Speeches of John C Calhoun Delivered in the Congress of the United States From
Speeches of John C Calhoun Delivered in the Congress of the United States From
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The measure of safety in the two cases are wholly different. A promissory note, or convertible paper, is considered safe so long as the drawer has ample means to meet his engagements, and, in pass- ing from hand to hand, regard is had only to his ability and willingness to pay. Very different is the case in currency. The aggregate value of the currency of a country necessarilybears a small proportion to the aggreo-ate value of its property. This proportion is not well ascertained, and is probab...ly subject to considerable variation in different countries, and at different periods in the same country. It may be assumed conjecturally, in order to illustrate what I say, at one to thirty. Assuming this proportion to be correct, which probably is not very far from the truth, it follows, that in a sound condition of the country, where the currency is metallic, the aggregate value df the coin is not more than one in thirty of the aggregate value of the property. It also follows that an increase in the amount of the currency, by the addition of a paper circulation of no in- trinsic value, but increases the nominal value of the aggregate property of the country in the same proportion that the increase bears to the whole amount of currency; so that, if the currency be doubled, the nominal value of the property will also be doubled.
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To quickly assess the difficulty of the text, read a short excerpt:
The measure of safety in the two cases are wholly different. A promissory note, or convertible paper, is considered safe so long as the drawer has ample means to meet his engagements, and, in pass- ing from hand to hand, regard is had only to his ability and willingness to pay. Very different is the case in currency. The aggregate value of the currency of a country necessarilybears a small proportion to the aggreo-ate value of its property. This proportion is not well ascertained, and is probab...ly subject to considerable variation in different countries, and at different periods in the same country. It may be assumed conjecturally, in order to illustrate what I say, at one to thirty. Assuming this proportion to be correct, which probably is not very far from the truth, it follows, that in a sound condition of the country, where the currency is metallic, the aggregate value df the coin is not more than one in thirty of the aggregate value of the property. It also follows that an increase in the amount of the currency, by the addition of a paper circulation of no in- trinsic value, but increases the nominal value of the aggregate property of the country in the same proportion that the increase bears to the whole amount of currency; so that, if the currency be doubled, the nominal value of the property will also be doubled.
What to read after Speeches of John C Calhoun Delivered in the Congress of the United States From?
You can find similar books in the "Read Also" column, or choose other free books by Calhoun John Caldwell to read onlineMoreLess
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