"Greenbacks": Or, the Evils and the Remedy of Using "Promise to Pay the Bearer on Demand" as a Measure of Value |
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Page 4
... owed , which is the basis of all our present schemes of banking , they , according to history , seem to have been its first successful " operators . The mode of " operating " first insti- tuted , however , has since been subjected to ...
... owed , which is the basis of all our present schemes of banking , they , according to history , seem to have been its first successful " operators . The mode of " operating " first insti- tuted , however , has since been subjected to ...
Page 6
... owe every man they can . Had their scheme been first presented to those who had not been previously accustomed to the use of paper , as money , it , most likely , would not have received the sanction of a legislative body ; had not the ...
... owe every man they can . Had their scheme been first presented to those who had not been previously accustomed to the use of paper , as money , it , most likely , would not have received the sanction of a legislative body ; had not the ...
Page 7
... owed . But those of State and Chestnut streets have neither conformed to it nor adopted it . We , therefore , conclude that these parties did not intentionally impose the Free Banking scheme on the Nation ; yet , what they did seems to ...
... owed . But those of State and Chestnut streets have neither conformed to it nor adopted it . We , therefore , conclude that these parties did not intentionally impose the Free Banking scheme on the Nation ; yet , what they did seems to ...
Page 8
... receive interest on all they owe , and the business of government was , or it should have been , to pay interest to those only who had money of their own to lend . To adjust this antagonism , or to compromise these differences 8.
... receive interest on all they owe , and the business of government was , or it should have been , to pay interest to those only who had money of their own to lend . To adjust this antagonism , or to compromise these differences 8.
Page 9
... owed the Nation until February 1st , 1862 : on the condition they could loan one hundred and fifty millions . Of their ability to get interest on so large an amount in addition to their ordinary business , the bankers seem to have had ...
... owed the Nation until February 1st , 1862 : on the condition they could loan one hundred and fifty millions . Of their ability to get interest on so large an amount in addition to their ordinary business , the bankers seem to have had ...
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Common terms and phrases
annum Assistant Treasurers August agreement authorized bank speculators bank-notes banking department bankrupt law bearer on demand bearing interest business of banking capital centum certificate circulation commercial Congress debt demand notes demand Treasury notes deposit depositors duties on imports Elkhart exchange expenditures five-twenty bonds free bankers Free Banking Law hence interest on money interest paid interest-bearing notes issued as money labor law was enacted lawful money laws of trade legal tender notes legislators loan measure of value ment money owed National Banks National Currency Act National Free Banking National Note currency operating panic paper as money paper-money scheme pay on demand pay the bearer payable on demand people's pockets pledge scheme pledged securities probably promises to pay receipts receive interest receive the interest redemption sanction sand dollars scheme of banking Secretary securities pledged seems special charter special laws specie payments tion Trea United States notes United States Treasury usury York
Popular passages
Page 11 - 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 8 - And the Secretary of the Treasury may also issue in exchange for coin, and as part of the above loan, or may pay for salaries or other dues from the United States, treasury notes of a less denomination than fifty dollars, not bearing interest, but payable...
Page 24 - That the Secretary of the Treasury be and he is hereby authorized to cause to be issued to any public creditor who may be desirous to receive the same, upon requisition of the head of the proper department, in satisfaction of audited and settled demands against the United States, certificates for the whole amount due, or parts thereof not less than one thousand dollars, signed by the Treasurer of the United States, and countersigned as may be directed by the Secretary of the Treasury ; which certificates...
Page 13 - ... advantageous purchases of specie, to replace at once large amounts, and, at no distant day, the whole, of this circulation by coin, without detriment to any interest, but, on the contrary, with great and manifest benefit to all interests. The Secretary recommends, therefore, no mere paper money scheme, but, on the contrary, a series of measures looking to a safe and gradual return to gold and silver as the only permanent basis, standard, and measure of values recognized by the Constitution —...
Page 24 - Treasury be and he is hereby authorized to cause to be issued to any public creditor who may be desirous to receive the same, upon requisition of the head of the proper department, in satisfaction of audited and settled demands against the United States, certificates for the whole amount due, or parts thereof not less than one thousand dollars, signed by the Treasurer of the United States, and countersigned as may be directed by the Secretary of the Treasury ; which certificates shall be payable...
Page 20 - It is invested with the power to coin money, and to regulate the value thereof, and to regulate commerce with foreign nations and among the several States.
Page 28 - ... and the revenue, upon the supposition, supplies more than is needed for that purpose. There is, then, no mode in which a currency in United States notes can be permanently maintained, except by loans of them, when not required for disbursement, on deposits of coin, or pledge of securities, or in some other way.
Page 23 - ... and after stating the financial measures which in his judgment were advisable, he added: "The secretary recommends, therefore, no mere paper money scheme, but on the contrary a series of measures looking to a safe and gradual return to gold and silver as the only permanent basis, standard, and measure of value recognized by the constitution.
Page 13 - ... The systems of legislators are experiments made on human life and manners, society and government. Zoroaster, Confucius, Mithras, Odin, Thor, Mahomet, Lycurgus, Solon, Romulus, and a thousand others may be compared to philosophers making experiments on the elements. Unhappily, political experiments cannot be made in a laboratory, nor determined in a few hours.
Page 28 - The principal objections to the latter circulation, as a permanent system, were thus stated by him : " (1) The facility of excessive expansion when expenditures exceed revenue ; (2) The danger of lavish and corrupt expenditure, stimulated by facility of expansion ; (3) The danger of fraud iu management and supervision; (4) The impossibility of providing it in sufficient amounts for the wants of the people whenever expenditures are reduced to equality with revenue, or below it.