Some Strictures on an Act to Provide a National Currency
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Excerpt from Some Strictures on an Act to Provide a National Currency: Secured by a Pledge of United-States Stocks; And to Provide for the Circulation and Redemption Thereof; Approved February 25, 1863 I have been greatly surprised that the Act of Congress passed at the last session, authorizing the establishment of banking associations, has excited so little attention; for, in my opinion, it is one of the most important which have passed that body since the adoption of the Constitution. If I do not greatly err, it is fraught with consequences of good or of evil to the country, which deserve the most serious and deliberate consideration. If it shall be honestly and intelligently used for the sole purpose of promoting the object for which it was professedly formed, - "to provide a national currency," - I think I can see that it will be productive of "much good;" but if it shall, on the other hand, at some time in the future, more or less distant, be abused for party-purposes, - a supposition not entirely incredible to those of us who have witnessed for the last thirty years the influence of party-politics on legislation, - I think I can foresee, that it may prove a calamity greater even than the civil war under which we are now suffering. Armed rebellion can be put down by physical force; but how shall we effectually guard against the insidiously corrupting influences of the money-power? The late Bank of the United States was refused a re-charter, on the ground, whether real or pretended, that it was an institution dangerous to the liberties of the people. The machine which it is now proposed to put into operation is one of tremendous power; and, in order to do its work safely and well, must be worked by honest as well as capable hands. But I do not propose to discuss the political bearing of the Act, but simply to call attention to a few of its provisions, which seem to me so clearly defective as to call for amendment, before the Act can be acceptable to those who are seeking a safe and reasonably profitable investment for their money: - 1. In the first place, the Act, as it strikes my mind, creates no fair bargain between the parties: it is obviously one-sided. 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.
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