The Financial History of the United States, from 1861 to 1885

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D. Appleton, 1886 - 585 pages


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Page 259 - ... expressly withheld from congress by the constitution; we are irresistibly impelled to the conclusion that the impressing upon the treasury notes of the United States the quality of being a legal tender in payment of private debts is an appropriate means, conducive and plainly adapted to the execution of the undoubted powers of congress, consistent with the letter and spirit of the constitution, and therefore within the meaning of that instrument, "necessary and proper for carrying into execution...
Page 564 - First. A summary of the state and condition of every association from which reports have been received the preceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns, and such other information...
Page 558 - That, while providing revenue for the support of the General Government by duties upon imports, sound policy requires such an adjustment of these imposts as to encourage the development of the industrial interests of the whole country...
Page 560 - We therefore demand that the imposition of duties on foreign imports shall be made not "for revenue only," but that in raising the requisite revenues for the Government, such duties shall be so levied as to afford security to our diversified industries, and protection to the rights and wages of the laborer, to the end that active and intelligent labor, as well as capital, may have its just reward, and the laboring man his full share in the national prosperity.
Page 557 - That justice and sound policy forbid the Federal Government to foster one branch of industry to the detriment of another, or to cherish the interests of one portion of the country to the injury of another portion of our common country...
Page 560 - Democratic party is pledged to revise the tariff in a spirit of fairness to all interests. But in making reduction in taxes, it is not proposed to injure any domestic industries, but rather to promote their healthy growth.
Page 317 - ... that the faith of the United States is solemnly pledged to the pay-ment in coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing obligations of the United States, except in cases where the law authorizing the issue of any such obligation has expressly provided that the same may be paid in lawful money or other currency than gold and silver.
Page 263 - The gradual reduction of the currency is the only measure that can save the business of the country from disastrous calamities; and this can be almost imperceptibly accomplished by gradually funding the national circulation in securities that may be made redeemable at the pleasure of the Government.
Page 55 - The provision making United States notes a legal tender ¡has, doubtless, been well considered by the committee, and their conclusion needs no support from any observation of mine. I think it my duty, however, to say that, in respect to this provision, my reflections have conducted me to the same conclusions they have reached.
Page 98 - ... lawful money and a legal tender in payment of all debts, public and private, within the United States, except duties on imports and interest as aforesaid.

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