John FULLARTON, economist. Fellow, Royal Asiatic Society.
Wrote on theory and policy of banking in his retirement from business. Regulation.. was a considerable success and frequently drawn on by later writers, including Marx. The book arose from the controversy over Peel’s Act of 1844, but the general soundness and accessibility of its argument ensured its long-term success.
His argument was that of the ‘Banking school’, in which convertibility of notes is regarded as the only requirement for stability of the currency. Surgeon and banker, India, since 1813.
Excerpt from On the Regulation of Currencies: Being an Examination of the Principles, on Which It Is Proposed to Restrict, Within Certain Fixed Limits, the Future Issues on Credit of the Bank of England, and of the Other Banking Establishments Throughout the Country When the first edition of this Treatise was sent to the press in the month of August last, all questions relating to the currency seemed for the time so entirely to have lost their interest, and the disposition to acquiesce in the provisions of the new Bank Bill, as a settlement of all the great points in controversy, and an efficient and permanent remedy for the various evils which the public had been taught to ascribe to the mismanagement of the bank-note circulation, appeared to be so nearly universal, that any attempt to revive the discussion, or to turn the current of public opinion, had become an enterprise peculiarly hopeless; and I certainly had very little encouragement to expect, that it would be possibe even to obtain a hearing for a new argument on the subject, and especially for an argument presenting itself in a shape so singularly uninviting as that of a close printed octavo of more than fourteen sheets of letter-press.
This book, "On the regulation of currencies being an examination of the principles, on which it is proposed to restrict, within certain fixed limits, the future issues on credit of the Bank of England, and of the other banking establishments throughout the country.