PREFACE I earnestly invite the most serious attention, with unbiased mind, of every one especially rulers, statesmen, legislators, and economists — to this analysis of the world’s prices and foreign and colonial exchanges of intermediaries; and to the simple arithmetical demonstration to travellers, traders, and financiers of their effects upon the interchanges of things between man...
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INTRODUCTION THE following work is an attempt to explain, in as clear and simple language as possible, the elementary principles of Currency and Banking, their progressive development in practice, and the laws at present affecting them. Many of the works already existing on these subjects are excellent in several respects, and contain much valuable information; but...
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PREFACE THE principles of the following Work have appeared in former publications, but are more fully developed in this. Those publications have not been generally read, but were not, perhaps, without their effect. They at least have furnished the sub-stratum of more than one popular essay: if any writings on subjects of Political Economy can...
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THE metals have so long performed the use of money, that money and coin are become almost synonymous, although in their principles they be quite different. The first thing therefore to be done in treating of money, is, to separate two ideas, which, by being blended .together, have very greatly contributed to throw a...
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INTRODUCTION Great difficulty was frequently experienced in the course of this work in clearly distinguishing between different notions which had to be expressed by means of one and the same term in English. I have attempted to solve this difficulty by printing a genus with a small letter and a species with a capital letter....
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MONEY is one of those terms which political economists have borrowed from popular speech and found ill-adapted to their purposes. In spite of numerous attempts to make a suitable definition, it still lacks the precision and definiteness of meaning which should characterize scientific terminology. Popular usage is tolerably consistent and clear, but fails to...
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PREFACE DURING the past three years a marked change in public sentiment regarding the money question has forced its way into the national councils. In the act of May 30, 1908, the two houses of Congress, for the first time since the Civil War, agreed that a bond-secured currency was not the only kind...
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PREFACE by the Author The object of the following pages is to explain, is a plain and familiar manner, what money, Banking, and currency, properly speaking, are ; and how it behoves us to deal with them at present in this country. I conceive that this object may be realized in a manner the most...
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INTRODUCTION Some steps were taken during last session of Parliament, to effect a reform in our banking system, by promoting the establishment of Joint Stock Banks. These were, however, suspended by the dissolution of Parliament, and the agitating events which have since occurred, to be again revived at the proper opportunity. This opportunity appears to...
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Importance of the Subject. In an address to the stockholders of the United States Bank, at their meeting in 1S28, 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...
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INTRODUCTION. It is alleged by persons of great political influence, that defects very injurious to the community exist in the present system of Banking in England, and manifold evils in its practice ; and that the Legislature is imperatively called upon to remove those defects, by sanctioning some new method of Banking, and introducing...
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A London financial expert soon after the passage of the Federal Reserve Act wrote these significant words :
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PREFACE BY THE AUTHOR WITH the present collection the publication of Sumner’s Essays comes to an end. The original project of publishers and editor contemplated but a single volume — ” War and Other Essays ” — and they accordingly equipped that volume with a bibliography which was as complete as they then could, make...
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INTRODUCTION. POLITICAL ECONOMY is the science which treats of general or national wealth, general or aggregate as distinguished from individual, as the term Political implies. This science is directed chiefly against, or has reference to the errors of statesmen or legislators, as connected with trade or the industry of mankind ; and, however extensive,...
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