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 viii
... merchandise , and retired by its use 10 RECE 10 11 11 11 13 13 13 13 14 Producers of merchandise the drawers of bills ... The holders of bills entitled to the specific thing drawn against 14 14 Bills not adapted to serve as local ...
... merchandise , and retired by its use 10 RECE 10 11 11 11 13 13 13 13 14 Producers of merchandise the drawers of bills ... The holders of bills entitled to the specific thing drawn against 14 14 Bills not adapted to serve as local ...
Page ix
... merchandise and having more than four months to run .. 22 42 42 43 Or such as will not mature within the time required for the distribution to consumers of the merchandise they represent 43 Governments can never issue a convertible ...
... merchandise and having more than four months to run .. 22 42 42 43 Or such as will not mature within the time required for the distribution to consumers of the merchandise they represent 43 Governments can never issue a convertible ...
Page xiii
... merchandise circulated by it The advantage of substituting paper for gold 128 128 • Proper limit of paper money the amount of merchandise to be symbolized Tendency of all commercial countries to symbolize their products . Paper money ...
... merchandise circulated by it The advantage of substituting paper for gold 128 128 • Proper limit of paper money the amount of merchandise to be symbolized Tendency of all commercial countries to symbolize their products . Paper money ...
Page 5
... merchandise other than that which he wished to secure or consume , as he would be in the same dilemma in the latter case as in the former . Such an exchange , if made at all , would have to be at the estimated value of his merchandise ...
... merchandise other than that which he wished to secure or consume , as he would be in the same dilemma in the latter case as in the former . Such an exchange , if made at all , would have to be at the estimated value of his merchandise ...
Page 10
... merchandise ; promissory notes ; and , later , notes of banks and bankers payable on demand to bearer , came into use . While exchanges of property must always be made at the standard of the precious metals , it by no means follows that ...
... merchandise ; promissory notes ; and , later , notes of banks and bankers payable on demand to bearer , came into use . While exchanges of property must always be made at the standard of the precious metals , it by no means follows that ...
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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.