The United States Democratic Review Volume 3

The United States Democratic Review Volume 3

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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. 1838 edition. Excerpt: stock of which, like that of the Bank of England, and the first and second Banks of the United States, all resting upon the same general principles, was principally composed of the public debt. Paper currency was soon issued in such abundance as to produce the highest state of prosperity throughout France. Money became such a drug, that the ordinary rate of interest was reduced to two per cent. per annum. More than twelve hundred new coaches were at once set up in Paris by individuals who had realized fortunes by the operations of the Royal Bank. To ensure and perpetuate its success, Royal edicts were issued, ordering all receivers of the revenue to accept only its paper for the public taxes, and all individuals were expressly prohibited from making any payments of sums above a hundred livres (less than twenty dollars) in any currency excepting bills of the Bank. Another. measure was adopted for the purpose of preventing demands upon the Bank for coin, and for expelling specie from the kingdom, which surely ought to have reconciled Mr. Carey to the wisdom of French management, as it coincides precisely with his views of the injurious effects of a specie currency. An edict was issued, prohibiting any other corporation or individual, under the penalty of ten thousand livres, from having gold or silver coin in possession to a greater amount than five hundred livres, (less than one hundred dollars.) When these measures hadbeen adopted, the scenes witnessed in the Rue Quinquempoix where the Royal Bank was located, rivalled in extravagance any which, within the two or three years past, have been exhibited in Wall or Chesnut street. A dividend of forty per cent. was soon afterwards declared by the Royal Bank, which still held more

Product details

  • Paperback | 182 pages
  • 189 x 246 x 10mm | 336g
  • United States
  • English
  • black & white illustrations
  • 123680466X
  • 9781236804662