Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States |
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Page 10
... cent annually ; and the cost of its transportation , which would equal many millions every year . But such burdens might be by no means the greatest of those resulting from an attempt to effect all the exchanges of prop- erty by the use ...
... cent annually ; and the cost of its transportation , which would equal many millions every year . But such burdens might be by no means the greatest of those resulting from an attempt to effect all the exchanges of prop- erty by the use ...
Page 21
... cent , it will be in receipt of an annual income of $ 300,000 . Out of this it has to deduct interest on its reserves , say $ 60,000 ; expense of management , $ 70,000 ; losses averaging , say $ 50,000 annually , - the total being ...
... cent , it will be in receipt of an annual income of $ 300,000 . Out of this it has to deduct interest on its reserves , say $ 60,000 ; expense of management , $ 70,000 ; losses averaging , say $ 50,000 annually , - the total being ...
Page 22
... cent cheaper on an order for $ 100,000 of merchandise , than on one for $ 10,000 . The commerce of such a country as the United States has resulted in a great measure from a reduction in the cost of distribution . Previous to the ...
... cent cheaper on an order for $ 100,000 of merchandise , than on one for $ 10,000 . The commerce of such a country as the United States has resulted in a great measure from a reduction in the cost of distribution . Previous to the ...
Page 23
... cent , in consequence of the reduction in the cost of transportation and of the markets opened by the canal , each would pay , say , fifty per cent less for what each purchased of the other . If in the end , the rate of their respective ...
... cent , in consequence of the reduction in the cost of transportation and of the markets opened by the canal , each would pay , say , fifty per cent less for what each purchased of the other . If in the end , the rate of their respective ...
Page 25
... cent of its liabilities : that is , with $ 5,000,000 of notes and credits outstanding , it should maintain in its vaults at least $ 1,000,000 in coin . This coin , in fact , is the fund or capital which is to guaranty its undertaking ...
... cent of its liabilities : that is , with $ 5,000,000 of notes and credits outstanding , it should maintain in its vaults at least $ 1,000,000 in coin . This coin , in fact , is the fund or capital which is to guaranty its undertaking ...
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Common terms and phrases
accommodation bills Adam Smith amount of coin Aristotle assumed Bank of England bank-notes bankers bills given bills of exchange borrowers bullion capital circulation Committee commodities consequently consumers consumption contraction convertible corresponding amount cost country Banks debt demand deposits depreciated discharge discount distribution Economists effect equal excess exchange exports foreign gold and silver greater hand holders Hume immediately inconvertible increase industry issuers kind labor latter liabilities loans Lord Overstone loss means ment merchandise merchant methods nature necessary never notes and credits operations paid paper currency paper money parties payable payment Political Economy possessed precious metals principle produce profit proper purchase quantity question ratio reason received reduced rency represent reserves rule says securities sell Smith specie speedily supply supposed symbolic currency theory thing tion trade transactions usury value of money Wealth of Nations whole wholly
Popular passages
Page 477 - 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 509 - Each public officer who takes an oath to support the Constitution swears that he will support it as he understands it, and not as it is understood by others.
Page 11 - 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 469 - 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 492 - 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 466 - 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 2 - And a river went out of Eden to water the garden, and from thence it was parted and became into four heads.
Page 466 - 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 476 - 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 277 - 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.