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The Continental Monthly, No. 4, October, 1863 Devoted to Literature and National Policy

The Continental Monthly, No. 4, October, 1863 Devoted to Literature and National Policy


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Excerpt: ..."1813-1816,"108,537,000 "1817-1821, Monroe,58,698,000 "1821-1824,"45,665,000 "1825-1828, John Quincy Adams,49,313,000 "1829-1832, Jackson,56,249,000 "1833-1836,"87,130,000 "1837-1840, Van Buren,112,188,000 "1841-1844, Harrison and Tyler,81,216,000 "1846-1848, Polk,146,924,000 "1849-1852, Taylor and Fillmore,194,647,000 "1853-1856, Pierce,211,099,000 "1857-1860, Buchanan,262,974,000 During the past fiscal year, 1862-3 and the year 1863-4, the Government expenditures are estimated at ten hundred millions of dollars. These heavy disbursements cannot be carried on merely by the ordinary bank paper and the gold and silver of the country. Instead of sixty-five millions of dollars, the average annual expenditures of the Government during the last administration, these now involve the sum of five hundred millions annually. Hence the obvious obligation on the part of the Government of putting in circulation the most reliable currency, and of avoiding those of local banks, which do not possess the confidence of the people at a distance. This can be done only by maintaining a currency of Government paper which every holder will have full confidence in, and in which no loss can be sustained. There is here no conflict or competition between the Government and the State banks. The latter have the benefit of their legitimate circulation in their own respective localities; while the national treasury furnishes to the troops and to the creditors of the nation a circulation of treasury notes which must possess confidence as long as the Government lasts. The policy of the English Government in this respect was a wise one. At the adoption of the last charter of the bank (1844) the Government allowed the country banks to maintain from that time forward the circulation then outstanding, which was not to be increased; and as fast as the banks failed or were wound up voluntarily, their circulation was retired and the vacuum became filled by the notes of the Bank of England. The...


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Product Details
  • ISBN-13: 9781153698733
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 76
  • Spine Width: 4 mm
  • Width: 189 mm
  • ISBN-10: 1153698730
  • Publisher Date: 24 Aug 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 154 gr


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