A New Monetary System: The Only Means of Securing the Respective Rights of Labor and Property, and of Protecting the Public from Financial Revulsions

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Rudd & Carleton, 1861 - Currency question - 350 pages

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Page 79 - States provides that the Congress shall have power — To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures: To provide for the punishment of counterfeiting the securities and current coin of the United States.
Page 65 - I have been accustomed to lay down to myself on this subject is the following one, viz. that no man of ripe years and of sound mind, acting freely, and with his eyes open, ought to be hindered, with a view to his advantage, from making such bargain, in the way of obtaining money, as he thinks fit: nor, (what is a necessary consequence) anybody hindered from supplying him, upon any terms he thinks proper to accede to.
Page 273 - States the power to coin money, emit bills of credit, or make anything but gold a>nd silver coin a tender in payment of debts.
Page 61 - One is a legal instrument to determine value, its own value being fixed by law; the others are legal instruments to determine length, weight, and quantity, their own length, weight, and size being fixed by law. Money is valuable in proportion to its power to accumulate value by interest. A dollar which can be loaned for twelve per cent interest, is worth twice as much as one that can be loaned for but six per cent, as much as a railroad stock which will annually bring in twelve per cent, is worth...
Page 273 - The power to make any thing but gold and silver a tender in payment of debts, is withdrawn from the states, on the same principle with that of issuing a paper currency.
Page 59 - Besides being the legal representative of value, money is also the measure of value. " The government reserves the right to fix the length of the yard, the weight of the pound, the size of the bushel, and the value of the dollar, that they may be fitted for public use. Money is the public measure of value; and the government is bound to make it just and uniform, that it may correctly determine the value of all commodities.
Page 204 - If they could have loaned only their specie, the interest would have amounted to but $28,723. The banks gained / from the public annually, $671,444 above the interest on their specie, and in the twelve years $8,057,328.
Page 95 - Doubtless his object is to obtain the best possible per centage income for the use of his money or property. All that he gains by these means above six per cent interest, takes a still greater sum from the earnings of producers. Now suppose from this time forward Mr. A. should determine to pursue a different course, and to lay out his capital in such a manner as to conduce in the highest degree to the welfare of the people around him. To support them in idleness would be a disadvantage ; but to employ...
Page 319 - ... yielding crops. Capitalists will not be required to favor laborers, nor to give them employment, nor to diminish the hours of toil. Capitalists and laborers will be free to make their own agreements on these points. The Safety Fund contemplates no agrarian distribution. It asks for no distribution of lands and property, and for no contributions of money by either the Government or individuals to the support of laborers. Laborers will need no favors. They only require that the Government establish...

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