A Short History of Paper-money and Banking in the United States: Including an Account of Provincial and Continental Paper-money. To which is Prefixed, An Inquiry Into the Principles of the SystemAn exposition on the principles of banking with a full account of incidents in the history of American banking. |
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A Short History of Paper-Money and Banking in the United States: Including ... William M Gouge No preview available - 2019 |
Common terms and phrases
appears Bank medium Bank notes Bank of England Bank paper Banking system bills of exchange borrow Branch Bank Cape Fear Cashier causes charter circulating medium coin commercial committee Congress contractions creditors currency curtailments debt debtor demand deposits depreciation directors discounts dium dollars effect England enterprize equal established evils expense exportation extend five funds give gold and silver Government increase individuals industry institutions interest issues January labor Legislature lend less loans Massachusetts measure ment merchants metallic money millions moneyed corporations months nation natural necessary North Carolina offices operations paid paper money Banking passed Pennsylvania persons Philadelphia pounds pounds sterling present produced profits promissory notes purchase received Rhode Island says shillings specie payments speculation stockholders subscribed suffer suspension of specie Sutton Bank things thousand dollars tion trade treasury notes United usury vaults wealth York
Popular passages
Page 131 - good old rule, the simple plan that they shall take who have the power and they shall keep who can.
Page 31 - It is known that the very power now proposed as a means was rejected as an end by the Convention which formed the Constitution. A proposition was made to them to authorize Congress to open canals, and an amendatory one to empower them to incorporate. But the whole was rejected, and one of the reasons for rejection urged in debate was, that then they would have a power to erect a bank...
Page 66 - It is, however, essential to every modification of the finances that the benefits of an uniform national currency should be restored to the community. The absence of the precious metals will, it is believed, be a temporary evil, but until they can again be rendered the general medium of exchange it devolves on the wisdom of Congress to provide a substitute which shall equally engage the confidence and accommodate the wants of the citizens throughout the Union. If the operation of the State banks...
Page 31 - all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people.
Page 107 - ... 6. An almost entire cessation of the usual circulation of commodities, and a consequent stagnation of business, which is limited to the mere purchase and sale of the necessaries of life, and of such articles of consumption as are absolutely required by the season.
Page 30 - We have suffered more from this cause than from every other cause or calamity. It has killed more men, pervaded and corrupted the choicest interests of our country more, and done more injustice than even the arms and artifices of our enemy.
Page 23 - An Act to prevent paper bills of credit hereafter to be issued in any of His Majesty's colonies or plantations in America from being declared to be a legal tender in payments of money, and to prevent the legal tender of such bills as are now subsisting from being prolonged beyond the periods limited for calling in and sinking the same.
Page 123 - To restrain private people, it may be said, from receiving in payment the promissory notes of a banker, for any sum whether great or small, when they themselves are willing to receive them; or, to restrain a banker from issuing such notes, when all his neighbours are willing to accept of them, is a manifest violation of that natural liberty which it is the proper business of law, not to infringe, but to support. Such regulations may, no doubt, be considered as in some respect a violation of natural...
Page 100 - You do take my house, when you do take the prop That doth sustain my house ; you take my life, When you do take the means by which I live.
Page 66 - ... precious metals to their uses in exchange, has also been experienced. Even, however, if it were practicable, it has sometimes been questioned whether it would be politic again to employ gold and silver for the purposes of a national currency. It was long and universally supposed that, to maintain a paper medium without depreciation, the certainty of being able to convert it into coin was indispensable; nor can the experiment which has given rise to a contrary doctrine be deemed complete or conclusive....