Cheap Money Experiments in Past and Present Times; Reprinted, with Slight Revision, from "Topics of the Time" in the Century Magazine

Cheap Money Experiments in Past and Present Times; Reprinted, with Slight Revision, from "Topics of the Time" in the Century Magazine

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1892 edition. Excerpt: ...appointed through political influence, which is tantamount to saying that they would have little expert knowledge of the duties which they were to perform. These men would have absolute power to decide upon the sums of which the Government was to advance eighty per cent. There are, for example, eleven full grades of cotton, and about as many half grades, and there are about thirty grades of wheat. The manager must decide not merely the grade, but the price as it is fixed in the markets of the world at the time. If he were an honest man and fairly capable, the opportunity for serious blunders would be very great. If he were a dishonest, or ignorant, or prejudiced, or malicious man, can any one es timate the evil and injustice of which he might be capable? He could overrate the produce of all his political and personal friends, and underrate that of all his enemies or rivals, and there would be no appeal from his decisions. The impossibility of having a just and uniform basis for the eighty per cent. advance in all the warehouses, or even in one of them, would from the outset throw fatal doubt upon the value both of the treasury notes and of the certificates of deposit, giving them at once a depreciated and uncertain standard. The farmers who are misled into favoring the scheme think that they would receive at once a loan of eighty per cent. of the full value of their crop at only one per cent. interest, but they would pay much more than that. The warehousing, insurance, and other expenses for cotton, for example, are usually between eight and nine per cent. of its value. This would have to be paid to the Government, and would bring the interest up to nine or ten per cent. On wheat and other products there would be similar expenses, which...show more

Product details

  • Paperback
  • 189 x 246 x 2mm | 68g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236830334
  • 9781236830333