The Financial Economy of the United States Illustrated, and Some of the Causes Which Retard the Progress of California Demonstrated With; A Relevant Appendix

The Financial Economy of the United States Illustrated, and Some of the Causes Which Retard the Progress of California Demonstrated With; A Relevant Appendix

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1867 edition. Excerpt: ...The banks, of course, can not make so large dividends; but they can do well enough and let their circulation be built on gold en tirely. Shall the vital interests of the Union be sacrificed DANGER OF COLLAPSE. 175 by law of Congress, to satisfy the avarice of banking institutions? A Dieu ne plaise. It is contended by many, who ought to see the operation of cause and effect better, that by circulating a currency which is not based upon gold we gain the whole amount of interest upon such currency, and the business is done as well and far cheaper than though we had a currency of coin, or its absolute equivalent. Soon after the Southern revolt was conquered, the telegraph wires announced the following fearful accident and loss of life: " Chicago, April 28.--A New Madrid telegram says the steamer Sultana exploded and sunk yesterday morning, between there and Memphis. Two thousand exchanged Union soldiers from Vicksburg were on board, with about 1,000 civilians. It is said that not more than 700 were saved." Who supposes, after reading the above account of this destruction of human life, that this steamer was a proper conveyance for passengers or property? My own opinion is, that passengers had traveled at the imminent peril of their lives and property upon that boat for months before this accident happened. That boat is an apt illustration of the workings of a rotten currency. The boat was liable to explode at any time, and destroy all on board. So a currency that is not based on gold may collapse at any unusual pressure, and although it might not be so destructive to life, it would be incomparably more ruinous to property and business in general. There is no more saved, then, by making a currency upon any other basis than gold, in the...show more

Product details

  • Paperback | 128 pages
  • 189 x 246 x 7mm | 240g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236648250
  • 9781236648259