Duncombe's Free Banking: An essay on banking, currency, by Charles. Duncombe PDF

By Charles. Duncombe

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Additional resources for Duncombe's Free Banking: An essay on banking, currency, finance, exchanges, and political economy

Example text

The people being thus organized; the directors accountable for their conduct, and precluded from any interest in the discounts-their hope of re-election, their salaries, and their securities' bonds, will make it their private as well as public interest, to promote the public good only-there J NOTICE OF THE PLAN OF CURRENCY. 19 would be no longer any occasion for legislative interference with banks and currency. Thus currency may be separated from pl'ivate inte'l'est, and from politics; rendered strictly convertible, uniformly current throughout the TJnion, and as republican as our religion or literature.

CHAPTER I. ON THE STATE OF THE CURRENCY OF THE UNITED STATES. -Post Notes. -Small bills injurioua to the issuer as well as to the bill holder-Causes explained. mount of gol d and silver coins and bullion; a larger amount of state chartered bank notes exchangeable for specie; a far larger amount of bank notes not convertible into specie, composed of the notes of non-specie paying banks, the notes of banks of other states, unauthorized paper of individuals, of companies, and of associations, in the similitude of bank notes, issued and circulated as money; which, with post notes, deposita notes, checks, state scrip, and bills Qf exohange, comprise most of the medial commodity of the United States.

GTION. Hence, it is clear, that mon~y, like the books of" a circulating librar,Y, like carts and waggons_, like steam cars and vessels, is only the instrument of the transfer of capital, and not capital, any more than books are knowledge, or than carts or vessels are cargoes and freight. nd consecutive expansions and contractions of the paper portion of the circulating medium issued by incorporated state banks. It separates the bank of issue from the banks of discount; removes credit and private interest from both, and regulates the issues by the actual demand for circulating medium and the amount of specie in theUnited States.

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Duncombe's Free Banking: An essay on banking, currency, finance, exchanges, and political economy by Charles. Duncombe

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