The Money Question; The Wealth And Resources Of The United States, And Why The People Do Not Enjoy…

Paperback | January 8, 2012

byWilliam Augustus Berkey

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This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1878. Not illustrated. Excerpt: ... ISSUED DURING THE REBELLION. 171 virtue of the sovereign prerogative inherent in the people, and as their representative duly authorized by the Constitution, to issue full legal tender Treasury notes, not bearing interest. The reason of this is obvious. The chief end desired was to create a circulating medium of exchange, and this end could be accomplished only by issuing Treasury notes in a form that would enable them to perform the functions and serve the purposes of money. TREASURY NOTE BEARING INTEREST AND NOT A LEGAL TENDER.' And here it is proper to call attention to the difference between an ordinary Treasury note, bearing interest and not a legal tender, and a full legal tender Treasury note, not bearing interest. They are both based on the wealth and credit of the nation, but there the similitude ends. A Treasury note, bearing interest and not a legal tender, is simply an evidence or security of indebtedness, and differs from a bond only in form. It does not possess the attributes, nor can it perform the functions, of money. A creditor of the government may be obliged to take it at its face value or wait an indefinite time for his money; but, as it is not a legal tender, no one else is obliged to receive it at the value inscribed on its face. By its nature it is nothing more than a security in which to invest money, and is not designed or calculated to serve the purposes of a medium of exchange. The fact that it bears interest is a disadvantage 'to it as a medium of exchange, because in the ordinary transactions of life people cannot stop to reckon interest every time it .changes hands; and the fact that it is a partial legal tender (payable for certain dues or taxes to the government) leads those who have such duties to pay to decry its value ...

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This historic book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1878. Not illustrated. Excerpt: ... ISSUED DURING THE REBELLION. 171 virtue of the sovereign prerogative inherent in the people, and as their representative dul...

Format:PaperbackDimensions:118 pages, 9.69 × 7.44 × 0.25 inPublished:January 8, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:021760031X

ISBN - 13:9780217600316

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