Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States

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H. V. and H. W. Poor, 1877 - Banks and banking - 623 pages

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Contents

That a currency may be convertible the means therefor must be provided
39
Such loans transfer the actual possession of capital from the owner to
47
All government currencies the representatives of debt not of capital
51
Why governments cannot issue convertible currencies
55
Always a forced loan
57
Methods followed in the investigation of its laws those of the Schoolmen
61
The unscientific character of his mind
69
Money not yet emancipated from the teachings of Aristotle
73
They become in this way the highest guarantees for the peace and order
74
Locke called upon to refute
79
JOHN
81
Adam Smith greatly indebted to
85
An imaginary value no value
94
Does not displace a corresponding amount of coin
95
Adopts the deductive method
100
Invention of money impossible
103
ent measure
107
Contradictions in which Smith involved himself
111
Money is the only one the maintenance of which can occasion
114
Money the highest form of finished work
115
Wholly failed to comprehend the nature of paper money
122
Tendency of all commercial countries to symbolize their products
129
Advances to be made to merchants only as the representatives of manu
135
To equal the amount of merchandise entering into consumption 185
136
Contempt of the Greeks and Romans for the useful industries 1440
141
Contrast between the old and new races
142
Sketch of the history of usury note
143
Without them there could have been neither civilization nor continuity
144
Economy
145
A person rich in proportion to the amount he holds
150
Importance of an equilibrium of the precious metals the world over
156
Untruthfulness of such assertions
163
Untruthfulness of such assertions
164
Morality a necessary condition of material welfare
167
His ignorance and want of method
169
His argument puerile to the last degree
175
Lectures on Political Economy
177
Stewart a striking example of the weakness and folly of the Schoolmen
181
Act of 1708 making it the manager and regulator of the currency
184
Issue of notes a right at common law
187
Operations of the Bank of England from 1814 to 1832 inclusive note
190
Their use as money double barter
191
Mr Pitt promises compliance
193
It appeals to the government
196
Cannot like bills of exchange be issued by producers
198
Banknotes remain at the par of gold till June 1800
199
Not the excess alone but all the issues of the Bank speedily return
202
One of the most distinguished disciples of Smith
204
The amount of such currency permanently outstanding increases
208
Money no more active than other kinds of capital
210
Repudiation vindicated in Congress by Jacob Thompson
212
William Huskisson
216
The insignia of government cannot create values
223
His assumptions wholly opposed to the fact
229
The Bank resumes May 1 1821
235
Lord Liverpools plan adopted
241
Testimony of the experts opposed to every principle on which currency
248
Its action corrected and neutralized by that of the jointstock Banks
254
No considerable amount of reserves needed by the former
299
The advantages assumed for the Act wholly imaginary
306
Thomas TOOKE
313
JOHN STUART MILL
331
The lending of money the lending of capital
333
Inconvertible currencies
341
Convertible currencies often inflate prices enormously
351
Mills description of the nature and functions of money borrowed from
357
MACLEOD
363
Gold and silver to be demonetized in case of a war as a means of retainin
373
Manual of Political Economy 375 Manual of Political Economy
376
The credits that affect prices are those that are turned into money
382
Quoted for the purpose of illustrating the present condition of monetary
391
Contrivances by which the same quantity may be made to do an increased
396
Banks discharge obligations arising between themselves by mutual offset
399
Price an illustration of what is taught as Political Economy
406
The existence of the Bank the brightest period in American financial
408
The value of all currencies depends upon their quality not quantity
410
Smiths elements of price and classifications of property arbitrary
415
His work only a restatement of Mill and McCulloch
416
Balance of trade a veritable fact
420
264
424
The science in its present form the work of Aristotle
426
Profit of Banks
431
Further issues and increased decline
442
Stewart in denying all value to money more logical than Smith
452
Amount of the public debt note
455
French loan
461
Profit of Banks
465
Adoption of the Constitution
467
Virginia and Kentucky Resolutions of 179899
479
Lord verstone the real author of the act of 1844
483
Report of the Committee 200
490
Summary of the Report
502
General Jacksons attack on the Bank the first attempt in this country
517
Measures taken by
522
His brutal treatment of the New York Committee
525
These propositions opposed to the fact
527
Demands to be paid in coin 558
529
125
531
Came to Washington to lift American legislation out of the forms of
532
Banking in Mississippi
539
In Ohio
549
Gradual recovery of the country
554
Election of Mr Lincoln to the Presidency
556
Success of their operations till he entered the field with his own notes
559
Account of their operations
563
His object not money but political advancement
565
General Jacksons first Annual Message declares the Bank unconstitutiona
571
Draws the bill for the second issue of notes
573
Criminality involved in their issue
579
METHOD OF RestMPTION AMOUNT OF Coin REQUIRED
582
The note holders to be left to take care of themselves
597
How such value is to be ascertained
601
Plan of Mr Sherman Secretary of the Treasury for resumption
603
Absurdity of the illustration
605
Nerer to form the reserves of Banks
609
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Page 121 - Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury...
Page 451 - 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 440 - I do not conceive we can exist long as a nation without lodging 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 xxxi - 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 483 - The authority of the Supreme Court must not, therefore, be permitted to control the Congress or the Executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve.
Page 443 - 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 453 - The judiciary of the United States is the subtle corps of sappers and miners constantly working under ground to undermine the foundations of our confederated fabric.
Page 450 - 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 and of amendments thereto, they constituted a general government for special purposes, delegated to that government certain definite powers, reserving each State to itself, the residuary mass of right to their own self-government; and that whensoever the general...
Page 444 - ... or other, to some one of so long a list of enumerated powers. It would swallow up all the delegated powers, and reduce the whole to one power, as before observed.
Page 143 - In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest.

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