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Home > Law > Jurisprudence and general issues > Letters to Farmers' Sons on the Questions of the Day; Being Familiar Talks on Political Economy
Letters to Farmers' Sons on the Questions of the Day; Being Familiar Talks on Political Economy

Letters to Farmers' Sons on the Questions of the Day; Being Familiar Talks on Political Economy


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About the Book

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1891 edition. Excerpt: ...which should only be used to supply trade with a volume of currency, steady in value and per capita. Great injustice may be done to persons and corporations, either by suddenly contracting or inflating the volume of currency. Speculation and mercantile gambling is stimulated, by diminishing or expanding the quantity of circulating medium. Panics and disastrous commercial and industrial convulsions follow sudden, or even gradual contraction of the volume of money. The great gambling Era of 1833-34-35 was caused by President Jackson's removal of the government-cash from Biddle's Bank of Philadelphia, to various private banks chartered by the states of the Union. State-banks got the use of those millions without interest, and freely loaned it to individuals at six and seven per cent. People took the money eagerly, and gambled with it, as they now do, in land, wheat, hogs, cotton and whale oil. In 1837 the bubbles had got as thin as they could well be without bursting; then one after another collapsed, and it seemed as though the country was-ruined. The country was not ruined; there was not a dollars worth less of real wealth in 1837 than there was in 1836. Balances or debts had to be settled, and so a Bankrupt Law was passed. The people had learned one lesson only to forget it, and things went on as before, until the crash of'57 came. The bank of which I have just spoken, as being Biddle's Bank, was called the United States Bank; and though not a government institution, it had always been more or less the servant of the government; but having become a pet of the administrations until the election of Andrew Jackson, prosperity had spoiled it, and it had become the dictator of elections; and for that reason Jackson cut its head off by removing...


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Product Details
  • ISBN-13: 9781151457523
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 62
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1151457523
  • Publisher Date: 12 Oct 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 127 gr


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Letters to Farmers' Sons on the Questions of the Day; Being Familiar Talks on Political Economy
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