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

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H. V. and H. W. Poor, 1877 - Banks and banking - 623 pages
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Contents

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
John Locke
74
The people for a time without a currency Macaulay
80
Its impracticability
86
An imaginary value no value
91
Does not displace a corresponding amount of coin
97
Invention of money impossible
103
Contradictions in which Smith involved himself
112
Money the highest form of finished work
115
The word seems illustrative of Smiths method
122
The proportion of money to the merchandise circulated by it
128
Advantages resulting from the use of the former
129
The advances that Banks may make to merchants never to exceed the amount of coin which would otherwise be in circulation
135
Contrast between the old and new races
142
Sketch of the history of usury note
143
Money the measure of value and money the instrument of commerce
149
Importance of an equilibrium of the precious metals the world over
157
The sneaking arts of underling tradesmen have made England what
166
Absurdity of his conclusion drawn from an assumed insulation of Eng
174
Stewart a striking example of the weakness and folly of the Schoolmen
181
Issue of notes a right at common law
187
Sir Pitt promises compliance
193
Statement showing the value of gold from 1797 to 1821 inclusive note
199
Not the excess alone but all the issues of the Bank speedily return
202
The amount of such currency permanently outstanding increases
208
William Huskisson
216
Value not an attribute of money
222
The insignia of government cannot create values
223
His assumptions wholly opposed to the fact
229
Price of bullion from 1818 to 1819
235
Lord Liverpools plan adopted
241
Testimony of the experts opposed to every principle on which currency
247
The latter a great disturbing element in financial affairs
253
If its assets were in bills their payment would return its notes without
259
Hence the condition in which it was placed
266
Extraordinary demands upon the Bank in 1837
272
Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley Palmer 1837
274
Causes of the disasters of 1839
280
Ilia ideas of money wholly borrowed from Adam Smith
286
Example of the United States against plurality of issue
292
Its effect to create two Banks of issue
298
Speech of Sir Robert Peel
304
Note issue a monopoly in England
310
Where the latter exist the Political Economist wholly superfluous
362
James W Gilbaet
368
Fallacy of this assumption 873
374
Manual of Political Economy
375
Paper money dot symbolic raises prices
381
Quoted for the purpose of illustrating the present condition of monetary
391
Mr Jevonss address proof of the extremity to which the old school
396
Price an illustration of what is taught as Political Economy
407
His work only a restatement of Mill and McCulloch
415
His inferior currency
421
The appeal to the empirical has fully sustained the conclusions of induc
427
First issue of 3000000 June 22d 1775
430
Order of Congress that the notes pass at their nominal value 486
437
Recommends a repeal of the law making the notes the equivalent of gold
443
Wretched condition of the nation
449
Address of Congress to the people
454
Committees of safety to regulate prices
458
Mischievous effect of the government currency
460
Valuable services rendered to the government
466
Could derive no advantage from provisions designed to promote the general
471
Virginia and Kentucky Resolutions of 179899
477
Charter of the Bank expired March 4 1811
483
General Jacksons first Annual Message declares the Bank unconstitutional
489
Report of the Committee upon the Bank
490
Jackson inaugurated the reign of anarchy and barbarism
509
General Jacksons attack on the Bank the first attempt in this country
517
Their capital and note circulation in 1834
523
Absurdity of his reasons 686
537
Amount of their capital and loans note 639
540
In Ohio
549
Third Bank chartered by Congress 663
555
Rismxi of the above
562
The suspension of the Banks a precautionary measure 668
570
Absurd untruthfulness of this statement 678
579
Mr Chases misstatement of history
582
A currency issued by government in amount sufficient for the collection
588
The government notes to be demonetized as the condition of resumption
594
The note holders to be left to take care of themselves
597
Summary of the Report
602
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
Danger of proceeding too rapidly in the process of resumption
628

Common terms and phrases

Popular passages

Page 467 - 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.
Page 2 - Pison: that is it which compasseth the whole land of Havilah, where there is gold; and the gold of that land is good: there is bdellium and the onyx stone.
Page 507 - The authority of the Supreme Court must not, therefore, be permitted to control the Congress or the Executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve.
Page 143 - 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...
Page 507 - Each public officer, who takes an oath to support the constitution, swears that he will support it as he understands it, and not as it is understood by others. It is as much the duty of the house of representatives, of the senate, and of the President, to decide upon the constitutionality of any bill or resolution which may be presented to them for passage or approval, as it is of the supreme judges, when it may be brought before them for judicial decision.
Page 474 - 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...
Page 143 - 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.
Page 475 - 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.
Page 490 - 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...
Page 512 - ... 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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