Questions of Public Policy: Addresses Delivered in the Page Lecture Series, 1913, Before the Senior Class of the Sheffield Scientific School, Yale University

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Yale University Press, 1913 - Currency question - 134 pages
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Page 85 - The canal shall be free and open to the vessels of commerce and of war of all nations observing these Rules, on terms of entire equality, so that there shall be no discrimination against any such nation, or its citizens or subjects, in respect of the conditions or charges of traffic, or otherwise. Such conditions and charges of traffic shall be just and equitable.
Page 97 - It is estimated that $19,250,000 will be required annually to make the canal commercially self-supporting. This total is made up of $3,500,000 for operating and maintenance expenses, $500,000 for sanitation and zone government, $250,000 which is the annuity payable to Panama under the treaty of 1903, $11,250,000 to pay 3 per cent on the $375,000,000 invested in the canal, and $3,750,000 for an amortization fund of 1 per cent per annum upon the cost of the canal.
Page 1 - Roosevelt said that he considered the conservation of the natural resources of the United States the most important question before the American people.
Page 49 - ... period of gestation. The panic, it will be remembered, began October 28, 1907, and it was not until three weeks later, on November 16, that Oklahoma became a state, and its first legislature began its sessions. Nevertheless, the panic was not yet over, currency was still at a premium and clearing house certificates were still outstanding throughout the country when the Oklahoma legislature passed its famous law. This first legislature of a new state had been in session only four weeks, when,...
Page 73 - Any amount of notes may be issued," wrote one distinguished expert whose name is almost a household word among currency theorists, "so long as the claims held by the banks are based upon actual and salable property." No greenback theory was ever more fallacious or more dangerous than this. It was a revival of the old fallacy of John Law, of the land banks, of the assignats, and of the directors of the Bank of England at the time of the Bullion Report.
Page 93 - The prospect thus is that the Panama Canal will start with less than half the tonnage which will then be making use of the Suez Canal. Moreover, it will be a long time before the Panama Canal catches up...
Page 98 - ... the established steamship lines. Bulk cargoes of lumber, coal, ore and heavy steel products will comprise a relatively small share of the total traffic. The rates charged by the several steamship lines will be the same. The charges will be regulated by agreements among the competing companies and will be fixed primarily with reference to what the traffic will bear and only secondarily, if at all, with reference to the cost of the service to the carriers. The several steamship lines will maintain...
Page 55 - ... currency reform," and which still persists as a live issue in the minds of some of the veteran "reformers" of those days, although the conditions which then gave it point have long since disappeared. We must pause to consider the retirement of the greenbacks, not because the question is of itself of importance, but because it is most important to distinguish clearly between the...

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