Paper Money, the Root of Evil: An Examination of the Currency of the United States, with Practical Suggestions for Restoring Specie Payments Without Robbing DebtorsD. Appleton, 1872 - 374 pages |
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Common terms and phrases
Bank of England bank-notes banks become bills of exchange bonds bullion CALIFORNIA LIBRARY capital cause cent circulate as money circulating medium circulating notes coin on demand commerce Congress convertible cost of production creditors dealers debtors decline deposits depreciation difference diminished duty effect England enhanced equal excessive exchange-value export fact fluctuations greater greenbacks holders hundred millions inconvertible paper increase issued labor latter legal tender legal-tender act less loan manufactures measure ment mixed currency natural circulation necessary paid paper money payable in coin percentage precious metals premium on gold price of gold prices of commodities profit public credit act purchasing power quantity rate of interest receive redeem redemption rency rise securities sell sold speculation stamped counter standard of value supply tariff taxation taxes thing tion trade transactions transfer treasury notes United UNIVERSITY OF CALIFORNIA value of money wages wealth wheat
Popular passages
Page 346 - ... that comes from abroad, or is grown at home — taxes on the raw material — taxes on every fresh value that is added to...
Page 327 - ... that the faith of the United States is solemnly pledged to the payment in coin, or its equivalent, of all the obligations of the United States, not bearing interest, known as United States notes, and...
Page 327 - But none of said interestbearing obligations not already due shall be redeemed or paid before maturity unless at such time United States notes shall be convertible into coin at the option of the holder, or unless at such time bonds of the United States bearing a lower rate of interest than the bonds to be redeemed can be sold at par in coin. And the United States also solemnly pledges its faith to make provision at the earliest practicable period for the redemption of the United States notes in coin.
Page 68 - By issuing too great a quantity of paper, of which the excess was continually returning, in order to be exchanged for gold and silver, the bank of England was for many years together obliged to coin gold to the extent of between eight hundred thousand pounds and a million a year...
Page 311 - ... lawful money and a legal tender in payment of all debts, public and private, within the United States...
Page 327 - ... by virtue of which such obligations have been contracted, it is hereby provided and declared that the faith of the United States...
Page 18 - Gold and silver having been chosen for the general medium of circulation, they are, by the competition of commerce, distributed in such proportions amongst the different countries of the world, as to accommodate themselves to the natural traffic which would take place if no such metals existed, and the trade between countries were purely a trade of barter.
Page 68 - ... an ounce, losing in this manner between two and a half and three per cent upon the coinage of so very large a sum. Though the bank therefore paid no seignorage, though the government was properly at the expense of the coinage, this liberality of government did not prevent altogether the expense of the bank.
Page 144 - I did not join in putting down the Bank of the United States to put up a wilderness of local banks. I did not join in putting down the paper currency of a national bank to put up a national paper currency of a thousand local banks. I did not strike Caesar to make Antony master of Rome.
Page 311 - ... and such notes herein authorized shall be receivable in payment of all taxes, internal duties, excises, debts, and demands of every kind due to the United States, except duties on imports, and of all claims and demands against the United States of every kind whatsoever, except for interest upon bonds and notes, which shall be paid in coin...