Banks and Currency

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Priljubljeni odlomki

Stran 508 - The United States in Congress assembled shall also have the sole and exclusive right and power of regulating the alloy and value of coin struck by their own authority, or by that of the respective States...
Stran 520 - The manner in which the bank checks the issues of the state banks, is equally simple and obvious. It consists in receiving the notes, of all those which are solvent, and requiring payment from time to time, without suffering the balance due by any to become too large.
Stran 441 - It is invested with the power to coin money, and to regulate the value thereof, and to regulate commerce with foreign nations and among the several States.
Stran 441 - States have intercourse, as far as they can be ascertained; prepared under the direction of the Secretary of the Treasury, in compliance with a resolution of the House of Representatives of 3d March, 1831; 3 vols.
Stran 468 - The depreciation was increased from the rate of six to that of thirty to one in nine months. " The average value in silver of the whole amount of paper in circulation, from April to September, 1779, was about six millions, and it sunk below five during the end of the year. The total amount of the paper was at that...
Stran 482 - ... deliberate opinion, that the suspension might have been prevented, and would not have happened at the time when it took place, had the former Bank of the United States been still in existence.
Stran 519 - The general complaints on the part of many of the state banks, that they are checked and controlled in their operations by the bank of the United States, that, to use a common expression, it operates as a screw, is the best evidence that its general operation is such as had been intended. It was for that very purpose that the bank was established. We are not however, aware, that a single solvent bank has been injured by that of the United States, though many have been undoubtedly restrained in their...
Stran 483 - ... to fix the public confidence in the administration of the affairs of the banks, and to give to each bank a legitimate share in the circulation, is not likely to receive the general sanction of the banks ; and that a recurrence to the national authority is indispensable for the restoration of a national currency. Such was the contemporaneous and deliberate opinion of the Officer of the Government, who had to struggle against the difficulties of a paper currency, not only depreciated, but varying...
Stran 514 - The first great advantage derived from it, consists in the safe keeping of the public moneys, securing, in the first instance, the immediate payment of those received by the principal collectors, and affording a constant check on all their transactions ; and afterwards rendering a defalcation in the moneys once paid, and whilst nominally in the Treasury, absolutely impossible. The next and not less important benefit is to be found in the perfect facility with which all the public payments are made...
Stran 468 - A paper currency, equal in value to that sum in gold or silver, could therefore be sustained so long as confidence was preserved. The issues were gradually increased during the ensuing years, and in April, 1778, amounted to thirty millions. A depreciation was the natural consequence; but had the value of the paper depended solely on its amount, the whole quantity in circulation would have still been equal in value to nine millions, and the depreciation should not have been more than...

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