Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States

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H. V. and H. W. Poor, 1877 - 623 páginas
 

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Distinction between capitalists and Banks
31
Of the discount of bills given in the purchase of securities
38
Absurdity of such distinctions
39
Wide difference between currencies issued by governments and by Banks
44
Why governments cannot issue convertible currencies
50
The value of all currencies depends upon their quality not quantity
56
A currency of government notes never issued for the purpose of facilitating
57
Childishness and absurdity of his illustrations
66
Difference between his method and that of Aristotle
70
Standard value of the coinage to be maintained
79
Proposition for a Land Bank
85
An imaginary value no value
91
Does not displace a corresponding amount of coin
98
The universal equivalent is money
105
The universal preference for the precious metals renders them money
111
Money material for the reason that it is always going into the arts
115
Absurdity of such assumptions
130
Paper money does not supersede but supplements the use of coin
136
Contrast between the old and new races
142
Testimony of the experts opposed to every principle on which currency
147
A person rich in proportion to the amount he holds
150
Governments incompetent to control the movements of the precious metals
158
The question as at present treated insoluble
162
Smith incapable of conducting a scientific discussion
168
Absurdity of his conclusion drawn from an assumed insulation of
174
Stewart a striking example of the weakness and folly of the Schoolmen
181
Extent of their operations note
187
The desire to possess gold and silver an original instinct stronger than
190
Mr Pitt promises compliance
193
First issue of 3000000 June 22d 1775 430
198
Banknotes remain at the par of gold till June 1800
199
During suspension the bills of the Bank could be paid only in its
204
Difference between real and fictitious bills shown by the different effects
215
Puerility of his scheme
228
571
237
Committee of the House of 1832 upon the extension of the Bank Charter
242
Involved the subject in still greater obscurity and error
248
Its action corrected and neutralized by that of the jointstock Banks
254
The action of the Bank should prevent adverse exchanges
260
Hence the condition in which it was placed
266
The grounds of this preference their beauty and the uses to which they
270
Extraordinary demands upon the Bank in 1837
272
Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley
274
Causes of the disasters of 1839
281
Notes and deposits to be dealt with upon different principles
291
Its effect to create two Banks of issue
298
Speech of Sir Robert Peel
304
Note issue a monopoly in England
310
Lord Overstone the real author of the act of 1844
312
The highest material welfare the result of the highest moral conditions 861
362
excess
368
Banking capital may be raised by an issue of notes
374
HENRY FAWCETT
375
Paper money not symbolic raises prices
381
Address of Congress to the people 454
383
Quoted for the purpose of illustrating the present condition of monetary
391
amount of work 209
396
Price an illustration of what is taught as Political Economy
406
His work only a restatement of Mill and McCulloch
415
Balance of trade a veritable fact
421
The appeal to the empirical has fully sustained the conclusions of induc
427
Illustrations of their value as reserves note
431
Washington invested with dictatorial powers
437
Always in demand at interest as the basis of reproduction
439
Massachusetts and Virginia
445
Ricardo the central figure of the new school of Economists as Smith of
446
Popular discontent
451
They become in this way the highest guarantees for the peace and order
453
Amount of the public debt note
455
French loan
461
Adoption of the Constitution
467
The Bank opposed as a political rather than a financial measure
472
Complete triumph of his ideas in his election 1800
480
Summary of his argument
483
Measures taken by it
486
Summary of the Report
502
Jackson inaugurated the reign of anarchy and barbarism 509 Jackson in relation to the secession of South Carolina note
509
The explosion which followed 540
510
The arts and strength of the moneyed power
516
Rapid increase of State Banks
522
198
527
Illustration of his purpose in the case of Sam Houston
533
44
539
In Massachusetts
545
In Illinois and Wisconsin
552
Demands to be paid in coin
558
Ignorance and perversity of Mr Chase
564
Draws the bill for the second issue of notes
573
The value of the latter can never be ascertained
579
secured by a deposit of government bonds
581
Failure of Mr Chases attempt
588
To be funded not paid in coin
594
The note holders to be left to take care of themselves
597
Plan of Mr Sherman Secretary of the Treasury for resumption
603
Never to form the reserves of Banks
609
The adoption of a double would result in a single standard that of silver
615
The standard of value not the instrument by which the exchanges
616
The public to hold reserves as well as Banks
622

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Página 467 - That the government created by this compact was not made the exclusive or final judge of the extent of the powers delegated to itself; since that would have made its discretion, and not the Constitution, the measure of its powers; but that as in all other cases of compact among parties having no common Judge, each party has an equal right to judge for itself, as well of infractions as of the mode and measure of redress.
Página 459 - That every power vested in a government is in its nature sovereign, and includes, by force of the term, a right to employ all the means requisite and fairly applicable to the attainment of the ends of such power, and which are not precluded by restrictions and exceptions specified in the Constitution, or not immoral, or not contrary to the essential ends of political society.
Página 466 - Resolved, that the several States composing the United States of America, are not united on the principle of unlimited submission to their general government; but that by compact under the style and title of a Constitution for the United States and of amendments thereto, they constituted a general government for special purposes, delegated to that government certain definite powers, reserving each State to itself, the residuary mass of right to their own self-government; and that whensoever the general...
Página 11 - And Abraham hearkened unto Ephron; and Abraham weighed to Ephron the silver, which he had named in the audience of the sons of Heth, four hundred shekels of silver, current money with the merchant.
Página 139 - Unto a stranger thou mayest lend upon usury ; but unto thy brother thou shalt not lend upon usury : that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.
Página 139 - Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury...
Página 2 - And a river went out of Eden to water the garden, and from thence it was parted and became into four heads.
Página 502 - Union, with its boundless means of corruption and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body and securing to it unity and concert of action throughout the United States and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the Government.
Página 482 - Waiving the question of the constitutional authority of the Legislature to establish an incorporated bank as being precluded in my judgment by repeated recognitions under varied circumstances of the validity of such an institution in acts of the legislative, executive, and judicial branches of the Government, accompanied by indications, in different modes, of a concurrence of the general will of the nation...
Página 502 - ... few/ and to govern by corruption or force, are aware of its^ power, and prepared to employ it. Your banks now furnish your only circulating medium, and money is plenty or scarce, according to the quantity of notes issued by them. While they have capitals not greatly disproportioned to each other,, they are competitors in business, and no one of them can exercise dominion over the rest ; and although, in the present state of the currency, these banks may and do operate injuriously upon the habits...

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