Speech of Hon. Samuel Hooper, of Massachusetts on the Necessity of Regulating the Currency of the Country

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L. Towers & Company, printer, 1864 - Currency question - 15 pages

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Page 3 - The House having resumed the consideration of the bill to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof, Mr.
Page 3 - currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof, Mr. HOOPER, addressed the House as follows: MR.
Page 10 - That the banks are doing this is not a matter of opinion, but of fact, well known to any one who will take the trouble to compare the present amount of the loans of the New York banks, or of the State banks generally, with what they were before the suspension of specie payments in
Page 13 - established measures of value, I hope it will exercise the power of taxation to its fullest extent ; that it will decline to share any longer with States, or corporations, or individuals the sovereign right of furnishing and controlling the currency which measures the value of all the property
Page 12 - should be restrained from issuing for circulation bills or notes under a given sum, say, ten or twenty dollars; this would diminish the circulation and, consequently, the profits of the banks ; but it is of less importance to make banks highly
Page 6 - which he left at home ; it is as follows, and I wish him to consider it as the key-note to all I have ever said or written on currency : "If paper money is ever useful to a country, it can only be in great emergencies; and it should be reserved as a resource to supply
Page 11 - Nowhere but here is the sovereign and irresponsible power delegated to individuals and to private corporations of furnishing and controlling the currency, which measures the value of all the property of the country.
Page 4 - the Government was induced, most unwisely as it proved afterwards, to use their irredeemable notes for currency. By the urgent advice of Mr. James Gallatin, the banks in the city of New York decided in December, 1861, to suspend specie payments ; their example was promptly followed throughout the country. The Secretary of the Treasury was then strongly urged
Page 11 - on the Treasury Department that cannot be met, without availing of all the resources that Congress has placed at the disposal of the Secretary; and I would also ask what other effect it could have, if the Government should now fund and retire its issues of
Page 11 - fund and retire its issues of legal-tender notes, than to give greater opportunity to extend the issues of the banks ? As the Government withdrew their legaltender notes, the banks would issue so much more of their irredeemable paper.

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