Banking Theories in the United States Before 1860

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Harvard University Press, 1927 - 240 стор.

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Сторінка 25 - I had been of some service, thought fit to reward me by employing me in printing the money ; a very profitable job and a great help to me.
Сторінка 56 - Should the circulating paper at any time exceed that sum, as the excess could neither be sent abroad nor be employed in the circulation of the country, it must immediately return upon the banks to be exchanged for gold and silver.
Сторінка 25 - There is a certain proportionate quantity of money requisite to carry on the trade of a country freely and currently ; more than which would be of no advantage in trade, and less, if much less, exceedingly detrimental to it.
Сторінка 181 - And though laws which violently sink the legal rate of interest greatly below the market level, are not to be commended, because they are not calculated to answer their aim ; yet, whatever has a tendency to effect a reduction, without violence to the natural course of things, ought to be attended to and pursued.
Сторінка 28 - First. The augmentation of the active or productive capital of a country. Gold and silver, when they are employed merely as the instruments of exchange and alienation, have been not improperly denominated dead stock; but when deposited in banks, to become the basis of a paper circulation, which takes their character and place, as the signs or representatives of value, they then acquire life, or, in other words, an active and productive quality.
Сторінка 37 - Let us suppose, for example, that the whole circulating money of some particular country amounted, at a particular time, to one million sterling, that sum being then sufficient for circulating the whole annual produce of their land and labour. Let us suppose too, that some time thereafter, different banks and bankers issued promissory notes, payable to the bearer, to the extent of one million, reserving in their different coffers two hundred thousand pounds for answering occasional demands.
Сторінка 57 - Among other material differences between a paper currency, issued by the mere authority of Government, and one issued by a Bank, payable in coin, is this—That in the first case, there is no standard to which an appeal can be made, as to the quantity which will only satisfy, or which will surcharge the circulation; in the last, that standard results from the demand.
Сторінка 18 - A national bank of deposit I believe to be wise, just, prudent, economical, and necessary. But every bank of discount, every bank by which interest is to be paid or profit of any kind made by the deponent, is downright corruption. It is taxing the public for the benefit and profit of individuals; it is worse than old tenor, continental currency, or any other paper money.
Сторінка 38 - Let us suppose too, that some time thereafter, different banks and bankers issued promissory notes, payable to the bearer, to the extent of one million, reserving in their different coffers two hundred thousand pounds for answering occasional demands. There would remain, therefore, in circulation, eight hundred thousand pounds in gold and silver, and a million of bank notes, or eighteen hundred thousand pounds of paper and money together. But the annual produce of the land and labour of the country...
Сторінка 34 - There is a leading view in which the tendency of banks will be seen to be to abridge rather than, to promote usury. This relates to their property of increasing the quantity and quickening the circulation of money. If it be evident that usury will prevail or diminish according to the proportion which the demand for borrowing bears to the quantity of money at market to be lent ; whatever has the property just mentioned, whether it be in the shape of paper or coin, by contributing to render the supply...

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