International Monetary Conference Held in Paris, in August, 1878: Under the Auspices of the Ministry of Foreign Affairs of the Republic of France

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U.S. Government Printing Office, 1879 - Money - 918 pages

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Page 363 - ... that circulating medium, issued primarily by the Bank of England and in a secondary manner by the country Banks, the variations of which in relative value may be as indefinite as the possible excess of that circulating medium. But whether our present measure of value, and standard of prices, be this paper currency thus variable in its relative value, or continues still to be Gold, but Gold rendered more variable than it was before in consequence of being interchangeable for a paper currency which...
Page 475 - ... in weight and value to ten units, or dollars. One gold piece, equal to a tenth part of the former, and which shall be a unit or dollar. One silver piece, which shall also be a unit or dollar. One silver piece, which shall be, in weight and value, a tenth part of the silver unit or dollar.
Page 679 - The bills and notes of the bank originally made payable, or which shall have become payable, on demand, in gold and silver coin? shall be receivable in all payments to the United States.
Page 481 - It is sometimes observed, that silver ought to be encouraged rather than gold, as being more conducive to the extension of bank circulation, from the greater difficulty and inconvenience which its greater bulk, compared with its value, occasions in the transportation of it.
Page 499 - Since that period, banks have been incorporated, not because there was capital seeking investment; not because the places where they were established had commerce and manufactures which required their fostering aid; but because men without active capital wanted the means of obtaining loans, which their standing in the community would not command from banks or individuals having real capital and established credit.
Page 433 - The value of 100. 1,000. 10,000 dollars is well estimated by the mind ; so is that of the loth or the hundredth of a dollar. Few transactions are above or below these limits. The expediency of attending to the size of the money Unit will be evident to any...
Page 507 - ... community. The amount so added will, to the same extent, diminish the quantity of articles which would otherwise be imported into the country for domestic consumption, or for re-exportation. Ordinarily, the currency of one country will not be exported to another, because its value in every country is nearly the same. It will not, therefore, like other commodities, command a commercial profit upon exportation. It will be taken from one country to another, only when the price of commodities in...
Page 471 - London, in bullion, only ^3 1 -]s. 6i/., which is within a small fraction of one-half per cent. less. Whether this be management in the mint, to accommodate the bank in the purchase of bullion, or to effect indirectly something equivalent to a formal difference of price, or whether it be the natural course of the business, is open to conjecture. It at the same time indicates that if the mint were to make prompt payment, at about half per cent, less than it does at present, the state of bullion, in...
Page 501 - That, in the year 1819, it was less than the capital, nearly in the proportion of 1 to 2.5. 4th. That, whilst the amount of bank capital has increased since 1813, from 65.
Page 525 - Where the experiment has been made directly by government, excessive issues have quickly ensued, and depreciation has been the immediate consequence. Where the experiment has been attempted through the agency of banks, it has invariably failed. In both cases, instead of being used as a mean of supplying a cheap and stable currency, invariably regulated by the demand, for effecting the exchanges required by the wants and convenience of society, it has been employed as a financial resource, or made...

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