Mutual Banking: Showing the Radical Deficiency of the Present Circulating Medium, and the Advantages of Free Currency

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New England Labor reform league, 1870 - Banks and banking - 52 pages
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Page 45 - That an increase of the quantity of money raises prices, and a diminution lowers them, is the most elementary proposition in the theory of currency, and without it we should have no key to any of the others.
Page 25 - ... again indorsed, to a West India merchant in an out•port, and the West India merchant to deliver it to his country banker, who also indorses it, and sends it into further circulation. The bill in this case will have effected five payments, exactly as if it were a 10?. note payable to bearei on demand.
Page 24 - at sight," or " after date"] pay this my first bill of exchange (second and third of the same tenor and date not paid,) to Messrs.
Page 38 - Boston members in the house, and a great number of persons of the town out of it. The controversy had an universal spread, and divided towns, parishes, and particular families. " At length, after a long struggle, the party for the public bank prevailed in the General Court for a loan of fifty thousand pounds in bills of credit, which were put into the hands of trustees, and lent for five years only, to any of the inhabitants, at five per cent interest, one-fifth part of the principal to be paid annually....
Page 42 - The drafts of the treasury at this moment. with all their encumbrance, are nearly at par with gold and silver ; and I might add the instance alluded to by the distinguished Senator from Kentucky, in which he admits that, as soon as the excess of the issues of the Commonwealth Bank of Kentucky were reduced to the proper point, its notes rose to par.
Page 40 - ... and of small estate, and many of them perhaps insolvent. This notable company were to give credit to 150,000 lawful money, to be issued in bills, each person being to mortgage a real estate in proportion to the sums he subscribed and took out, or to give bond with two sureties, but personal security was not to be taken for more than 100 from any one person.
Page 45 - So that the value of money, other things being the same, varies inversely as its quantity; every increase of quantity lowering the value, and every diminution raising it, in a ratio exactly equivalent.
Page 40 - The directors, it was said, by a vote of the company became traders, and issued just what bills they thought proper without any fund or security for their ever being redeemed. They purchased every sort of commodity, ever so much a drug, for the sake of pushing off their bills, and by one means or other a large sum, say perhaps fifty or sixty thousand pounds, was abroad.
Page 34 - I have but suggested—that a paper issued by Government, with the simple promise to receive it in all its dues, leaving its creditors to take it or gold and silver, at their option, would, to the extent that it would circulate, form a perfect paper circulation, which could not be abused by the Government; that it would be as steady and uniform in value as the metals themselves...
Page 41 - The design was long resisted as." a fraudulent undertaking," and was acknowledged as tending to give to the company " power and influence in all public concerns, more than belonged to them, more than they could make a good use of, and therefore unwarrantable ;" yet, but for the interference of parliament, it would at last have been chartered, and "the authority of government...

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