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

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

Contents

Retired in the payment of the bills in the discount of which they are issued
25
The inconvenience and distress
27
Professorships of Political Economy should be suppressed or put into
31
Short bills only to be discounted
41
Why governments cannot issue convertible currencies
48
A government currency never flexible as it bears no relation to the means
55
Always a forced loan
57
Becomes an authority with the Church
68
The indented lines have reference to the views or opinions of other writers
73
The great question the proper manner of issue never considered by
76
JOHN
81
No difference in principle between banknotes and other instruments of
83
The desire to possess gold and silver an original instinct stronger than
87
Goes to France and founds a Bank based upon coin
88
His ignorance and indifference to truth
90
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
neat revenue
113
Its issue no increase of the relative amount of money
115
Money is the only one the maintenance of which can occasion
121
Exported in consequence of previous expenditures
126
Advantages resulting from the use of the former
129
Contrast between the old and new races
141
Principles of the Mercantile System
144
Errors in monetary science have arisen chiefly from overlooking their
147
A sale of goods for money an exchange of equal values
152
The age of Protection the heroic
160
The sneaking arts of underling tradesmen have made England what
166
Freetrade and Protection
169
Suspension of the Bank of England
182
Hence the rise of the socalled Mercantile System
183
Issue of notes a right at common
187
Supported by Sir Charles Wood Lord Halifax
190
Mr Pitt promises compliance
193
Statement showing the value of gold from 1797 to 1821 inclusive note
199
All these operations based upon merchandise
200
The amount of such currency permanently outstanding increases
208
Smiths elements of price and classifications of property arbitrary
212
Essays Moral Political and Literary 1752
214
A repetition of Lowndes argument refuted by Locke
219
Demanded in exchange for all other articles and in discharge of
220
Government greatly the loser by issuing money
221
Their value ABSOLUTE depending upon cost alone
228
THE BANK OF ENGLAND
229
6
234
Commercial crisis of 1826
235
Committee of the House of 1832 upon the extension of the Bank Charter
242
Report of the Committee
243
The effect of currency to reduce prices
247
Such loans transfer the actual possession of capital from the owner to
253
If its assets were in bills their payment would return its notes without
259
Profit of Banks
262
Hence the condition in which it was placed
266
Ricardo the central figure of the new school of Economists as Smith of
269
If value be no attribute of money then divisibility is of no importance
270
Extraordinary demands upon the Bank in 1837
272
Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley
274
Causes of the disasters of 1839
280
His poverty in ideas and style
317
Scotch Economists and metaphysicians wanting in the reasoning faculty
327
When one lends the money is not the capital loaned
332
Their use always barter
333
Inconvertible currencies
341
Convertible currencies often inflate prices enormously
351
Inquiries as to the cause addressed by the Stadtholder to the leading mer
360
24
369
Gold and silver to be demonetized in case of a war as a means of retaining
373
Adopts Adam Smiths theories upon money
375
Paper money not symbolic raises prices
381
Résumé of the above
388
Quoted for the purpose of illustrating the present condition of monetary
391
amount of work
396
The new school
398
Principles of Currency
399
of the Economists
407
passes in every exchange
410
His work only a restatement of Mill and McCulloch
413
WILLIAM G SUMNER
416
Deposits how they arise
417
Elements of Political Economy
422
CURRENCY AND BANKING IN THE UNITED STATES
428
No difference but in form between notes and checks drawn against deposits
432
Efforts to sustain their price
434
Amount of the public debt note
436
Absurdity of the illustration
443
Popular discontent
448
When the Bank was upon a specie basis it regulated its issues by
453
Continued issues and decline of notes
454
The opposing doctrines not the result of natural laws but of conditions
455
Unsuccessful attempt by Congress to call them
457
209
459
Gouverneur Morris and Hamilton in reference to the Bank note
463
2d Provision for the charges of the government by imposts on foreign
469
The Bank opposed as a political rather than a financial measure
472
War of 1812
484
Report of the Committee
490
Losses arising from its
497
Sketch of the revival of parties
505
Jackson inaugurated the reign of anarchy and barbarism
509
General Jacksons attack on the Bank the first attempt in this country
517
Value not an attribute of money
523
His brutal treatment of the New York Committee
525
Enormous contraction the condition of resumption
531
Finally suspends February 1 1841
537
Amount of their capital and loans note
539
In Massachusetts
545
Banking in Michigan
551
Ignorance and perversity of Mr Chase
564
A wise expedient for the present time and an occasional expedient
572
Criminality involved in their issue
579
In providing a banking capital makes no distinction between substance
582
This to be furnished by parties possessed of capital
586
The government notes to be demonetized as the condition of resumption
593
The New England and New York systems compared
599
Absurdity of the statement that notes are now hoarded
610
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 465 - 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 2 - Pison: that is it which compasseth the whole land of Havilah, where there is gold; and the gold of that land is good: there is bdellium and the onyx stone.
Page 505 - The authority of the Supreme Court must not, therefore, be permitted to control the Congress or the Executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve.
Page 143 - 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 505 - Each public officer, who takes an oath to support the constitution, swears that he will support it as he understands it, and not as it is understood by others. It is as much the duty of the house of representatives, of the senate, and of the President, to decide upon the constitutionality of any bill or resolution which may be presented to them for passage or approval, as it is of the supreme judges, when it may be brought before them for judicial decision.
Page 472 - 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...
Page 143 - 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 473 - 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 488 - 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 510 - ... 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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