A History of American CurrencyHenry Holt and Company, 1874 - 391 pages |
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Common terms and phrases
advances amount appears Aug Feb balance of trade bank notes Bank of England Bank of Ireland bank paper bank-notes bankers bills Bullion Report capital cash payments cause cent charter circulating medium circumstances coinage colony commercial Committee commodities Congress continued contraction convertible country banks crisis debt demand deposits depreciation Directors discount doctrine dollar effect excess exchange expense exports fall favorable fixed fluctuations foreign gold bullion gold coin Hamburgh high price imports increased legal tender limit loans London market price Massachusetts measure ment merchants millions operation opinion ounce paper currency paper issues paper money Parliament passed period pound sterling precious metals premium present price of gold produce quantity question reduced rency Restriction resume resumption Rhode Island seigniorage silver small notes Spanish dollars specie specie circular speculation standard sterling tariff taxes tion Treasury notes United States Bank York banks
Popular passages
Page 242 - REPORT FROM THE SELECT COMMITTEE ON THE HIGH PRICE OF BULLION Ordered by The House of Commons to be Printed 8th June, 1810 Reprinted 1919 THE SELECT COMMITTEE appointed to enquire into the Cause of the High Price of Gold Bullion, and to take into consideration the State of the CIRCULATING MEDIUM, and of the EXCHANGES between Great Britain and Foreign Parts...
Page 335 - to inquire into the cause of the high price, of gold bullion, and to take into consideration the state of the circulating medium and of the exchanges between Great Britain and foreign parts ; and to report the same, with their observations thereupon, from time to time to the House.
Page 374 - ... supply of currency to the general mass of circulating medium. If the advance of capital only is considered, as made to those who are ready to employ it in judicious and productive undertakings, it is evident there need be no other limit to the total amount of advances than what the means of the lender, and his prudence in the selection of borrowers, may impose. But in the present situation of the Bank, intrusted as it is with the function of supplying the public with that paper currency...
Page 374 - ... hands are safe, the operation is so far, and in this its first step, useful and productive to the public. But as soon as the portion of circulating medium, in which the advance was thus made, performs in the hands of him to whom it was advanced this its first operation as capital, as soon as the notes are exchanged by him for some other article which is capital, they fall into the channel of circulation as so much circulating medium, and form an addition to the mass of currency.
Page 48 - If it saved the State, it has also polluted the equity of our laws, turned them into enemies of oppression and wrong, corrupted the justice of our public administration, destroyed the fortunes of thousands who had most confidence in it, enervated the trade, husbandry, and manufactures of our country, and went far to destroy the morality of our people.
Page 347 - In this manner, a general rise of all prices, a rise in the market price of Gold, and a fall of the Foreign Exchanges, will be the effect of an excessive quantity of circulating medium in a country which has adopted a currency not exportable to other countries, or not convertible at will into a Coin which is exportable.
Page 45 - We have suffered more from this cause" he says, " than from every other cause of calamity : it has killed more men, pervaded and corrupted the choicest interests of our country more, and done more injustice than even the arms and artifices of our enemies...
Page 335 - House, considered the matters to them referred, and have agreed to the following .Report...
Page 200 - ... of the internal fire. Many thousand families of full and easy fortune were ruined by these fatal measures, and lie in ruins to this day without the least benefit to the country, or to the great and noble cause in which we were then engaged.
Page 386 - ... either as to such paper being in excess, or still less as to the proportion of such excess, yet they must remark, that the fact of any very great and rapid increase in that amount, when coupled and attended with all the indications of a depreciated circulation, does afford the strongest confirmatory evidence, that, from the want of some adequate check, the issues of such paper have not been restrained within their proper limits. Your Committee cannot quit this part of the subject without further...