Shall We Have Peace?; Peace Financial, And Peace Political? Letters To The President Elect Of The…

Paperback | February 4, 2012

byHenry Charles Carey

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1869. Excerpt: ... Between these two descriptions of superior currency there are these important differences, to wit:--That the note represents actual property of the parties by whom it is issued, that property having been deposited in the Treasury as scurity for its redemption; whereas the credit represents property temporarily deposited in the banks, and liable to be claimed at any instant: That, while the note cannot be so used as in any manner to change its relation to the total currency, the credit may be, and habitually is, so used as to duplicate its relation thereto--A, the actual owner, and B, the temporary user thereof, both exercising equal power of purchase and equal power to create a currency of checks or drafts--that superior one with the growth of which there should be diminished need for circulating notes: That, as the inferior of these two currencies--the note--yields no interest to its holder, all desire to circumscribe within the narrowest limits the quantity to be kept on hand: That, as the superior one--the credit--yields interest to its makers, banks and bankers seek as far as possible to increase it by lending out all the moneys standing to the credit of their customers: That, as the people at large find their interest promoted by limiting the use of circulating notes the quantity in actual use changes, under ordinary circumstances, so slowly as scarcely to be perceived; whereas, the quantity of credits, dependent as it is upon the arbitrary will of banks and bankers, changes from hour to hour, and with a rapidity that sets at defiance all calculation: That, consequently, it is the power to create the superior currency, that based on mere credits, which demands to be regulated by law; and not that inferior one which is based on property, and which fin...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1869. Excerpt: ... Between these two descriptions of superior currency there are these important differences, to wit:--That the note represents a...

Format:PaperbackDimensions:38 pages, 9.69 × 7.44 × 0.08 inPublished:February 4, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217873081

ISBN - 13:9780217873086

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