The Natural Law of MoneyPutnam, 1894 - 168 pages |
From inside the book
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Page 14
... bullion it contains , as then it will fluctuate only with the fluctuations of the bullion market , which is the highest degree of steadiness it can possibly acquire . It will then gain access to the marts of the world , and this wide ...
... bullion it contains , as then it will fluctuate only with the fluctuations of the bullion market , which is the highest degree of steadiness it can possibly acquire . It will then gain access to the marts of the world , and this wide ...
Page 15
... bullion market ; conse- quently , to give to coin all the elements of efficiency it can possess , it is only necessary to start it into cir- culation with its full weight and fineness of precious metal , and let it go where it will ...
... bullion market ; conse- quently , to give to coin all the elements of efficiency it can possess , it is only necessary to start it into cir- culation with its full weight and fineness of precious metal , and let it go where it will ...
Page 23
... bullion than the coin remaining in circulation . The mode of operation whereby , contrary to the law of natural displacement , an inferior money may expel a superior money from the circulation , is known . as the Gresham law , and is so ...
... bullion than the coin remaining in circulation . The mode of operation whereby , contrary to the law of natural displacement , an inferior money may expel a superior money from the circulation , is known . as the Gresham law , and is so ...
Page 25
... bullion market value . Each individual , acting for himself , without the least reference to the public interest , would refuse to receive the coin on any other terms , which would at once put a stop to any further debasement of the ...
... bullion market value . Each individual , acting for himself , without the least reference to the public interest , would refuse to receive the coin on any other terms , which would at once put a stop to any further debasement of the ...
Page 29
... bullion value was half as much more than the bullion value of the clipped pieces , each person who received a good piece naturally held it and paid out his clipped money . Each naturally sought to appropriate the extra value that the ...
... bullion value was half as much more than the bullion value of the clipped pieces , each person who received a good piece naturally held it and paid out his clipped money . Each naturally sought to appropriate the extra value that the ...
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Common terms and phrases
adapted adopt amount bank-notes banker banks bi-metallism bill of exchange borrow Canada Canadian capital cent civilization clipped coin coinage colonies colonists commercial commodities common medium Congress credit-money currency debased demand elasticity enactments England fact fixed fluctuations function gold coin gold dollar gold money gold standard government paper-money grain greenbacks growth hoarding individual industrial intelligent intrinsic value issuance issue king's law of money legal tender legal-tender legitimate medium of exchange ment metallic money million dollars monetary law monetary legislation monetary standard mono-metallism movement nation natural displacement natural law nominal value panic paper parity pieces precious metals productive profit rate of interest ratio redeemable redemption regulate the value repeal sense Sherman Act short weight silver and gold silver dollar silver money Silver Party silver standard Sir Thomas Gresham stability supply tion trade transactions Treasury United volume of money
Popular passages
Page 87 - Common consent has consigned it to rest with that kind of regard, which the long service of inanimate things insensibly obtains from mankind. Every stone in the bridge, that has carried us over, seems to have a claim upon our esteem. But this was a corner-stone, and its usefulness cannot be forgotten.
Page 130 - States are expressly prohibited from making anything but gold and silver a tender in payment of debts...
Page 135 - The laws of a country ought to be the standard of equity, and calculated to impress on the minds of the people the moral as well as the legal obligations of reciprocal justice. But tender laws, of any kind, operate to destroy morality, and to dissolve, by the pretence of law, what ought to be the principle of law to support, reciprocal justice between man and man...
Page 86 - I am old enough to have seen a paper currency annihilated at a blow in Massachusetts, in 1750, and a silver currency taking its place immediately, and supplying every necessity and every convenience.
Page 105 - The foregoing is a table from the report of the comptroller of the currency for the year 1903. The national banks, which had 67 per cent of the capital in 1882, had 63.9 per cent in 1892, 52.4 per cent in 1902, and 50.43 in 1903.
Page 35 - Clearly there is no need of making coin a legal tender at any specified weight. If governments would confine their legislation to fixing by enactment the fineness of the precious metal and the number of grains that shall constitute each piece of a given name, they may safely leave the maintenance of coinage. . .and the value of the pieces to be regulated [to] individual interest and action
Page 93 - Something like a middle way finally produced an acquiescing, rather than an affirmative, vote. A charter of incorporation was granted, with a recommendation to the States to give it all the necessary validity within their respective jurisdictions.
Page 124 - The mere announcement of our intention to put our money on a sound metallic basis had brought capital to us in such abundance that the resumption was not only made easy, but the normal rate of interest was reduced, . . . This remarkable reduction ... is explainable only on the ground of a large influx of foreign capital.
Page 90 - There has been no time in the history of our country when the predatory interests have so unblushingly sought legislation for their special benefits.