The Instrument of Association a Manual of Currency
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; and as the exchange is always against that country to Inch maintains a depreciated currency? it results that as a nation we are owing a demand debt of a thousand millions of dollars, 3 with in- terest thereon at the rate of six per cent, per annum, besides having exported the annual gold product. The nation has been consuming more than it has been producing even since the war closed, and taxation is encroaching upon capital, and we seem to be approaching the abyss of bankruptcy, slowly, perha...ps, but yet surely.
1 Say. 2 Smith.
3 It is not probable that this estimate is excessive. As between commercial nations, these bonds constitute a demand debt.
66 THE INSTRUMENT OP ASSOCIATION : Was ever the insensate folly of empiricism at- tended bv more disastrous results] It seems to me that the administration of our fiscal affairs has been profligate beyond any possible parallel. I know not whether the people will ever realize the truth of our terrible financial situation in time to prevent a great catastrophe ; but I believe that, sooner or later, they will learn to execrate the authors of a policy which has impoverished thirty millions of people, and brought disgrace upon their cherished name and fame among the nations of the earth.
What to read after The Instrument of Association a Manual of Currency?
You can find similar books in the "Read Also" column, or choose other free books by George a Potter to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
; and as the exchange is always against that country to Inch maintains a depreciated currency? it results that as a nation we are owing a demand debt of a thousand millions of dollars, 3 with in- terest thereon at the rate of six per cent, per annum, besides having exported the annual gold product. The nation has been consuming more than it has been producing even since the war closed, and taxation is encroaching upon capital, and we seem to be approaching the abyss of bankruptcy, slowly, perha...ps, but yet surely.
1 Say. 2 Smith.
3 It is not probable that this estimate is excessive. As between commercial nations, these bonds constitute a demand debt.
66 THE INSTRUMENT OP ASSOCIATION : Was ever the insensate folly of empiricism at- tended bv more disastrous results] It seems to me that the administration of our fiscal affairs has been profligate beyond any possible parallel. I know not whether the people will ever realize the truth of our terrible financial situation in time to prevent a great catastrophe ; but I believe that, sooner or later, they will learn to execrate the authors of a policy which has impoverished thirty millions of people, and brought disgrace upon their cherished name and fame among the nations of the earth.
What to read after The Instrument of Association a Manual of Currency?
You can find similar books in the "Read Also" column, or choose other free books by George a Potter to read onlineMoreLess
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