Our National Currency the Treasury Notes of the Government And the Issues of
Our National Currency the Treasury Notes of the Government And the Issues of
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Our experiences have repeatedly demonstrated that our domestic trade may flourish, independent of a metal currency.
In the absence of an adequate supply of the pre- cious metals, we require some substitute, which, like those metals, shall have an independent value of its own, and which will, therefore, be substantially perma- 8 nent. Only such a currency is competent to meet our necessities.
Bank paper, redeemable in specie on demand, is abundant when specie is abundant, and scarce when specie ...is in deficient supply. When least needed, it is most to be had ; when most required, it is least easy to procure ; because it has no value independent of gold and silver, and must be withdrawn from use when there is lack of specie for its redemption. Thus our banks, instead of averting, have at times assist- ed in creating panics; but have never materially assisted us to arise from one.
Is it still asked why panics have been more frequent and more disastrous with us than with the commercial nations of Europe ?
What to read after Our National Currency the Treasury Notes of the Government And the Issues of?
You can find similar books in the "Read Also" column, or choose other free books by Daniel Needham to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Our experiences have repeatedly demonstrated that our domestic trade may flourish, independent of a metal currency.
In the absence of an adequate supply of the pre- cious metals, we require some substitute, which, like those metals, shall have an independent value of its own, and which will, therefore, be substantially perma- 8 nent. Only such a currency is competent to meet our necessities.
Bank paper, redeemable in specie on demand, is abundant when specie is abundant, and scarce when specie ...is in deficient supply. When least needed, it is most to be had ; when most required, it is least easy to procure ; because it has no value independent of gold and silver, and must be withdrawn from use when there is lack of specie for its redemption. Thus our banks, instead of averting, have at times assist- ed in creating panics; but have never materially assisted us to arise from one.
Is it still asked why panics have been more frequent and more disastrous with us than with the commercial nations of Europe ?
What to read after Our National Currency the Treasury Notes of the Government And the Issues of?
You can find similar books in the "Read Also" column, or choose other free books by Daniel Needham to read onlineMoreLess
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