Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States |
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Page vii
... loans of them • Such loans transfer the actual possession of capital from the owner to the borrower 8 They become in this way the highest guarantees for the peace and order of society . 8 Provision for the future to be made only by ...
... loans of them • Such loans transfer the actual possession of capital from the owner to the borrower 8 They become in this way the highest guarantees for the peace and order of society . 8 Provision for the future to be made only by ...
Page viii
... loans 16 3349 15 These are made by an exchange of their notes , presently due , for the bills of their customers ... loans Bear only a small ratio to the amount of loans Hence a change in their amount followed by a far greater one in the ...
... loans 16 3349 15 These are made by an exchange of their notes , presently due , for the bills of their customers ... loans Bear only a small ratio to the amount of loans Hence a change in their amount followed by a far greater one in the ...
Page ix
... loans of their currencies 47 47 Never paid on the issue of currencies by governments . 47 All government currencies in their depreciation involve a loss greater than interest on their amount . . Why governments cannot issue convertible ...
... loans of their currencies 47 47 Never paid on the issue of currencies by governments . 47 All government currencies in their depreciation involve a loss greater than interest on their amount . . Why governments cannot issue convertible ...
Page xvii
... loans to government 191 Loans made in violation of this law .. 191 Parliamentary authority sought for such loans . 192 Mr. Pitt secures such authority , but without limit as to amount . 192 Controls the whole monetary power of the ...
... loans to government 191 Loans made in violation of this law .. 191 Parliamentary authority sought for such loans . 192 Mr. Pitt secures such authority , but without limit as to amount . 192 Controls the whole monetary power of the ...
Page xviii
... loans that are made . . 208 • Notes representing capital the same in character till they are taken in All issued fall alike into the channels of circulation , and all alike return to the Bank for redemption . . 208 208 Assumptions of ...
... loans that are made . . 208 • Notes representing capital the same in character till they are taken in All issued fall alike into the channels of circulation , and all alike return to the Bank for redemption . . 208 208 Assumptions of ...
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Common terms and phrases
absurd accommodation bills Adam Smith amount of coin Aristotle assumed Bank of England bank-notes bankers bills given borrowed bullion capital circulation Committee commodities consequently consumers consumption contraction convertible corresponding amount cost country Banks credits issued debt demand deposits depreciated discharge discount distribution Economists effect equal excess exchange exportation foreign gold and silver greater hand holders Hume immediately increase industry issuers kind labor latter liabilities loans Lord Overstone loss means measure ment merchandise merchants nature necessary never nominal value notes and credits operations paid paper currency paper money parties payable payment Political Economy possessed precious metals principle produce profit proper purchase quantity ratio reason received reduced rency represent reserves revenue rule says securities Smith society specie speedily supply supposed symbolic currency thing tion trade transactions usury value of money Wealth of Nations whole wholly
Popular passages
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...