The Bank of the United States: An Article Reprinted from the North American Review, for April, 1831Hale's steam-power-Press, 1831 - 44 pages |
Other editions - View all
The Bank of the United States: An Article Reprinted from the North American ... George Bancroft No preview available - 2017 |
The Bank of the United States: An Article Reprinted from the North American ... George Bancroft No preview available - 2017 |
Common terms and phrases
adopted amount assignats bank notes Bank of England Bank of France bankers bills of exchange bullion charter circulating medium Committee commodities Congress consequence considered copper debt debtors degradation demand for specie denomination deposit depreciated currency depreciation discount dium drafts embarrassments employed established estimated Europe exceeded excessive issues Executive Executive Government expediency exportation extent fluctuations France funds furnished gold and silver government paper half per cent hundred livres hundred millions individuals insolvencies institution labor Lancashire legal tender Legislature McDuffie measure ment merchants metallic capital metallic money millions of dollars National Bank nominal offices operations over-issue paper currency paper money Petersburgh precious metals present principle private bills produce promissory notes purchase quantity received redeemed regulate rency rendered rubles Russia seignorage silver coin sound currency specie payments standard stituted stockholders Stratocles supposed thousand tion transactions transporting specie Treasury Union United States Bank vaults
Popular passages
Page 3 - Both the constitutionality and the expediency of the law creating this bank are well questioned by a large portion of our fellow-citizens, and it must be admitted by all that it has failed in the great end of establishing a uniform and sound currency.
Page 22 - ... be obnoxious to the constitutional objections which are urged against the present bank; and having no means to operate on the hopes, fears, or interests of large masses of the community, it would be shorn of the influence which makes that bank formidable. The States would be strengthened by having in their hands the means of furnishing the local paper currency through their own banks, while the Bank of the United States, though issuing no paper, would check the issues of the State banks by taking...
Page 22 - ... of which may be paid, if thought advisable, by allowing its officers to sell bills of exchange to private individuals at a moderate premium. Not being a corporate body, having no stockholders, debtors, or property, and but few officers, it would not be obnoxious to the constitutional objections which are urged against the present bank; and having no means to operate on the hopes, fears, or interests, of large masses of the community...
Page 20 - Under these circumstances, if such an institution is deemed essential to the fiscal operations of the Government, I submit to the wisdom of the Legislature whether a national one, founded upon the credit of the Government and its revenues, might not be devised which would avoid all constitutional difficulties and at the same time secure all the advan-.
Page 3 - The Committee of Ways and Means, to whom was referred so much of the Message of the President as relates to the Bank of the United States...
Page 31 - Petersburgh to Calais will lose upon the unavoidable changes of money an average of six per cent. In France, the bills of the bank are of such large denominations as to be adapted only to the greater operations of commerce, and are principally confined to the bankers and extensive traders in Paris. The general...
Page 20 - Government, in such a measure, could be safe or useful; but after giving to it all the consideration they could bestow, their reflections have resulted in a belief that any such measure must resolve itself, at last, into a mere system of paper money, issued by the Government. The resort to the issue of a paper money has been often the desperate expedient of the wants of a nation. It has then found its justification only in the necessity which created...
Page 31 - Sleswic and Holstein, which constitute the best portion of the kingdom. Since the congress of Vienna, Germany is divided into thirty-nine separate states, each having a distinct currency, though represented in the Diet at Frankfort. Out of the territory in which these several currencies are issued, they are mere articles of merchandise; which circumstance has given rise in every town to a numerous and distinct class of tradesmen, called money changers. How far these separate and unconnected currencies...
Page 19 - State shall coin money, emit bills of credit, or make any thing but gold and silver coin a tender in payment of debts.
Page 31 - Upon the whole, then, it may be confidently asserted, that no country in the world has a circulating medium of greater uniformity than the United States...