Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States

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H. V. and H. W. Poor, 1877 - Banks and banking - 623 pages

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Contents

Professorships of Political Economy should be suppressed or put into
31
Disastrous moral effects of fictitious currencies
42
Why governments cannot issue convertible currencies
50
Erroneous assumptions in reference to money
60
Becomes an authority with the Church
70
The great question the proper manner of issue never considered by
76
JOHN
81
Goes to France and founds a Bank based upon coin
88
Does not displace a corresponding amount of coin
90
Impossible to control the movements of coin
94
Adopts the deductive method
100
Labor as an abstract notion the real measure of values coin the appar
107
The expense of maintaining all kinds of property is in ratio to its cost
109
The word seems illustrative of Smiths method
115
Money is the only one the maintenance of which can occasion
121
Not the excess alone but all the issues of the Bank speedily return
123
Exported in consequence of previous expenditures
126
Advantages resulting from the use of the former
129
Smith had the same contempt for merchants and manufacturers as Plato
141
Sketch of the history of usury note
144
Issued in great part by BANKS
161
Freetrade and Protection
169
DUGALD STEWART
171
13
180
If value be no attribute of money then divisibility is of no importance
181
Suspension of the Bank of England
182
The Bank opposed as a political rather than a financial measure
184
Errors in monetary science have arisen chiefly from overlooking their
189
15
190
The bullion of the Bank on the 21st of February 1797 reduced
196
Description of the mode of their issue
199
absurd
212
Essays Moral Political and Literary 1752
214
Demanded in exchange for all other articles and in discharge of
220
Convertibility a very inadequate test of the propriety of issue
222
His assumptions wholly opposed to the fact
229
That of all other articles RELATIVE depending upon cost and demand
234
No distinction made by the public between currencies where there
235
Branches
240
No conclusions reported by the Committee
242
Report of the Committee
243
Testimony of the experts opposed to every principle on which currency
247
The latter a great disturbing element in financial affairs
253
18
258
If its assets were in bills their payment would return its notes without
259
Hence the condition in which it was placed
266
Extraordinary demands upon the Bank in 1837
272
Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley
274
Continued hostility of Jefferson to a government of paramount powers
279
Committee of the House appointed to consider the subject of Banks of Issue
281
A cheaper money should be fabricated
325
Money when used as such always used as capital
333
Inconvertible currencies
341
Ricardo the central figure of the new school of Economists as Smith of
355
The highest material welfare the result of the highest moral conditions 861
362
JAMES W GILBART
368
All merchandise entering into consumption should be symbolized
369
In providing a banking capital makes no distinction between substance
375
Paper money not symbolic raises prices
381
Quoted for the purpose of illustrating the present condition of monetary
391
amount of work
396
Price an illustration of what is taught as Political Economy
403
FRANCIS Bowen
409
The value of all currencies depends upon their quality not quantity
410
WILLIAM G SUMNER
416
Deposits how they arise
417
CURRENCY AND BANKING IN THE UNITED STATES
428
Continued Issues
430
No difference but in form between notes and checks drawn against deposits
432
Depressed condition of the country
436
Apparent imbecility of the Revolutionary Government
444
Unsuccessful attempt by Congress to call in its notes Jan 1 1779 followed
451
When the Bank was upon a specie basis it regulated its issues by
453
The opposing doctrines not the result of natural laws but of conditions
455
209
459
French loan
461
Adoption of the Constitution
467
Necessity for a new Bank
485
Founded by the framers of the Constitution
491
Summary of the Report
502
Jackson inaugurated the reign of anarchy and barbarism
509
Reasons for General Jacksons attack on the Bank
511
General Jacksons attack on the Bank the first attempt in this country
517
Their number capital and circulation in 1837
522
Value not an attribute of money
523
Purchases of public lands from 1829 to 1847 inclusive note
528
Declared guilty of a breach of privilege of the House
534
Amount of their capital and loans note
539
In Massachusetts
545
Banking in Michigan
551
Résumé of the above
562
The suspension of the Banks a precautionary measure
568
Their decline in value and rise of gold
575
Mr Chases misstatement of history
582
A currency issued by government in amount sufficient for the collection
588
To be funded not paid in coin
594
The New England and New York systems compared
599
Proper method of resumption
611
The standard of value not the instrument by which the exchanges
616
The public to hold reserves as well as Banks
622

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Page 467 - That the government created by this compact was not made the exclusive or final judge of the extent of the powers delegated to itself; since that would have made its discretion, and not the Constitution, the measure of its powers; but that as in all other cases of compact among parties having no common Judge, each party has an equal right to judge for itself, as well of infractions as of the mode and measure of redress.
Page 459 - That every power vested in a government is in its nature sovereign, and includes, by force of the term, a right to employ all the means requisite and fairly applicable to the attainment of the ends of such power, and which are not precluded by restrictions and exceptions specified in the Constitution, or not immoral, or not contrary to the essential ends of political society.
Page 466 - Resolved, that the several States composing the United States of America, are not united on the principle of unlimited submission to their general government; but that by compact under the style and title of a Constitution for the United States and of amendments thereto, they constituted a general government for special purposes, delegated to that government certain definite powers, reserving each State to itself, the residuary mass of right to their own self-government; and that whensoever the general...
Page 11 - And Abraham hearkened unto Ephron; and Abraham weighed to Ephron the silver, which he had named in the audience of the sons of Heth, four hundred shekels of silver, current money with the merchant.
Page 139 - Unto a stranger thou mayest lend upon usury ; but unto thy brother thou shalt not lend upon usury : that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.
Page 139 - Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury...
Page 2 - And a river went out of Eden to water the garden, and from thence it was parted and became into four heads.
Page 502 - Union, with its boundless means of corruption and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body and securing to it unity and concert of action throughout the United States and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the Government.
Page 482 - Waiving the question of the constitutional authority of the Legislature to establish an incorporated bank as being precluded in my judgment by repeated recognitions under varied circumstances of the validity of such an institution in acts of the legislative, executive, and judicial branches of the Government, accompanied by indications, in different modes, of a concurrence of the general will of the nation...
Page 502 - ... few/ and to govern by corruption or force, are aware of its^ power, and prepared to employ it. Your banks now furnish your only circulating medium, and money is plenty or scarce, according to the quantity of notes issued by them. While they have capitals not greatly disproportioned to each other,, they are competitors in business, and no one of them can exercise dominion over the rest ; and although, in the present state of the currency, these banks may and do operate injuriously upon the habits...

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