations on the State of the Currency (1826), and in a Letter to Lord Grenville (1829). He entered on a detailed examination of the causes which might affect prices, and claimed to establish the conclusion that the variations, both during the period of restriction and after the resumption, were due to circumstances directly connected with the commodities themselves, and not to alterations in the quantity of money.
Tooke is best known for his History of Prices and of the State of the Circulation during the Years 1793–1856 (6 vols., 1838–1857). In the first four volumes he treats (a) of the prices of corn, and the circumstances affecting prices; (b) the prices of produce other than corn; and (c) the state of the circulation. The two final volumes, written with William Newmarch, deal with railways, free trade, banking in Europe and the effects of new discoveries of gold.
The first two volumes dealt with the period from 1793 to 1837, and were published in 1838. His conclusions were that the high prices which, speaking generally, ruled between 1793 and 1814 were due to a relatively large number of unfavourable seasons, coupled with the obstructions to trade which were created by the Napoleonic Wars; while the lower range of prices in the subsequent years was attributable to a series of more prolific seasons, the removal of the state of war, and improvement in the processes of manufacture and industry.
The History of Prices was completed in six volumes; the third, dealing with the years 1838–9, was published in 1840, the fourth in 1848, and the fifth and sixth in 1857, the year before Tooke's death. The whole work comprises an analysis of the financial and commercial history of the period which it covers. The later volumes record of the steps by which Tooke gradually severed himself from the supporters of the currency theory, the direct heirs of the bullionists of 1810 and 1819. This summary of Tooke's views represents his opinions as they took shape between 1840 and 1844, and were defined in his Enquiry into the Currency Principle (1844). But in his earlier writings there are many passages inconsistent with his later opinions.
The supporters of the 'currency theory,' whose principles were adopted by Robert Peel and embodied in the Act of 1844, were represented by Samuel Jones Loyd, Robert Torrens, and George Warde Norman. They contended that banks of issue, by the arbitrary extension of their circulation, could produce a direct effect on prices, and thus stimulate financial speculation; that convertibility on demand was not a sufficient safeguard; and that the only adequate remedy was to separate the business of issue from that of banking in such a way that the former should regulate itself automatically, and that the discretion of the directors should be confined to the latter.
Tooke, on the other hand, reinforced later on by John Fullarton and James Wilson, maintained that a paper currency which was readily convertible on demand must necessarily conform to the value of a purely metallic currency; that for this purpose no other regulation was required beyond ready convertibility; that under these conditions banks had no power of arbitrarily increasing their issues; and that the level of prices was not directly affected by such issues. Before the committee of 1832 Tooke stated that, according to his experience, a rise or fall of prices had invariably preceded, and could not therefore be caused by, an enlargement or contraction of the circulation.This view, while inconsistent with the quantity theory of money, is consistent with the real bills doctrine. On this view, a fall in the value of the assets of a money-issuing bank would cause the value of the bank's notes to fall. The public would then require more notes to conduct business, and the bank would willingly issue those notes to customers who offered assets of adequate value in exchange. Thus the quantity of notes would increase after the price level had risen.
He married, in 1802, Priscilla Combe, by whom he had three sons.
A History of Prices in six volumes:
The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously-unbacked United States Notes and reversed inflationary government policies promoted directly after the American Civil War. The decision further contracted the nation's money supply and was seen by critics as an exacerbating factor of the so-called Long Depression, which struck in 1873.
Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the debt is nevertheless discharged. The creditor is not obligated to give change. Some jurisdictions allow contract law to overrule the status of legal tender, allowing for example merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal tender.
Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them.
The Indian rupee is the official currency of India. The rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. The opposite of devaluation, a change in the exchange rate making the domestic currency more expensive, is called a revaluation. A monetary authority maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate.
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the interconnectedness of the world economy by the 1850s, the financial crisis that began in late 1857 was the first worldwide economic crisis. In Britain, the Palmerston government circumvented the requirements of the Bank Charter Act 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain.
George Robert Gleig was a Scottish soldier, military writer, and priest.
The peso is one of two official currencies in use in Cuba, the other being the convertible peso. There are currently 25 CUP per CUC.
William Newmarch was an English banker, economist and statistician.
The history of the United States Dollar refers to more than 240 years since the Continental Congress of the United States authorized the issuance of Continental Currency in 1775. On April 2, 1792, the United States Congress created the United States dollar as the country's standard unit of money. The term dollar had already been in common usage since the colonial period when it referred to eight-real coin used by the Spanish throughout New Spain.
The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems. It was created on August 6, 1846 by the 29th Congress, with the enactment of the Independent Treasury Act of 1846, and it functioned until the early 20th century, when the Federal Reserve System replaced it. During this time, the Treasury took over an ever-larger number of functions of a central bank and the U.S. Treasury Department came to be the major force in the U.S. money market.
The British Currency School was a group of British economists, active in the 1840s and 1850s, who argued that the excessive issuing of banknotes was a major cause of price inflation. They believed that, in order to restrict circulation, issuers of new banknotes should be required to hold an equivalent value of gold as a reserve. This concept was also known as convertibility and the currency principle. They argued that prices were mostly based on quantity of currency in circulation, although proponents did acknowledge that prices were also affected by deposits. Therefore, by controlling prices banks could limit outflow of gold.
The Panic of 1847 was a minor British banking crisis associated with the end of the 1840s railway industry boom and the failure of many non-banks.
The Panic of 1866 was an international financial downturn that accompanied the failure of Overend, Gurney and Company in London, and the corso forzoso abandonment of the silver standard in Italy.
This is an outline of Uruguay's monetary history. For the present currency of Uruguay, see Uruguayan peso.
Charles Bosanquet was an English official and writer.
The Coinage Act of 1834 was passed by the United States Congress on June 28, 1834. It raised the silver-to-gold weight ratio from its 1792 level of 15:1 to 16:1 thus setting the mint price for silver at a level below its international market price. After its passage, one ounce of gold was the equivalent of $20.67. The silver content of the silver dollar was left unchanged at 371.25 grains and the fine content of gold coins was reduced from 24.75 grains to 23.2 grains.
The British Banking School was a group of 19th century economists from the United Kingdom who wrote on monetary and banking issues. The school arose in opposition to the British Currency School; they argued that currency issue could be naturally restricted by the desire of bank depositors to redeem their notes for gold. According to Jacob Viner the main members of the Banking School were Thomas Tooke, John Fullarton, James Wilson, and J. W. Gilbart. They believed "The amount of paper notes in circulation was adequately controlled by the ordinary processes of competitive banking, and if the requirement of convertibility was maintained, could not exceed the needs of business for any appreciable length of time". Thus they opposed the requirement in the Bank Act of 1844 for a reserve requirement on banknotes.
Confederate war finance involved the various means, fiscal and monetary, through which the Confederate States of America financed its war effort during the American Civil War of 1861-1865. As the war lasted for nearly the entire existence of the Confederacy, military considerations dominated national finance.
The National Portrait Gallery has two pictures of Tooke
There is information on the Tooke chair and the distinguished economists who have held it in