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

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

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Contents

All merchandise entering into consumption should be symbolized
24
Cumulative symbols representing the same merchandise
30
Distinction between capitalists and Banks
31
Of the discount of bills given in the purchase of securities
38
Absurdity of such distinctions
39
Wide difference between currencies issued by governments and by Banks
44
Why governments cannot issue convertible currencies
50
The value of all currencies depends upon their quality not quantity
56
A currency of government notes never issued for the purpose of facilitating
57
Childishness and absurdity of his illustrations
66
Difference between his method and that of Aristotle
70
Standard value of the coinage to be maintained
79
Proposition for a Land Bank
85
Does not displace a corresponding amount of coin
90
Tooke never mastered a single principle in monetary science
94
Adopts the deductive method
100
Labor as an abstract notion the real measure of values coin the appar
107
Money material for the reason that it is always going into the arts
115
Absurdity of such assumptions
130
Paper money does not supersede but supplements the use of coin
136
Sketch of the history of usury note
143
A person rich in proportion to the amount he holds
150
Importance of an equilibrium of the precious metals the world over
156
The age of Protection the heroic
160
The sneaking arts of underling tradesmen have made England what
166
Freetrade and Protection
169
One of the most distinguished disciples of Smith
173
If value be no attribute of money then divisibility is of no importance
181
Suspension of the Bank of England
182
Operations of the Bank of England from 1814 to 1832 inclusive note
190
The bullion of the Bank on the 21st of February 1797 reduced
196
Number of days during which the banknotes remain in circulation note 203
204
Smiths elements of price and classifications of property arbitrary
212
Mischievous effect of the government currency
214
Difference between real and fictitious bills shown by the different effects
215
The insignia of government cannot create values
223
His assumptions wholly opposed to the fact
229
They organize a Bank
233
Price of bullion from 1813 to 1819
240
Report of the Committee
243
Testimony of the experts opposed to every principle on which currency
247
The latter a great disturbing element in financial affairs
253
If its assets were in bills their payment would return its notes without
259
Ricardo the central figure of the new school of Economists as Smith of
269
Disorganized condition of the country
271
Convertible currencies often inflate prices enormously
351
Their total misconception of the principles of the science of Political
355
The highest material welfare the result of the highest moral conditions 861
362
JAMES W GILBART
368
In providing a banking capital makes no distinction between substance
375
Paper money not symbolic raises prices
381
Quoted for the purpose of illustrating the present condition of monetary
391
Professorships of Political Economy should be suppressed or put into
415
His inferior currency
421
The appeal to the empirical has fully sustained the conclusions of induc
427
First issue of 3000000 June 22d 1775
430
Order of Congress that the notes pass at their nominal value
436
Apparent imbecility of the Revolutionary Government
444
Incompetency and imbecility of the enemy
450
Local jealousies and rivalries
454
The opposing doctrines not the result of natural laws but of conditions 159
455
Adoption of the Constitution
469
The Bank opposed as a political rather than a financial measure
472
Complete triumph of his ideas in his election 1800
480
Its influence in restoring specie payments
486
Report of the Committee upon the Bank
490
Summary of the Report
502
The will or opinion of each department of government its rule
509
General Jacksons attack on the Bank the first attempt in this country
517
Their capital and note circulation in 1834
523
Reasons for General Jacksons attack on the Bank
524
Their suspension and resumption
530
METHOD OF RESUMPTION AMOUNT OF COIN REQUIRED
531
Must sustain the Banks of the States
536
354
550
The effect of its interference
553
Résumé of the above
562
ordinary course of business
563
The suspension of the Banks a precautionary measure
568
Their decline in value and rise of gold
575
Mr Chases misstatement of history
581
State Banks unconstitutional
582
Failure of Mr Chases attempt
587
The government notes to be demonetized as the condition of resumption
593
The note holders to be left to take care of themselves
597
Plan of Mr Sherman Secretary of the Treasury for resumption
603
Never to form the reserves of Banks
609
The adoption of a double would result in a single standard that of silver
615
The Independent Treasury to be abolished
618

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Page 467 - 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 459 - 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 466 - 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 and of amendments thereto, they constituted a general government for special purposes, delegated to that government certain definite powers, reserving each State to itself, the residuary mass of right to their own self-government; and that whensoever the general...
Page 11 - And Abraham hearkened unto Ephron; and Abraham weighed to Ephron the silver, which he had named in the audience of the sons of Heth, four hundred shekels of silver, current money with the merchant.
Page 139 - 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 139 - 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 2 - And a river went out of Eden to water the garden, and from thence it was parted and became into four heads.
Page 502 - Union, with its boundless means of corruption and its numerous dependents, under the direction and command of one acknowledged head; thus organizing this particular interest as one body and securing to it unity and concert of action throughout the United States and enabling it to bring forward, upon any occasion, its entire and undivided strength to support or defeat any measure of the Government.
Page 482 - 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 502 - ... 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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