Labor and Capital: 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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J. W. Lovell, 1883 - Currency question - 374 pages

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Page 63 - 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 269 - States have no right to coin money, emit bills of credit, or make anything but gold and silver a tender in payment of debts.
Page 348 - ... property. How can I require a man to deal with tradesmen who have voted against him, or to renew the leases of tenants who have voted against him? What is it that the Jew says in the play ? I'll not answer that, But say it is my humour.
Page 77 - 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Page 269 - The power to make any thing but gold and silver a tender in payment of debts, is withdrawn from the states, on the same principle with that of issuing a paper currency.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 57 - The pound weight is divided into halfpounds and ounces ; the bushel into the peck, quart, etc., that they may accurately determine the various weights and quantities of various substances. Money is divided into pounds, shillings, and pence, dollars, half-dollars, dimes, etc., that it may determine the precise amount of the value of all commodities. 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...
Page 348 - B. wants it, let B. buy its use as cheap as he can from A., and, if he is not suited with the price A. demands for it, let him borrow of some other person: he is not obliged to take A.'s money any more than he is compelled to buy A.'s potatoes; has not a man a right to do what he will with his own ? A captain. of a ship at sea might see on fire near him another ship, full of people, and say to the passengers and crew of the burning vessel, "If you will give me all your possessions in money, goods...
Page xxv - ... product of former labor, assumes that in present production capital is nothing and labor everything. Yet this remarkable delusion lies at the foundation of many a well meant disquisition about the rights of labor. See how transparently it is enclosed in the very first sentences of Mr. Kellogg's preface. " The laboring classes of all civilized nations have been, and are, as a body, poor. Nearly all wealth is the production of labor ; therefore laborers would have possessed it, had not something...
Page xviii - KELLOG (Edward) Labor and other capital ; the rights of each secured and the wrongs of both eradicated, or an exposition of the cause why few are wealthy and many poor, and the delineation of a system, which, without infringing the rights of property will give to labor its just reward : 8vo 298p — New York, published by the author, 1849 ; deposited by E.
Page 34 - ... incumbent upon the government to set a rate of interest which will fairly determine the measuring power of money. The next question is what constitutes a fair rate of interest. Kellogg's criterion is the amount of increase in the national wealth which should be properly and fairly distributed to labor. " The money of a nation, instead of being a power by which a few capitalists may monopolize the greater part of the earnings of labor, ought to be a power which should distribute products to producers,...

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