” Let the Americans,” said Wm. Pitt, ” adopt their funding system, and go into their Banking institutions, and their boasted independence will be a mere phantom.” No small number of Americans were of a similar opinion: but it was contended...
Against corporations of every kind, the objection may be brought, that whatever power is given to them, is so much taken from either the Government or the people. As the object of charters is to give to members of companies powers...
In a rising country, sound credit is of equal importance with a sound currency. Through its operation, the advantages of capital are more equally diffused than would otherwise be possible. The man who has more capital than he wishes to employ...
The rise of prices that follows an expansion of Bank medium, and the fall that follows a contraction, do not affect all descriptions of labor and commodities, at the same time, in an equal degree. The usual effect of an increase...
Let us suppose that all the Banks in the country were destroyed and that our circulating medium consisted exclusively of gold and silver coin. In such a state of affairs, every merchant would keep about his person, or in his house,...
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