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 ix
... never issue a convertible currency , nor one that is not at a discount from the standard of coin .. 43 43 Wide difference between currencies issued by governments and by Banks . The former never issued in the discount of bills 44 44 All ...
... never issue a convertible currency , nor one that is not at a discount from the standard of coin .. 43 43 Wide difference between currencies issued by governments and by Banks . The former never issued in the discount of bills 44 44 All ...
Page x
... never issued for the purpose of facilitating exchanges • Always a forced loan . Always superfluous Their price their real or estimated value . • Their value never affected by the number of exchanges taking place . Wholly dependent upon ...
... never issued for the purpose of facilitating exchanges • Always a forced loan . Always superfluous Their price their real or estimated value . • Their value never affected by the number of exchanges taking place . Wholly dependent upon ...
Page xiii
... never overflow . • 125 The holders of money never send it abroad as the condition of using it as capital .. 125 Exported in consequence of previous expenditures 126 Smith wholly misconceived the object and effect of paper money 126 ...
... never overflow . • 125 The holders of money never send it abroad as the condition of using it as capital .. 125 Exported in consequence of previous expenditures 126 Smith wholly misconceived the object and effect of paper money 126 ...
Page xiv
... never exceed that of the coin it displaces 129 All excess immediately drawn in coin 129 Absurdity of such assumptions .. 130 ˇ Disproved by reference to the currencies of England and Scotland . Paper money used in foreign as in domestic ...
... never exceed that of the coin it displaces 129 All excess immediately drawn in coin 129 Absurdity of such assumptions .. 130 ˇ Disproved by reference to the currencies of England and Scotland . Paper money used in foreign as in domestic ...
Page xviii
... never in excess 202 202 203 203 • 203 • To regulate issues , after suspension , by reference to exchanges , would be to make none whatever 204 ˇ ˇ The proposition of the Committee an absurdity on its face During suspension , the bills ...
... never in excess 202 202 203 203 • 203 • To regulate issues , after suspension , by reference to exchanges , would be to make none whatever 204 ˇ ˇ The proposition of the Committee an absurdity on its face During suspension , the bills ...
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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...