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Adam Smith amount of coin assumed balance of trade Bank of England bank-notes bankers bills given bills of exchange borrowed bullion capital cause cent commercial Committee commodities Congress consequently consumption contraction convertible corresponding amount cost country Banks debt demand deposits depreciated discharge discount dollars Economists effect equal established excess existence exports foreign gold and silver greater holders inconvertible increase interest issuers kind labor latter laws legal tender liabilities loans Lord Overstone means measure ment merchandise merchants nation nature necessary never notes and credits operations paid paper currency paper money parties payable payment Political Economy possessed precious metals present principles produce profit purchase quantity question ratio reason receive reduced rency represent reserves says securities specie supply supposed symbolic theory thing tion trade transactions United value of money wealth Wealth of Nations whole wholly
Page 479 - 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 13 - And Abraham hearkened unto Ephron; and Abraham weighed to Ephron the silver, which he had named in the audience of the sons of Heth, four hundred shekels of silver, current money with the merchant.
Page 471 - 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 494 - 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 468 - I do not conceive we can exist long as a nation without having lodged somewhere a power, which will pervade the whole Union in as energetic a manner as the authority of the State governments extends over the several States.
Page 4 - And a river went out of Eden to water the garden, and from thence it was parted and became into four heads.
Page 468 - If you tell the legislatures, they have violated the treaty of peace, and invaded the prerogatives of the confederacy, they will laugh in your face.
Page 478 - 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 279 - The history of what we are in the habit of calling the " state of trade " is an instructive lesson. We find it subject to various conditions which are periodically returning ; it revolves apparently in an established cycle. First we find it in a state of quiescence, — next improvement, — growing confidence, — prosperity, — excitement, — overtrading, — convulsion, — pressure, — stagnation, — distress, — ending again in quiescence.