Considerations On the Currency And Banking System of the United States 30
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This defect is inherent to every species of paper currency, even when payable on demand. There were three hundred and twenty-nine state banks, and twenty-two offices of the Bank of the United States, in operation on the 1st of January, 1830.
We had therefore three hundred and fifty-one distinct curren- cies, all convertible into specie, but each at diffi^rent places. A note of the Bank of the United States, or of the Bank of North America, both payable at Philadelphia, was no more exchange- abl...e for gold or silver, at Bedford, in Pennsylvania, than at Cin- cinnati; the only difference consisting in the greater distance from the place of payment, which renders a fluctuation in the rate of exchange more probable. V/hen, therefore, it is ob- jected as a want of uniformity, that the notes issued by the Bank of the United States, and its several offices, are not indis- criminately made payable at every one of those places, the ob- jection does not go far enough. In order to attain perfect uni- formity, or to render those notes everywhere precisely equal in value to specie, they should be made payable at every tovyn or village in the United States.
What to read after Considerations On the Currency And Banking System of the United States 30?
You can find similar books in the "Read Also" column, or choose other free books by Albert Gallatin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This defect is inherent to every species of paper currency, even when payable on demand. There were three hundred and twenty-nine state banks, and twenty-two offices of the Bank of the United States, in operation on the 1st of January, 1830.
We had therefore three hundred and fifty-one distinct curren- cies, all convertible into specie, but each at diffi^rent places. A note of the Bank of the United States, or of the Bank of North America, both payable at Philadelphia, was no more exchange- abl...e for gold or silver, at Bedford, in Pennsylvania, than at Cin- cinnati; the only difference consisting in the greater distance from the place of payment, which renders a fluctuation in the rate of exchange more probable. V/hen, therefore, it is ob- jected as a want of uniformity, that the notes issued by the Bank of the United States, and its several offices, are not indis- criminately made payable at every one of those places, the ob- jection does not go far enough. In order to attain perfect uni- formity, or to render those notes everywhere precisely equal in value to specie, they should be made payable at every tovyn or village in the United States.
What to read after Considerations On the Currency And Banking System of the United States 30?
You can find similar books in the "Read Also" column, or choose other free books by Albert Gallatin to read onlineMoreLess
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