A Critical Examination of Our Financial Policy During the Southern Rebellion
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In our eReader you can find the full English version of the book. Read A Critical Examination of Our Financial Policy During the Southern Rebellion Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book A Critical Examination of Our Financial Policy During the Southern Rebellion
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This was saved because the notes, answering the purpose of money, were more acceptable than bonds would have been, and because we were enabled to pay off contracts made when gold was at par with notes after they had depreciated one-third.
But, since that time, up to the end of 1864, we have not only lost that $97, 000, 000, but $180, 000, - 000 in addition. At the end of this period the loss is peculiarly great, because we are paying debt con tracted when gold was at 260 with an appreciated cur...rency.
172 WEKE LEGAL TENDER NOTES NECESSARY ?
In 1865 we shall probably incur an indebted ness $300, 000, 000 greater than we should had we adhered to the specie standard, though the war should end immediately, because we will have to pay debts in the appreciated currency.
Thus, owing to the unfortunate misconception of the true object of the notes, a misconception founded upon a total ignorance of the functions of money, and the laws which in practice regulate its value, a measure which might have been a limited source of good has been made to work us infinite mischief.
What to read after A Critical Examination of Our Financial Policy During the Southern Rebellion?
You can find similar books in the "Read Also" column, or choose other free books by Newcomb Simon to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This was saved because the notes, answering the purpose of money, were more acceptable than bonds would have been, and because we were enabled to pay off contracts made when gold was at par with notes after they had depreciated one-third.
But, since that time, up to the end of 1864, we have not only lost that $97, 000, 000, but $180, 000, - 000 in addition. At the end of this period the loss is peculiarly great, because we are paying debt con tracted when gold was at 260 with an appreciated cur...rency.
172 WEKE LEGAL TENDER NOTES NECESSARY ?
In 1865 we shall probably incur an indebted ness $300, 000, 000 greater than we should had we adhered to the specie standard, though the war should end immediately, because we will have to pay debts in the appreciated currency.
Thus, owing to the unfortunate misconception of the true object of the notes, a misconception founded upon a total ignorance of the functions of money, and the laws which in practice regulate its value, a measure which might have been a limited source of good has been made to work us infinite mischief.
What to read after A Critical Examination of Our Financial Policy During the Southern Rebellion?
You can find similar books in the "Read Also" column, or choose other free books by Newcomb Simon to read onlineMoreLess
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