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Marco Paul's Travels and Adventures in the Pursuit of Knowledge - On the ...
No preview available - 2013
Marco Paul's Travels and Adventures in the Pursuit of Knowledge: On the Erie ...
No preview available - 2013
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Page 6 - In the Clerk's Office of the District Court of Massachusetts. STEREOTYPED BY GEORGE A. CURTIS, K.
Page 7 - ... with them, as extensive and varied information as possible, in respect to the geography, the scenery, the customs and institutions of the country, as they present themselves to the observation of the little traveller, who makes his excursion under the guidance of an intelligent and well informed companion, qualified to assist him in the acquisition of knowledge and in the formation of character. The author has succeeded in enlivening his narrative, and at the same time infusing into it elements...
Page 124 - State street," said Forester. " Your father wanted to send some money to me ; there may have been a hundred other persons in New York who wanted to send money to Boston, and there are probably a hundred in Boston who want to send money to New York. Now if all these people were actually to send the gold and silver> the heavy bags of coin would pass each other on the Sound ; and as these payments have to be made every day, the heavy coin would only go back and forth continually to no purpose.
Page 125 - ... to New York, come and pay him their money, and he gives them drafts on the New York broker. Thus the two accounts balance each other, — only each broker makes a profit ; for he requires every man who comes for a draft to pay something for it, over and above the amount which the draft represents. There are a great many brokers and bankers in New York and Boston, and, in fact, in all other great commercial cities, and their drafts are all the time passing and repassing, while the money remains...
Page 125 - Now if the Boston broker pays all these drafts, the New York broker would be very much in his debt, were it not that he does just the same thing in Boston, which his correspondent does in New York. For the Boston people, who wish to send money to New York, come and pay him their money, and he gives...
Page 121 - Now let us suppose," continued Forester, " that all the traders into whose hands this nine hundred and eighty dollars of bank obligations came, owed the very importer who gave the thousand dollars
Page 125 - ... drafts, the New York broker would be very much in his debt, were it not that he does just the same thing in Boston, which his correspondent does in New York. For the Boston people, who wish to send money to New York, come and pay him their money, and he gives them drafts on the New York broker.
Page 117 - ... to keep safe, he sends it to a bank in State street ; and if he wants to pay any money he sends the person who is to receive it, to State street, with a written order to the bank that keeps his money, to pay it to him.
Page 124 - How do they manage it, then ?" said Marco. " Why, now, here is your father, who wants to send me two hundred and fifty dollars. Instead of getting the dollars and putting them up in a bag and sending them to me, he carries the money to a broker in Wall...
Page 117 - but not so much as might be supposed, judging from the immense magnitude of the money transactions which take place here every day, — for a very large part of the debts of the merchants are balanced by setting off one against the other. So that there is, after all, not so much money in State street as one might suppose.