Ohio Law Reporter Volume 14

Ohio Law Reporter Volume 14

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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. 1917 edition. Excerpt: ... essential instrument, in the obtaining of loans to government. "A nation is threatened with a war; large sums are wanted on a sudden to make the requisite preparations; taxes are laid for the purpose; but it requires time to obtain the benefit of them; anticipation is indispensable. If there be a bank, the supply can at once be had; if there be none, loans from individuals must be sought. The progress of these is often too slow for the exigency; in some situations they are not practicable at all. Frequently when they are. it is of great consequence to be able to anticipate the product of them by advances from a bank. "The essentiality of such an institution, as an instrument of loans, is exemplified at this very moment. An Indian expedition is to be prosecuted. The only fund out of which the money can arise consistently with the public engagements, is a tax, which only begins to be collected in July next. The preparations, however, are instantly to be made. The money must, therefore, be borrowed; and of whom could it be borrowed, if there were no public banks? "It happens that there are institutions of this kind; but if there were none, it would be indispensable to create one. "' " " "The legislative power of borrowing money, and of making all laws necessary and proper for carrying into execution that power, seems obviously competent to the appointment of the organ through which the abilities and wills of individuals may be most eflicaciously exerted, for the accommodation of the government, by loans." In connection with this line of reasoning, he observes: ll This other fact, that banks are an usual engine in the administration of national finances, and an ordinary, and the most...show more

Product details

  • Paperback | 254 pages
  • 189 x 246 x 13mm | 458g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236958772
  • 9781236958778