The Essential Elements of a Monetary System Address Before the Worlds Congress
The Essential Elements of a Monetary System Address Before the Worlds Congress
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In our eReader you can find the full English version of the book. Read The Essential Elements of a Monetary System Address Before the Worlds Congress Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Essential Elements of a Monetary System Address Before the Worlds Congress
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This purchase can only be made by using the national credit, that is, the joint or common credit of our sixty-six million people. The Government can not buy gold or silver with 20 gold or silver. It can not buy with merchandise or produce, for the Government is not a merchant or producer. It might make all or a part of the taxes payable in gold or silver coin ; but this would force citizens to pay a premium, thus shifting the general burden of purchasing from the sixty-six millions of people up...on a few. There is therefore no just or honest way by which the Government can buy gold or silver except to issue bonds or legal-tender paper money. In other words, the credit of the sixty-six millions of people is the only thing that can be used to buy gold or silver for money use. The premium on gold or silver in exchange for bonds or legal-tender money is either the interest on the bonds or the legal-tender function of the paper money.
WHY ?
Now if the credit of the Government is as good as gold or silver for domestic money use, and can be exchanged for gold or silver by paying interest for the use of them, why should it be exchanged at all ?
What to read after The Essential Elements of a Monetary System Address Before the Worlds Congress?
You can find similar books in the "Read Also" column, or choose other free books by Robert M Widney to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This purchase can only be made by using the national credit, that is, the joint or common credit of our sixty-six million people. The Government can not buy gold or silver with 20 gold or silver. It can not buy with merchandise or produce, for the Government is not a merchant or producer. It might make all or a part of the taxes payable in gold or silver coin ; but this would force citizens to pay a premium, thus shifting the general burden of purchasing from the sixty-six millions of people up...on a few. There is therefore no just or honest way by which the Government can buy gold or silver except to issue bonds or legal-tender paper money. In other words, the credit of the sixty-six millions of people is the only thing that can be used to buy gold or silver for money use. The premium on gold or silver in exchange for bonds or legal-tender money is either the interest on the bonds or the legal-tender function of the paper money.
WHY ?
Now if the credit of the Government is as good as gold or silver for domestic money use, and can be exchanged for gold or silver by paying interest for the use of them, why should it be exchanged at all ?
What to read after The Essential Elements of a Monetary System Address Before the Worlds Congress?
You can find similar books in the "Read Also" column, or choose other free books by Robert M Widney to read onlineMoreLess
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