Silver Its True Place in the Circulation a Lecture Delivered On 6th May 1892
Silver Its True Place in the Circulation a Lecture Delivered On 6th May 1892
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This is another fonn of bad credit paper, because they are based upon United vStates paper bonds, and although used as a war measure, thej'^ have no place in times of peace, for they should and could be based iipon silver and gold only. To show the weakness, let us suppose that a labor war should arise in the United States, and what would be the price of those $175, 000, 000 of bonds ? Probably as in the former Civil War, 35 per cent. , or only $. "}S, 000, 00(). Now according to the national b...ank law, our Comptroller of the Currency could call upon the national banks to deposit further security — $110, 000, 000. That would mean one of two things, either the national banks must at once surrender all their notes and all their bonds or go bankrupt, one and all. This . Shows the folly of credit paper not based upon silver or gold ; and rememlx. 'r that this $173, 000, 000 paper just drives out that volume of silver, or ])artly so, and really is one of the greatest causes of the present low i>rice of silver.
What to read after Silver Its True Place in the Circulation a Lecture Delivered On 6th May 1892?
You can find similar books in the "Read Also" column, or choose other free books by James Willway Treadwell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This is another fonn of bad credit paper, because they are based upon United vStates paper bonds, and although used as a war measure, thej'^ have no place in times of peace, for they should and could be based iipon silver and gold only. To show the weakness, let us suppose that a labor war should arise in the United States, and what would be the price of those $175, 000, 000 of bonds ? Probably as in the former Civil War, 35 per cent. , or only $. "}S, 000, 00(). Now according to the national b...ank law, our Comptroller of the Currency could call upon the national banks to deposit further security — $110, 000, 000. That would mean one of two things, either the national banks must at once surrender all their notes and all their bonds or go bankrupt, one and all. This . Shows the folly of credit paper not based upon silver or gold ; and rememlx. 'r that this $173, 000, 000 paper just drives out that volume of silver, or ])artly so, and really is one of the greatest causes of the present low i>rice of silver.
What to read after Silver Its True Place in the Circulation a Lecture Delivered On 6th May 1892?
You can find similar books in the "Read Also" column, or choose other free books by James Willway Treadwell to read onlineMoreLess
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