American Finance: Part First.--domestic |
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aggregate Alexander Hamilton American finance amount average per head Bank of England bankers bills of credit bonds boom British capital capitalisation cash cent century circulation colonial commercial commodities Continental Congress copper crop currency debt deposits dollars per head economic excess exports fact factor farms fiscal foreign funds gold and silver gold reserves Government greenbacks important increase industry interest iron John Jay Knox Lake Superior legal tender less loans Lombard Street London London Stock Exchange ment metallic money million dollars million tons millionaire millions sterling Moloch monetary national bank-notes national banks nearly note issues organisation output paper dollar paper money period political produce prosperity question railroad railway rates rency Republic soft money specie payments speculative steel sub-Treasury supply tion to-day trade traffic Treasury notes trust United United States notes Wall Street wealth whole York
Popular passages
Page 356 - Moreover the altar that was at Beth-el, and the high place which Jeroboam the son of Nebat, who made Israel to sin, had made, both that altar and the high place he brake down, and burned the high place, and stamped it small to powder, and burned the grove.
Page 76 - To take a single step beyond the boundaries thus specially drawn around the powers of Congress is to take possession of a boundless field of power, no longer susceptible of any definition. The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States by the Constitution.
Page 232 - ... to keep safely, without loaning, using, depositing in banks, or exchanging for other funds than as allowed by this act, all the public money collected by them, or otherwise at any time placed in their possession and custody, till the same is ordered, by the proper department or officer of the Government, to be transferred or paid out...
Page 24 - ... the only consolation under the evil is, that the public debt is proportionably diminished with the depreciation : and this by a kind of imperceptible tax, every one having paid a part of it in the fall of value, that took place between the receiving and paying such sums as passed through his hands.
Page 25 - This effect of paper currency is not understood on this side the water. And indeed the whole is a mystery even to the politicians, how we have been able to continue a war four years without money, and how we could pay with paper, that had no previously fixed fund appropriated specifically to redeem it. This currency, as we manage it, is a wonderful machine. It performs its office when we issue it ; it pays and clothes troops, and provides victuals and ammunition ; and when we are obliged to issue...
Page 226 - ... it is apparent that the events of the last few months have greatly augmented the desire, long existing among the people of the United States, to separate the fiscal operations of the Government from those of individuals or corporations.
Page 76 - I consider the foundation of the Constitution as laid on this ground: That "all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people.
Page 236 - York, states that, at the time the negotiation was made, " the credit of the Government had become impaired to such a degree that a large loan could not be obtained in any ordinary way, nor even a small temporary loan, except for a very short period at a high rate of interest. Men's hearts failed them ; the rebellion was on so large a scale, and had so unexpectedly broken out and raged with such fury, that to subdue it seemed to most persons to be impossible. Then it was, after careful deliberation...
Page 84 - ... check against inordinate issues of paper, which can possibly exist. This cessation of the returning of notes for payment, had the effect of inviting the Banks to enlarge their issues. Loans were made to Government to an immense amount, and to individuals vastly beyond what the absence of foreign commerce justified, and a gradual depreciation of the currency was the result. The increase of dividends and the facility with which they appeared to be made, extended throughout the whole Commonwealth...
Page 75 - There is no reason to infer, the Massachusetts Senator argued, that the constitutional denial of power to the states to " emit bills of credit " or make anything but gold and silver coin a tender in payment of debts applies to the general government either directly or indirectly.