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Papers and Proceedings of the Annual Meeting Volume 1

Papers and Proceedings of the Annual Meeting Volume 1


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1905 Excerpt: ...of these goods." (p. 82). The objections to this theory have been too often stated in discussions about bank notes and paper money to require elaborate reiteration in the case of bank loans in the form of deposits. Credit in its various forms may, with the consent of the creditor, be exchanged for and cancelled by, other credit or ordinary commodities. but it always purports to be payable in money, and if the creditor so desires, it must be actually so redeemed. It is preposterous then to assume that credit can be issued indefinitely upon the basis of goods without any regard whatever to the quantity of available money in which it is likely from time to time to be presented for redemption. There is good reason to believe in fact that long before all of the property and goods in a community could be "coined by the banks into present means of payment," credit would be presented to them in overwhelming amounts for settlement in cash. If the banks were to undertake to create either notes or deposits to the extent of the value of all goods and property in the country, bankruptcy would be the inevitable outcome, for the ensuing rise in prices and adverse balance of trade would instigate a demand for gold for export which would sweep every remnant of specie from their reserves. Bankers can no more lend their credit in the form of deposit accounts without regard to their cash reserves than they can in the form of notes. Either course involves disaster. But one can go further. The fundamental idea in the two cases not only is unsound as a matter of policy, but it involves impossibilities in its very conception. It is incredible that bankers could, even were they so intentioned, create new means of payment to the extent of the money value of all goo...


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Product Details
  • ISBN-13: 9781236050267
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 64
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1236050266
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 132 gr

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