Labor and Capital: A New Monetary System : the Only Means of Securing the Respective Rights of Labor and Property, and of Protecting the Public from Financial Revulsions

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American Sentry, 1883 - Currency question - 374 pages
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Page 81 - States provides that the Congress shall have power — To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures: To provide for the punishment of counterfeiting the securities and current coin of the United States.
Page 67 - I have been accustomed to lay down to myself on this subject is the following one, viz. that no man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) anybody hindered from supplying him, upon any terms he thinks proper to accede to.
Page 275 - States the power to coin money, emit bills of credit, or make anything but gold a>nd silver coin a tender in payment of debts.
Page 275 - The power to make any thing but gold and silver a tender in payment of debts, is withdrawn from the states, on the same principle with that of issuing a paper currency.
Page 63 - One is a legal instrument to determine value, its own value being fixed by law; the others are legal instruments to determine length, weight, and quantity, their own length, weight, and size being fixed by law. Money is valuable in proportion to its power to accumulate value by interest. A dollar which can be loaned for twelve per cent interest, is worth twice as much as one that can be loaned for but six per cent, as much as a railroad stock which will annually bring in twelve per cent, is worth...
Page 61 - Besides being the legal representative of value, money is also the measure of value. " The government reserves the right to fix the length of the yard, the weight of the pound, the size of the bushel, and the value of the dollar, that they may be fitted for public use. Money is the public measure of value; and the government is bound to make it just and uniform, that it may correctly determine the value of all commodities.
Page 345 - ... in that he wanted to make me believe that the police of New York really have the guns of the city under their control, and are successfully protecting the citizens from them. He knows, his superiors know, and the guns themselves know that New York is, for all practical purposes, as open to grafters as it has been at any time during the last ten years, and it is because the Powers that Rule try to bluff the public into thinking that they are doing their utmost to keep the town shut, when they...
Page 52 - ... of debts. If money be made a representative of the earth and its productions, it cannot fail to be permanently valuable, for the earth and its products are necessary to the existence of man ; and anything which legally represents them, and can be exchanged for them, must be valuable to its holders. It is a popular error that the value of money ; depends upon the material of which it is made. As this misconception of the nature of money is of long standing, we shall endeavor to point out its inconsistency,...
Page 19 - MONETARY SYSTEM. INTRODUCTION. All civilized nations enact certain fundamental laws. These are governing powers, and subsequent laws are intended to carry them out into practical use. The most important fundamental law in any nation is that •which institutes money; for money governs the distribution of property, and thus affects in a thousand ways the relations of man to man. If wrongly instituted, it cannot be rightly governed by any subsequent laws; and the wrong distribution of property consequent...
Page 363 - State, and other stocks, and the rates at which money can be borrowed and lent, are the great leading topics of a business community. The topics are not, How shall we contrive to produce by our labor the greatest supply of all the necessaries of life for the general good? but, on the contrary, How shall we contrive to get the largest possible per centage income with the least possible production on our part? This state of society is directly at variance with such a one as a just monetary system would...

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