The Twentieth Century Money Law Classic Reprint

Author : Henry Varnum Poor
Publisher :
ISBN 13 : 9781330658185
Total Pages : 668 pages
Book Rating : 4.6/5 (581 download)

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Download or read book Money and Its Laws written by Henry Varnum Poor and published by . This book was released on 2015-07-03 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Money and Its Laws: Embracing a History of Monetary Theories, and a History of the Currencies of the United States Their use as money double barter; Importance of avoiding their actual intervention in exchanges; The manner in which this is effected; Sketch of history of coinage (note); Bills of exchange; Their use in commerce between distant communities dispenses with that of a corresponding amount of coin; Not presently due; Currencies between communities widely separated; The mode in which they serve as such; Based upon or symbolize merchandise, and retired by its use; Producers of merchandise the drawers of bills; The holders of bills entitled to the specific thing drawn against; Bills not adapted to serve as local currencies; Such currencies required to be of every denomination, and payable presently, as they do not secure to their holder specific articles of merchandise; Cannot, like bills of exchange, be issued by producers; To be issued by parties possessing capital, and not subject to the risks of production and trade; Issued in great part by banks; Description of the mode of their issue; Banks do not pay out capital in making their loans; These are made by an exchange of their notes, presently due, for the bills of their customers, due at a future day; Retired in the payment of the bills in the discount of which they are issued; Makers of bills virtually undertake to retire the notes issued in their discount; All these operations based upon merchandise; The instruments by which they are conducted paper money - Currency; So long as they represent merchandise their movement regular and automatic, and they are retired without the intervention of coin; No distinction made by the public between currencies where there are several issuers; Banks discharge obligations arising between themselves by mutual offset; Only balances arising between them payable in coin; Bills and notes of Banks differ chiefly in time of payment; Interest paid by the borrower on all issues of currency; Currency the equivalent of capital to the borrower; The effect of currency to reduce prices; Coin reserves of Banks; These never to be made the basis of loans; Bear only a small ratio to the amount of loans; Hence a change in their amount followed by a far greater one in the amount of currency; Profit of Banks; Advantages of a currency issued by them in reducing prices; All merchandise entering into consumption should be symbolized; Amount of symbolic currency in Great Britain; Reserves, their proper amount, and how maintained; Deposits, how they arise; No difference but in form between notes, and checks drawn against deposits; Necessity of division of labour in distribution as in production; Cumulative symbols representing the same merchandise 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.