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 42
... redeemable . In the latter case , it will speedily lose all purchasing power , no matter how secure may be its ultimate redemption ; for the simple reason that people cannot afford to part with the fruits of labor for any thing but ...
... redeemable . In the latter case , it will speedily lose all purchasing power , no matter how secure may be its ultimate redemption ; for the simple reason that people cannot afford to part with the fruits of labor for any thing but ...
Page 89
... redeemable " when the drawer is ready to pay it . It is notorious that the bills in question answered to the above definition , and that the Treasury was not ready then , and is not ready yet , to pay them . Therefore , to take the ...
... redeemable " when the drawer is ready to pay it . It is notorious that the bills in question answered to the above definition , and that the Treasury was not ready then , and is not ready yet , to pay them . Therefore , to take the ...
Page 96
... redeemable , not directly in coin , but in the class of securities familiarly known as five - twenty bonds . " 3. They are themselves part of the public debt , inasmuch as each note contains a promise that the United States will pay the ...
... redeemable , not directly in coin , but in the class of securities familiarly known as five - twenty bonds . " 3. They are themselves part of the public debt , inasmuch as each note contains a promise that the United States will pay the ...
Page 97
... redeemable in the bonds al- luded to . Hence their value could not fall below that of the bonds , for which they could at any time . be exchanged . But how was the value of the bonds fixed ? By the terms of the legal tender act the ...
... redeemable in the bonds al- luded to . Hence their value could not fall below that of the bonds , for which they could at any time . be exchanged . But how was the value of the bonds fixed ? By the terms of the legal tender act the ...
Page 98
... redeemable in bonds which were again redeemable in notes , was like trying to keep a ship from blowing to sea by lashing her to another , and then anchoring this one by lashing her to the first . 1 The interest of the public debt was ...
... redeemable in bonds which were again redeemable in notes , was like trying to keep a ship from blowing to sea by lashing her to another , and then anchoring this one by lashing her to the first . 1 The interest of the public debt was ...
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.