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amount balances bank-notes bankers banks of issue barter become bills of exchange bonds bullion capital cent centre CHAPTER cial circulation clearing-house commercial commercial paper commodities confidence Constitution contract debt definite demand depends deposits depreciated depreciated currency desire effect equal established form of money functions gold and silver gold coins gold standard government currency grains of gold greenbacks Gresham's law hand hence human labor industry intrinsic value kinds of money Latin Union legal tender legislation less maintained measure of value ment metals monetary unit money force National Bank notes natural laws paid paper money pass payment persons possess principles profit purchasing rates of interest redeem redemption relation rency settled silver coins stability standard of value standard silver dollars substance supply things tion trade transactions Treasury volume weight wholly
Page 56 - to coin money, regulate the value thereof, and of foreign coin,' and it also declares that 'no State shall coin money, emit bills of credit, or make anything but gold and silver coin a tender in payment of debts.
Page 11 - On a fair day or a market day the clamours, the reproaches, the taunts, the curses, were incessant; and it was well if no booth was overturned and no head broken.* No merchant would contract to deliver goods without making some stipulation about the quality of the coin in which he was to be paid. Even men of business were often bewildered by the confusion into which all pecuniary transactions were thrown. The simple and the careless were pillaged without mercy by extortioners whose demands grew even...
Page 97 - 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 10 - Yet it may well be doubted whether all the misery which had been inflicted on the English nation in a quarter of a century by bad Kings, bad Ministers, bad Parliaments, and bad Judges, was equal to the misery caused in a single year by bad crowns and bad shillings.
Page 10 - ... by the anvil and by the loom, on the billows of the ocean and in the depths of the mine. Nothing could be purchased without a dispute. Over every counter there was wrangling from morning to night. The workman and his employer had a quarrel as regularly as the Saturday came round.
Page 69 - And on and after the first day of January, Anno Domini eighteen hundred and seventy-nine, the Secretary of the Treasury shall redeem, in coin, the United States legal tender notes then outstanding, on their presentation for redemption at the office of the Assistant Treasurer of the United States in the city of New York, in sums of not less than fifty dollars.
Page xvi - Money is neither a material to work upon nor a tool to work with ; and, though the wages of the workman are commonly paid to him in money, his real revenue, like that of all other men, consists, not in the money, but. in the money's worth ; not in the metal pieces, but in what can be got for them.
Page 10 - Jesuits, were uppermost, the grazier drove his beasts to market, the grocer weighed out his currants, the draper measured out his broadcloth, the hum of buyers and sellers was as loud as ever in the towns, the harvest-home was celebrated as joyously as ever in the hamlets, the cream overflowed the pails of Cheshire, the apple-juice foamed in the presses of Herefordshire, the piles of crockery glowed in the furnaces of the Trent, and the barrows of coal rolled fast along the timber railways of the...
Page 97 - THE United States in Congress assembled shall also have the sole and exclusive right and power of regulating the alloy and value of coin struck by their own authority, or by that of thev respective States — fixing the standard of weights and measures throughout the United States...
Page 141 - His writings afford ample occasion for the mention of metalic money, both as a medium of exchange and as a measure of value ; and the genius of Homer would certainly have introduced this invention to his song had it been known to him. The exchange which Homer records is simple barter without any common medium. It is said that his step-father was paid in wool for the lessons he gave the youth of Smyrna in music and letters.