Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States

Henry Varnum Poor

H. V. and H. W. Poor, 1877 - Banks and banking - 623 pages

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Table of Contents

The indented lines have reference to the views or opinions of other writers	1

Testimony of the experts opposed to every principle on which currency	2

Provision for the future to be made only by contracts payable in them with	8

Sketch of history of coinage note	10

A	18

coco	20

120	21

Retired in the payment of the bills in the discount of which they are issued	25

Convertible currencies often inflate prices enormously 851	352

Their total misconception of the principles of the science of Political	356

Mills description of the nature and functions of money borrowed from	357

Where the latter exist the Political Economist wholly superfluous	362

JAMES W GILBART	368

In providing a banking capital makes no distinction between substance	375

Adopts Adam Smiths theories upon money	376

The credits that affect prices are those that are turned into money	382

Demands to be paid in coin 503	26

Banks discharge obligations arising between themselves by mutual offset	32

That a currency may be convertible the means therefor must be provided	39

Profit of Banks	40

Symbolic currencies measure the means of consumption of a people	47

Why governments cannot issue convertible currencies	55

Always a forced loan	57

Difference between his method and that of Aristotle	71

His proposition for lowering the standard	78

His assumptions opposed to the fact	85

His untrustworthiness shown by	95

Erroneous assumptions in reference to money	98

Invention of money impossible	103

Contradictions in which Smith involved himself	111

Money the highest form of finished work	115

Absurdity of such distinctions	121

Money material for the reason that it is always going into the arts	127

Advantages resulting from the use of the former	129

Cost of maintaining a currency in ratio to its amount	135

Disastrous influence of his teachings	141

Money the measure of value and money the instrument of commerce	149

Importance of an equilibrium of the precious metals the world over	156

The age of Protection the heroic one	160

The sneaking arts of underling tradesmen have made England what	166

Lectures on Political Economy	172

The value of money is in ratio to the rapidity of its circulation	180

No other association having more than six members to issue notes i	189

Advantages of a currency issued by them in reducing prices	190

The bullion of the Bank on the 21st of February 1797 reduced	196

Not the excess alone but all the issues of the Bank speedily return	202

Notes representing capital the same in character till they are taken in	208

The currency inflated and the remedy convertibility	209

WILLIAM HUSKISSON	216

The insignia of government cannot create values	223

His assumptions wholly opposed to the fact	229

The Bank resumes May 1 1821	235

Lord Liverpools plan adopted	241

Involved the subject in still greater obscurity and error	248

Its action corrected and neutralized by that of the jointstock Banks	254

The action of the Bank should prevent adverse exchanges	260

Its reserves to have reference to domestic as well as to foreign trade	269

Reflections Suggested by a Perusal of the Pamphlet of Mr J Horsley	274

Causes of the disasters of 1839	280

Summary of his argument	288

His argument a refinement upon Lord Overstones distinction	291

Its effect to create two Banks of issue	298

Committees of Parliament of 1848	308

Before the Committee of 1840	314

Epitomizes all the speculations and conclusions of the Economists 818	318

Scotch Economists and metaphysicians wanting in the reasoning faculty	327

Money when used as such always used as capital	333

Inconvertible currencies	341

Address of Congress to the people 454	383

Quoted for the purpose of illustrating the present condition of monetary	391

Mr Jevonss address proof of the extremity to which the old school	396

Price an illustration of what is taught as Political Economy	406

The source of all monetary theories	407

Unlike mensures of weight and extension money as the measure of value	410

His work only a restatement of Mill and McCulloch	415

A R PERRY	422

CURRENCY AND BANKING IN THE UNITED STATES	428

Further issues and increased decline	435

Depressed condition of the country	441

Absurdity of the illustration 178	443

Hucksters and forestallers	447

Attempts to prevent the circulation of coin	453

Amount of the public debt note	455

209	459

French loan	461

Their utter failure	464

Could derive no advantage from provisions designed to promote the general	471

Illustrations of his opinions upon the nature and powers of our government	477

Charter of the Bank expired March 4 1811 A101	483

General Jacksons first Annual Message declares the Bank unconstitutional	489

Report of the Committee upon the Bank	490

Great reduction which followed	496

Summary of the Report 602	502

The will or opinion of each department of government its rule	509

Amount of their capital and loans note 639	510

Rapid increase of State Banks 627	511

Reversal of the judgment of the nation	518

The delirium of extravagance which followed	522

Removal of deposits from the United States to State Banks	527

470	528

Purchases of public lands from 1829 to 1847 inclusive note 628	529

196	531

Enormous price paid for its charter	535

Appeal of the liolders of these bonds	540

In Ohio 517	549

Financial condition of the government	557

Success of their operations till he entered the field with his own notes	559

His object not money but political advancement 665	567

R�sume of his argument 672	573

Mr Chases misstatement of bistory 682	582

Would circulate at par by bearing interest at a low rate	588

The note holders to be left to take care of themselves	591

The government notes to be demonetized as the condition of resumption 693	594

Incapacity of government officials to deal with the subject	598

392	604

The question of issuer the first to be decided	606

Interests of Banks always in harmony with those of the public	612

METHOD OF ResumPTION Amount OF COIN REQUIRED	617

5223	623

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Money and Its Laws: Embracing a History of Monetary Theories, and a History ...
Henry Varnum Poor
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Common terms and phrases

amount assumed Bank Bank of England bankers become bills bullion called capital cause circulation coin commerce commodities condition consequently considerable considered consumption continued convertible corresponding cost currency demand deposits discount distribution Economy effect equal established excess exchange existence fact followed foreign give given gold and silver greater hand held holders immediately importance increase industry interest issue kind labor land latter less loans loss material means measure merchandise merchants metals methods nature necessary never notes object operations paid paper money parties payment period person Political possessed present principle produce profit proper purchase quantity question ratio reason received reduced reference remain represent reserves result rule says securities serve Smith society specie supply supposed symbolic taken thing tion trade wealth whole wholly

Popular passages

Page 479 - That the government created by this compact was not made the exclusive or final judge of the extent of the powers delegated to itself; since that would have made its discretion, and not the Constitution, the measure of its powers; but that as in all other cases of compact among parties having no common Judge, each party has an equal right to judge for itself, as well of infractions as of the mode and measure of redress.

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Page 511 - Each public officer who takes an oath to support the Constitution swears that he will support it as he understands it, and not as it is understood by others.

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Page 468 - I do not conceive we can exist long as a nation without having lodged somewhere a power, which will pervade the whole Union in as energetic a manner as the authority of the State governments extends over the several States.

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Page 279 - The history of what we are in the habit of calling the " state of trade " is an instructive lesson. We find it subject to various conditions which are periodically returning ; it revolves apparently in an established cycle. First we find it in a state of quiescence, — next improvement, — growing confidence, — prosperity, — excitement, — overtrading, — convulsion, — pressure, — stagnation, — distress, — ending again in quiescence.

Appears in 97 books from 1821-2006

Bibliographic information

Title	Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States Making of the modern world. Part 2 Taxation & Economic Reform in America Parts I & II, 1781-2009
Author	Henry Varnum Poor
Edition	2
Publisher	H. V. and H. W. Poor, 1877
Original from	the University of Michigan
Digitized	20 Sep 2007
Length	623 pages

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