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Author: Albert Gallatin
Publisher: Philadelphia : Carey & Lea
ISBN:
Category : Banks and banking
Languages : en
Pages : 120
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Author: Albert Gallatin
Publisher: Philadelphia : Carey & Lea
ISBN:
Category : Banks and banking
Languages : en
Pages : 120
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Author: John Stuart-Wortley Baron Wharncliffe
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 36
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Author: Albert Gallatin
Publisher: Rarebooksclub.com
ISBN: 9781230180588
Category :
Languages : en
Pages : 48
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1831 edition. Excerpt: ... nearly equal amount of these would be returned upon them, and that the real amount of those in actual circulation should not be estimated at more than fifty-three and a half millions of dollars. We have however adopted throughout the usual mode of computation. If to the amount of notes we add the deposits, we will have a total of either one hundred and eighteen, or one hundred and nine millions, according to each of those two modes of computing, for the circulation of all the banks. This is sustained by a sum of twenty-two millions in specie, which makes no part of the circulation. There are no means of ascertaining correctly the portion which consists of the precious metals. The silver coinage of England forms nearly one-seventh part of the whole circulation of that country. At that rate, that of the United States, allowing for the various considerations which may affect the question, cannot be estimated at more than ten millions. It is well known, that gold has been altogether excluded by the mint regulations. We have therefore the following results, according to the view of the subject, which may be adopted: Gross amount of notes issued, $62,500,000 Silver coins, 10,000,000 Usual mode of computing, 1, .... 72,500,000 And if deposits are included, 55,500,000 2, .... 128,000,000 But if the bank notes of other banks on hand are deducted, the notes in circulation will be-$53,500,000 Silver, 10,000,000 3, 63,500,000 And if deposits are included, 55,500,000 4 119,000,000 Which last appears to us the most correct mode of computation. Although we have freely expressed our opinion, that, taking into consideration all the circumstances which belong to the subject, it might have been preferable in the United States to have had nothing but a.
Author: Albert Gallatin
Publisher:
ISBN: 9781331247272
Category : Business & Economics
Languages : en
Pages : 234
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Excerpt from Considerations on the Currency and Banking System of the United States The framers of the Constitution of the United States were deeply impressed with the still fresh recollection of the baneful effects of a paper money currency, on the property and on the moral feeling of the community. It was accordingly provided by our National Charter, that no state should coin money, emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, or pass any law impairing the obligation of contracts; and the power to coin money and to regulate the value thereof, and of foreign coin, was, by the same instrument, vested exclusively in Congress. As this body has no authority to make any thing whatever a tender in payment of private debts, it necessarily follows, that nothing but gold and silver coin can be made a legal tender for that purpose, and that Congress cannot authorize the payment, in any species of paper currency, of any other debts but those due to the United States, or such debts of the United States as may, by special contract, be made payable in such paper. All the engagements previously contracted at home, by the United States, were expressed in Spanish dollars; all the moneys of account of the several states, were estimated and payable in that coin; there might be some uncertainty as to the precise weight of pure silver which it contained; and the assays made at the time, may not, for want of proper means, have had all the accuracy of which that process is susceptible. But they were made in good faith; and the Act of Congress of the year 1791, which declared that the dollar of the United States should contain 3711/4 grains of pure silver, has irrevocably fixed that quantity as the equivalent of a dollar of account, and as the permanent standard of value, according to which all contracts must be performed. The relative legal value of gold and foreign coins to that standard, may from time to time be varied provided that neither shall be so overrated, as to authorize the payment of a debt with an amount in such coin of a less actual value, than that of the silver to which it may be made to correspond. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Albert Gallatin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Albert Gallatin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: William M. Gouge
Publisher: Theclassics.Us
ISBN: 9781230255019
Category :
Languages : en
Pages : 140
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1833 edition. Excerpt: ... AN INQUIRY INTO THE PRINCIPLES OF THE AMERICAN BANKING SYSTEM. CHAPTER I. Importance of the Subject. In an address to the stockholders of the United States Bank, at their meeting in 1828, Mr. N. Biddle, the President of that institution, stated, that, of five hundred and forty-four Banks in the United States, one hundred and forty-four had been openly declared bankrupt, and about fifty more had suspended business. Mr. Gallatin, in his "Considerations on the Currency and Banking System," published in 1831, gives a list of 329 State Banks then in operation, having nominal capitals of the amount of $108,301,898, which, added to the capital of the United States Bank, made the whole nominal capital of these institutions, upwards of one hundred and forty-three millions of dollars. These Banks issue notes which serve as substitutes for coin. They grant credits on their books, and transfer the amount of credit from one merchant to another. *. They receive money on deposit. They buy and sell bills of exchange. They discount mercantile notes. They buy and sell public stocks. All these are important functions, and if only one of them be ill performed, the community must suffer inconvenience. The Banks are scattered through nearly all the States and Territories which compose our Union; but they may all be embraced in one view, inasmuch as they all substitute paper for specie, and credit for cash, and are all endowed with privileges which individuals do not possess. By their various operations, immediate and remote, they must affect, for good or for evil, every individual in the country. Banking is not a local, temporary, or occasional cause. It is general and permanent. Like the atmosphere, it presses every where. Its effects are felt alike in the...
Author: Albert Gallatin
Publisher:
ISBN:
Category : Currency question
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : Finance
Languages : en
Pages : 674
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Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Banking statistics
Languages : en
Pages : 130
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