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

Of the discount of bills given in the purchase of securities
38
Wide difference between currencies issued by governments and by Banks
44
seems
46
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
The inconvenience and distress
75
His assumptions opposed to the fact
88
Does not displace a corresponding amount of coin
90
Value essential only in the latter
94
Adopts the deductive method
100
Labor as an abstract notion the real measure of values coin the appar
107
Money the highest form of finished work
115
The word seems illustrative of Smiths method
122
The proportion of money to the merchandise circulated by
128
9
129
Advances to be made to merchants only as the representatives of manu
135
Contempt of the Greeks and Romans for the useful industries
141
Sketch of the history of usury note
143
10
145
Importance of an equilibrium of the precious metals the world over
156
The capricious ambition of kings and ministers not more fatal to
163
DUGALD STEWART
171
Suits his principles to his necessities
176
If value be no attribute of money then divisibility is of no importance
177
Suspension of the Bank of England
182
Sketch of early banking in England
186
All these operations based upon merchandise
189
Report of the Committee upon the Bank
190
Parliamentary authority sought for such loans
192
CURRENCY
198
Not the excess alone but all the issues of the Bank speedily return
202
The amount of such currency permanently outstanding increases
208
Smiths elements of price and classifications of property arbitrary
212
Essays Moral Political and Literary 1752
214
William HuskissON
216
Profit of Banks
222
The insignia of government cannot create values
223
His assumptions wholly opposed to the fact
229
The Bank resumes May 1 1821
235
Lord Liverpools plan adopted
241
Report of the Committee
243
Mr Gurney
247
The latter a great disturbing element in financial affairs
253
The questions considered
254
If its assets were in bills their payment would return its notes without
259
200
263
Its reserves to have reference to domestic as well as to foreign trade
269
Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley
274
Causes of the disasters of 1839
280
His ideas of money wholly borrowed from Adam Smith
286
Their ignorance of banking systems of the United States
293
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
361
Issued in proper amounts so long as it can be converted into equal nom
367
Gold and silver to be demonetized in case of a war as a means of retaining
373
Henry Fawcett
375
Paper money not symbolic raises prices
381
amount of work 209
396
The new school
398
Price an illustration of what is taught as Political Economy
406
Advantages of a currency issued by them in reducing prices
412
His work only a restatement of Mill and McCulloch
415
WILLIAN G SUMNER
416
A R PERRY
422
CURRENCY AND BANKING IN THE UNITED STATES
428
First issue of 3000000 June 22d 1775
430
Order of Congress that the notes pass at their nominal value
436
Varying fortunes of the war
442
Monopolies of money and merchandise always the effect of a legaltender
448
Continued issues and decline of notes
454
Amount of the public debt note
455
French loan
461
Adoption of the Constitution
467
The Bank opposed as a political rather than a financial measure
472
To the Supreme Court
479
Necessity for a new Bank
485
Founded by the framers of the Constitution
491
Losses arising from its
497
The revival of the old parties at the close of Monroes administration
503
Jefferson denied to government the powers necessary for its existence
509
21
510
General Jacksons attack on the Bank the first attempt in this country
517
24
523
His brutal treatment of the New York Committee
525
126
531
Becomes incompetent to the management of the Bank
537
Appeal of the holders of these bonds
540
27
544
In Ohio
547
The effect of its interference
553
Résumé of the above
562
The suspension of the Banks a precautionary measure
568
1
575
Mr Chases misstatement of history
581
State Banks unconstitutional
582
This to be furnished by parties possessed of capital
586
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 standard of value not the instrument by which the exchanges
616
The public to hold reserves as well as Banks
622

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Page 465 - 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 2 - Pison: that is it which compasseth the whole land of Havilah, where there is gold; and the gold of that land is good: there is bdellium and the onyx stone.
Page 505 - The authority of the Supreme Court must not, therefore, be permitted to control the Congress or the Executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve.
Page 143 - 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 505 - Each public officer, who takes an oath to support the constitution, swears that he will support it as he understands it, and not as it is understood by others. It is as much the duty of the house of representatives, of the senate, and of the President, to decide upon the constitutionality of any bill or resolution which may be presented to them for passage or approval, as it is of the supreme judges, when it may be brought before them for judicial decision.
Page 472 - 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...
Page 143 - 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 473 - 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 488 - 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 510 - ... 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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