Our Money Wars the Example And Warning of American Finance
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This law also enabled the stockholders of banks to sell their bonds (the most of which cost $40 and $50 1 82 OUR MONEY WARS.
on the $100) for $120, and returned them their 10 per cent, of bonds over circulation. After the bonds were lifted and sold, the Government and the people had no security for the National bank-notes but the legal-tender notes to the same amount. We would infer from this that the legal tenders were better than the bonds, in the estimation of Congress. Why not bank upon leg...al tenders, therefore, instead of bonds ?
The Value of Convertible Currency. — That noted financier, Wm. H. Winder, said, July, 1874, in the N. Y. News, which he used as his organ (paying for the printing of his articles) : — The reader will bear in mind that, for the pur- pose of rendering suspension of specie payments an impos- sibility, and to make steadiness assured, so that no tempta- tion to undue expansion could be indulged in, the law known as the " Peel " Act was passed, in England, in 1844 ; by which the Bank was prohibited from issuing any more notes, except upon the actual previous deposit of one dollar in gold for every dollar of paper which should be thereafter issued.
What to read after Our Money Wars the Example And Warning of American Finance?
You can find similar books in the "Read Also" column, or choose other free books by Samuel Leavitt to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This law also enabled the stockholders of banks to sell their bonds (the most of which cost $40 and $50 1 82 OUR MONEY WARS.
on the $100) for $120, and returned them their 10 per cent, of bonds over circulation. After the bonds were lifted and sold, the Government and the people had no security for the National bank-notes but the legal-tender notes to the same amount. We would infer from this that the legal tenders were better than the bonds, in the estimation of Congress. Why not bank upon leg...al tenders, therefore, instead of bonds ?
The Value of Convertible Currency. — That noted financier, Wm. H. Winder, said, July, 1874, in the N. Y. News, which he used as his organ (paying for the printing of his articles) : — The reader will bear in mind that, for the pur- pose of rendering suspension of specie payments an impos- sibility, and to make steadiness assured, so that no tempta- tion to undue expansion could be indulged in, the law known as the " Peel " Act was passed, in England, in 1844 ; by which the Bank was prohibited from issuing any more notes, except upon the actual previous deposit of one dollar in gold for every dollar of paper which should be thereafter issued.
What to read after Our Money Wars the Example And Warning of American Finance?
You can find similar books in the "Read Also" column, or choose other free books by Samuel Leavitt to read onlineMoreLess
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