A Critical Examination of Our Financial Policy During the Southern Rebellion. by Simon Newcomb.Scholarly Publishing Office, University of Michigan Library, 1865 - 232 pages |
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Page 68
... bills , or giving the public creditors a lien on particular taxes . Indeed , the rate at which we are borrowing has no precedent in the history of nations . The great- est loans ever attempted even by Great Britain , are insignificant ...
... bills , or giving the public creditors a lien on particular taxes . Indeed , the rate at which we are borrowing has no precedent in the history of nations . The great- est loans ever attempted even by Great Britain , are insignificant ...
Page 69
... bills issued over those redeemed : 1801 , £ 28,000,000 = $ 136,000,000 1802 , £ 21,000,000 = $ 102,000,000 1803 , £ 15,000,000 = $ 73,000,000 1804 , £ 18,000,000 $ 87,000,000 1805 , £ 20,000,000 $ 97,000,000 1806 , £ 18,000,000 ...
... bills issued over those redeemed : 1801 , £ 28,000,000 = $ 136,000,000 1802 , £ 21,000,000 = $ 102,000,000 1803 , £ 15,000,000 = $ 73,000,000 1804 , £ 18,000,000 $ 87,000,000 1805 , £ 20,000,000 $ 97,000,000 1806 , £ 18,000,000 ...
Page 89
... bills issued by authority and promising the payment of money , circulated as the representative of coin . " In mercantile language a bill is said to be " redeemable " when the drawer is ready to pay it . It is notorious that the bills ...
... bills issued by authority and promising the payment of money , circulated as the representative of coin . " In mercantile language a bill is said to be " redeemable " when the drawer is ready to pay it . It is notorious that the bills ...
Page 99
... bill . But for it , our currency might now be rapidly following our Continental money , and the present currency of the rebels , in the road to ruin . But a great part of the good effect which might have resulted from this proviso , was ...
... bill . But for it , our currency might now be rapidly following our Continental money , and the present currency of the rebels , in the road to ruin . But a great part of the good effect which might have resulted from this proviso , was ...
Page 106
... bill , which two months after the suspension protected the Treasury against the as- saults of its creditors by surrounding it with a par- apet of legal tender paper , the confidence of the nation was not at first impaired . This is ...
... bill , which two months after the suspension protected the Treasury against the as- saults of its creditors by surrounding it with a par- apet of legal tender paper , the confidence of the nation was not at first impaired . This is ...
Common terms and phrases
actually amount argument army assignats barrels of flour bill bonds borrow capital cause circulation cloth Congress considered Continental Congress creditor currency debtor demand notes depreciating currency depreciation direct tax effects enacted entire equivalent ernment evil exchange export fact faith farmer give gold coin gold dollar gold value Government government bonds holder Honorable Secretary illustrated increase individual interest labor laws of value legal tender clause legal tender notes less levy loans of coin manufacturer measure ment millions National Bank national debt necessary obliged opinion paid in coin paper money payable pound sterling present price of gold principles productive profits promise public credit public debt question raise reason receive redeemable redemption rise savings bank sell six per cent specie payments speculators supply supposed thing tion Treasury United States notes wealth worth
Popular passages
Page 99 - ... lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest as aforesaid.
Page 188 - ... periods; property of any sort, however worthless, either real or personal, might be tendered by the debtor in payment of his debts; and the creditor was compelled to take the property of the debtor, which he might seize on execution, at an appraisement wholly disproportionate to its known value. Such grievances and oppressions, and others of a like nature, were the ordinary results of legislation during the revolutionary war and the intermediate period down to the formation of the constitution....
Page 179 - ... notes, but to establish discriminations in business against those who. in this matter, give a cordial support to the Government, and in favor of those who do not. Such discriminations should, if possible, be prevented ; and the provision making the notes a legal tender, in a great measure at least, prevents it, by putting all citizens, in this respect, on the same level, both of rights and duties.