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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: 2,584
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

Carrie Doyle
Carrie Doyle's mysteries are extra cozy. She loves keeping her readers guessing, but also appealing to their senses with charming scenes straight from East Hampton, quirky characters and mouthwatering food descriptions. When she is not writing her latest novel, Doyle is sure to be part of one of a myriad of projects, which may include co-writing with another author, doing magazine articles, interviewing celebrities, arranging events or cooking up a storm in the kitchen. As our Author of the Day, Doyle talks about why her books are so yummy, gives us some insights in the character of Antonia Bingham and reveals why East Hampton is her favorite place in the world.
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