Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: September 11, 2025
This movement, reversing the current of American history, gained impetus in the winter of 1787. Congress seconded the call; and, after Virginia had shown the way by nominating its foremost men as delegates, the other States fell into line and sent representatives all but Rhode Island, which was the scene of an orgy of paper-money tyranny, and would take no part in any such meeting.
In England, which is to a considerable extent a paper-money country, though vastly behind our own in this respect, it was deemed advisable, anterior to the act of Parliament of 1844, which wisely separated the issue of notes from the banking department, for the Bank of England always to keep on hand gold and silver equal to one-third of its combined circulation and deposits.
I do not apply these remarks in their full force to Monsieur Birotteau, I believe him to be an honest man; but if he asks you to do anything, no matter what, against the rules of business, such as endorsing notes out of good-nature, or launching into a system of 'circulations, which, to my mind, is the first step to swindling, for it is uttering counterfeit paper-money, if he asks you to do anything of the kind, promise me that you will sign nothing without consulting me.
Paper, in the shape of bank-bills, promising to pay money on demand, is the most frequent, because the most cheap and convenient substitute; accordingly, when convertible paper-money is increased, it raises prices, and when it is diminished, it depresses prices, just as in the case of a metallic currency.
Even some of the best of the Peace-Democrats, like S. S. Cox, for instance, not only assailed the Tariff under which the Union Republican Party sought to protect and build up American Industry, as well as to raise as much revenue as possible to help meet the enormous current expenditures of the Government but also denounced our great paper-money system, which alone enabled us to secure means to meet all deficiencies in the revenues otherwise obtained, and thus to ultimately conquer the hosts of Rebellion.
He rarely saw wife or children; yet thought he was fulfilling the promise Maria had obtained from him the evening after his return, when he briefly answered her questions or voluntarily gave her such sentences as "There was warm work at the town-hall to-day!" or, "It is more difficult to circulate the paper-money than we expected!"
The country will withhold its produce, and the towns will suffer want, even if the recalcitrant peasants are guillotined as before. We must offer to the peasant in exchange for his toil not worthless paper-money, but the manufactured articles of which he stands in immediate need.
But if money is wanted, barter will supply its place, though with a good deal of inconveniency. Buying and selling upon credit, and the different dealers compensating their credits with one another, once a-month, or once a-year, will supply it with less inconveniency. A well-regulated paper-money will supply it not only without any inconveniency, but, in some cases, with some advantages.
The issue of unguaranteed paper-money soon reached such an immense figure that the market was flooded with a worthless currency which it was unable to absorb.
Her father left her a thousand ducats in gold and the cargo, which, according to the present market prices, must be worth, say, ten thousand ducats perhaps she has ornaments and jewels besides and might be counted in Austrian paper-money of that date as worth a hundred thousand gulden; that in a Hungarian provincial town is a very rich heiress.
Word Of The Day
Others Looking