The Natural Law of MoneyPutnam, 1894 - 168 pages |
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Page 78
... colonies with paper - money , looked at from an economic stand- point , becomes pathetic . There was not , from first to last , any proper conception of the real nature of paper - money : that to give it stability , it must be ...
... colonies with paper - money , looked at from an economic stand- point , becomes pathetic . There was not , from first to last , any proper conception of the real nature of paper - money : that to give it stability , it must be ...
Page 79
... colonies became inadequate to the demands of their growing trade , and that this inadequacy created a condition which threw the balance of advantage into the scale of the money holder . The time had indeed come for the people to use ...
... colonies became inadequate to the demands of their growing trade , and that this inadequacy created a condition which threw the balance of advantage into the scale of the money holder . The time had indeed come for the people to use ...
Page 80
... colonies varied more or less in minor details , but in its more important features it may be divided into two kinds : that which had only the guaranty of the colony for its redemption , and that which had in addition a real or personal ...
... colonies varied more or less in minor details , but in its more important features it may be divided into two kinds : that which had only the guaranty of the colony for its redemption , and that which had in addition a real or personal ...
Page 82
... colonies , it came to be under- stood that metallic money was but a commodity with which the people were as competent to supply themselves as with any other commodity ; but this knowledge was confined to the few , and even the few never ...
... colonies , it came to be under- stood that metallic money was but a commodity with which the people were as competent to supply themselves as with any other commodity ; but this knowledge was confined to the few , and even the few never ...
Page 83
... colonies just before the breaking out of the Revolution was estimated at from eight to twelve million dollars . ( Alexander Hamilton's estimate was eight million . ) The population of the colonies was then less than four millions ...
... colonies just before the breaking out of the Revolution was estimated at from eight to twelve million dollars . ( Alexander Hamilton's estimate was eight million . ) The population of the colonies was then less than four millions ...
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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.