Objections: Legal and Practical, to Our National Currency System |
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Objections, Legal and Practical, to Our National Currency System Francis Augustus Brooks No preview available - 2016 |
Objections, Legal and Practical, to Our National Currency System Francis Augustus Brooks No preview available - 2019 |
Common terms and phrases
Alexander Hamilton amount authority bills of credit Bland-Allison Act bonds capital cent circulating medium circulating notes circulation as money clause coin money coin or specie coinage Act coinage power coinage valuation commercial value commodities converted into coin credit money currency of paper duty exercise existence Federal government fiat money foreign coin form of coin framers gold and silver greenback notes intrinsic value issue of paper lating notes lawful money legal tender notes legislation measure of value ment metals monetary National Bank Act National Currency Act notes issued old State banks owners of silver passed payment of debts power of Congress power to regulate prohibited purpose real money reason redemption regulate commerce regulate the value rency respect Resumption Act Secretary Chase seigniorage Sherman Sherman Act silver bullion silver coin silver dollar coin Supreme Court tender in payment tion Treasury United States Constitution United States notes value of coin
Popular passages
Page 6 - The United States in congress assembled shall also have the sole and exclusive right and power of regulating the alloy and value of coin struck by their own authority, or by that of the respective states..
Page 7 - There can hardly be a better rule in any country, for the legal, than the market proportion, if this can be supposed to have been produced by the free and steady course of commercial principles. The presumption, in such case, is, that each metal finds its true level, according to its intrinsic utility, in the general system of money operations.
Page 39 - The majority of the court as then constituted, five judges out of eight, felt " obliged to conclude that an act making mere promises to pay dollars a legal tender in payments of debts previously contracted is not a means appropriate, plainly adapted, really calculated to carry into effect any express power vested in Congress, is inconsistent with the spirit of the Constitution, and is prohibited by the Constitution.
Page 27 - ... the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law.
Page 17 - States are expressly prohibited from making any thing but gold and silver a tender in payment of debts ; and although no such express prohibition is applied to Congress, yet, as Congress has no power granted to it in this respect but to coin money and...
Page 16 - Most unquestionably there is no legal tender, and there can be no legal tender, in this country, under the authority of this government or any other, but gold and silver, either the coinage of our own mints, or foreign coins, at rates regulated by Congress. This is a constitutional principle perfectly plain, and of the very highest importance.
Page 20 - I am not a believer in any artificial method of making paper money equal to coin when coin is not owned or held ready to redeem the promises to pay ; for paper money is nothing more than promises to pay, and is valuable exactly in proportion to the amount of coin that it can be converted into.
Page 39 - July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes are legal tender for all debts, public and private, except duties on imports and interest on the public debt.
Page 4 - And be it further enacted, That the said corporation shall not at any time suspend or refuse payment in gold and silver, of any of its...
Page 20 - Among the evils growing out of the rebellion, and not yet referred to, is that of an irredeemable currency. It is an evil •which I hope will receive your most earnest attention. It is a duty, and one of the highest duties, of Government to secure to the citizen a medium of exchange of fixed, unvarying value. This implies a return to specie basis ; and no substitute for it can be devised.