History of the National-Bank Currency (Classic Reprint)
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| Partner: | buecher.de |
| Hersteller: | Forgotten Books (Noyes, Alexander Dana) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from History of the National-Bank Currency These problems have been present throughout the history of our own national-bank note circulation, since its establishment in 1864; but they have been fundamentally influenced, from the start, by another factor in the system, operating quite independently of the fluctuations of trade, interior exchange, or population. Being based by law on the pledge of United States Government bonds by the issuing bank with the Treasury, the national-bank note circulation is bound to be influenced by the amount of such government bonds actually outstanding, their increase or their decrease. In any case, the possible volume of national-bank notes outstanding must be limited by the amount of government bonds in existence at a given time. A heavy decrease in the outstanding public debt would naturally, at some point, cause reduction in the bank-note circulation, independently of other influences. A large increase in the government debt would not necessarily cause increase in the supply of bank notes; but since the present system was adopted in 1864 for the express purpose of providing a market for government bonds, it would be reasonable to suppose that bank notes would in some degree expand in connection with expansion of the public debt. 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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