Art Work In Gold And Silver Modern Classic Reprint

Author : Adoniram Judson Warner
Publisher : Forgotten Books
ISBN 13 : 9781333274245
Total Pages : 26 pages
Book Rating : 4.2/5 (742 download)

DOWNLOAD NOW!

Download or read book Silver in New York written by Adoniram Judson Warner and published by Forgotten Books. This book was released on 2016-08-19 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Silver in New York: A Mass Meeting in Cooper Union, October 27, 1890 Few realize that while we are on a gold standard we are liable to a panic at any time for several reasons. Since 1873 international credits have been based on gold. Before that a debtor in any coun try had practically the option of paying in gold or silver, at a ratio that had long been fixed. All the mints of the world but that of England were Open to both metals, and the price of silver, in terms of gold, was quite constant. In fact, it has been a wonder to many that it has been so constant since then in silver-using countries like France. This is the explanation In France the debtor has always the choice of the metal which happens to be most easily procurable, and this power of choice creating a demand counteracts the incipient fluctuation. Thus the law of supply and demand, working on gold and silver as commodities, automatically counterbalances any excessive tendency to use one metal in preference to the other. But we have dangers that France knows not of, for there business is mostly done with money, while here, as in England, it is mostly done with notes and checks. Our banks, with their 20 per cent. Of money to liabilities, should not have much to say about -cent dollars. In any big financial flurry here, silver and silver certificates will be the only thoroughly available currency. Why? Because gold is our bull's-eye. Greenbacks are convertible into it. Gold can be got for National-bank notes at Washington. Deposits in banks, trust companies, and savings banks are payable in gold or money convertible into gold. The last two add much to the danger by the fact that though mostly agreeing to pay deposits without notice, they are not forced to keep reserves, relying on the commercial banks. The humming top with the gold peg goes nicely until trouble comes. Then it flops over quick enough. You may be sure that in a panic where gold goes to a premium over all else, green backs and National-bank notes will flee away and only despised silver remain. The only way to get much gold for silver certificates is to induce importers to pay duties with them - a slow process. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.