Lectures on the Elements of Political Economy

Lectures on the Elements of Political Economy

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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. 1826 edition. Excerpt: ...overloads the market with paper that is not what it ought to be, a representative of real capital; and the bank maxim is an absolute fraud on the rest of the community for the benefit of persons who have been themselves most usually instigators of the evil, bjv this irregular discount. I sh.all state briefly some of the benefits and some of the evils attending banks, with a particular view to this country, and then propose some measures for the improvement of the banking system among us. And 1st. Banks furnish safe places of deposit for money dangerous to be kept in private houses. 2nd. They furnish convenient and expeditious means of making payments of every description by means of checks; and of "making loans by a credit in the bank books. 3rd. They enable three fourths of the coin of the nation to be converted into useful and productive capital, instead of being locked up in chests to make payments when, needed. An established banker may conduct his business with one third or one fourth of the cash amount of the notes issued, when his credit and solvency are unexceptionable. This is an advantage f great consequence In a country of extensive traJc. ft converts a prodigious amount of dead stock, of the most expensive kind, into efficient and productive slock. 3lh. They put industry into motion by the loan of temporary capital for sixty days, sometimes renewed. This amounts to the creation of a new capital; and when there are objects and industry enough to absorb and employ it. the effects are beneficial to the public. 4th. They supply the capital necessary to extend commerce, when there is not coin enough for the purpose. I copy now from the commencement of a report of the committee appointed by the legislature of New York State to enquire into...show more

Product details

  • Paperback | 106 pages
  • 189 x 246 x 6mm | 204g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236674472
  • 9781236674470