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A New Banking System

The Needful Capital for Rebuilding the Burnt District

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Published: 1873
Language: English
Wordcount: 18,113 / 61 pg
Flesch-Kincaid Reading Ease: 37.5
LoC Category: HJ
Downloads: 2,639
Added to site: 2010.11.01
mnybks.net#: 29431
Origin: gutenberg.org
Excerpt

ittle of it can ever be issued, or kept in circulation; and that little will be so irregular and inconstant in amount as to cause continual and irremediable derangements. But if a paper currency, instead of promising to pay specie on demand, promises only an alternative redemption, viz: specie on demand, or specie with interest from the time of demand, or other merchantable property of equal market value with specie--it can then be issued to an amount equal to such property; and yet keep its promises to the letter. It can, therefore, furnish all the credit and currency that can be needed; or at least many times more than the so called specie paying system ever did, or ever can, furnish. And then the interest, industry and trade of a nation will never be disturbed by the exportation of specie. And yet the standard of value will always be maintained.

The difference between the system here proposed, and the so called specie paying system--in respect to their respective capacities for furnishing c

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Author of the Day

David Niall Wilson
David Niall Wilson has had experiences in real life that can rival anything you would find in a novel. It is a good thing too, as the stories he collected while walking these strange and interesting paths has shaped him as a writer. David is not only the author of numerous novels and short stories, but also runs his own print, digital and audio publishing company. This makes him a busy man indeed, but we did manage to catch up with him to find out more about his novel, Nevermore, his fascination with history and some of his most unique travel experiences.
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