Read e-book online A Short History of Paper-Money and Banking in the United PDF

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By William M. Gouge

ISBN-10: 1144341345

ISBN-13: 9781144341341

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Read Online or Download A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System PDF

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Additional info for A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System

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Effects on Happiness, XXIV. Of the Evils that would be Produced by a. Sudden Dissolution of the System, - 101 iv CONTENTS. Pages. CHAPTER XXV. XXVI. XXVII. " XXVIlI. " XXIX. " xxx. " XXXI. Of the Proper Mode of Proceeding, Of aNew Coinage of Gold, Of the Fiscal Concerns of the Union, Of Banking on Proper Principles, Probable Consequences of the Continuance of the Present System, Probable Effects of the Establishment of a System of Sound Currency and Sound Credit, Summary, PART - 103 - too - III - 117 - 123 - 128 - 135 n.

By this operation, becoming less valuable in England than in other countries, would be exported to ,other countries; that the excess of paper would be returned upon the Banks in demand for it, to be sent abroad until the excess was withdrawn; and that the value of both paper and gold would then rise to its previous level, and the exportation of gold cease. This doctrine negatived the idea of Smith, that an excess of issues did not find its way into consumptive circulation. It was contended, on the contrary, that prices must be raised above their proper level, before the exportation of gold could be brought about.

3. Gold and silver, especially with the mixture of alloy that they admit of, are hard enough to resist very considerable friction, and are therefore fitted for rapid circulation. 4. Their rarity and consequeut dearness are not so great, that the quantity of gold or of silver, equivalent to the generality of goods, is too minute for ordinary perception: nor, on the other hand, are they so abundant and cheap, as to make a large value amount to a great weight. 5. They are capable of receiving a stamp or impression, certifying the weight of the piece, and the degree of its purity.

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A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System by William M. Gouge


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