The Tariff Question And Its Relation to the Present Commercial Crisis
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deemable currency is the ever-present fear that it may be arbitrarily increased in volume — that the blind Cy- clops of popular ignorance may in his anguish force an squally blind Congress to multiply bits of paper upon us, under the delusion that the country will then be able to consume more coal, and iron, and cloth, and hence to pay better wages than before. I hold it to be likewise a delusion, though a harmless one, to suppose that alter- ing our medium of exchange from paper to coin will i...n- crease the quantities of things exchanged. We are exhorted to believe that it will restore confidence, and induce capitalists to embark in new enterprises. New enterprises mean, of course, new or further production of things to be sold, used, and consumed. ]3ut it hap- pens that capitalists are already producing more of these things than can be sold, used, or consumed, and when any new demand springs up capital makes small diffi- culty of supplying it on account of the currency. It is most desirable on other grounds that coin payments should be restored, but the expectation which so many indulge that specie resumption will charm away these hard times, is not well founded.
What to read after The Tariff Question And Its Relation to the Present Commercial Crisis?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
deemable currency is the ever-present fear that it may be arbitrarily increased in volume — that the blind Cy- clops of popular ignorance may in his anguish force an squally blind Congress to multiply bits of paper upon us, under the delusion that the country will then be able to consume more coal, and iron, and cloth, and hence to pay better wages than before. I hold it to be likewise a delusion, though a harmless one, to suppose that alter- ing our medium of exchange from paper to coin will i...n- crease the quantities of things exchanged. We are exhorted to believe that it will restore confidence, and induce capitalists to embark in new enterprises. New enterprises mean, of course, new or further production of things to be sold, used, and consumed. ]3ut it hap- pens that capitalists are already producing more of these things than can be sold, used, or consumed, and when any new demand springs up capital makes small diffi- culty of supplying it on account of the currency. It is most desirable on other grounds that coin payments should be restored, but the expectation which so many indulge that specie resumption will charm away these hard times, is not well founded.
What to read after The Tariff Question And Its Relation to the Present Commercial Crisis?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
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