A Short History of Paper Money and Banking by William Gouge (1835)

By William Gouge (1835)

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The cash sales regulate the credit sales, and the cash prices regulate the credit prices. If the money of a countly is paper, whether issued by the government, or by a corporation, the expressions of value in the running accounts, promissory notes, and bills of exchange, are according to the new standards and measures of value. Into the nature of these we shall inquire in other chapters. OF BANKS OF DISCOUNT. 21 CHAPTER IV. Of Banks of Discount.

It extends to every thing that commercial enterprize reaches. It injures the farmer and the mechanic, in the precise ratio of the vacillations of public feeling. " 'rhe injuries which it has inflicted have been as universal as the insinuation of bank paper; and the peculiar manner of its operation renders it doubly distressing. " «' • ljIlI .. • IMPORTANCE OF THE SUBJECT. 5 Against a power so tremendous, what barrier has been erected 1 Against a power which, at different periods, has baffled the legislative wisdom of our revolutionary sages, of the Governments of Europe, and of Great Britain; what check have we imposed?

XVJII. Of Speculations in Bank Stock, and of other Stock Jobbing, - 73 the Ways and Means by which " XIX. Of Charters are Obtained and Renewed, 78 Summary View of the Advantages XX. which the System gives to some lUen over others, - 84 Of the Remote Consequences of tho XXI. System, - 90 ~ 94 XXII. Effects on l\foral Character, " - 97 XXIII. Effects on Happiness, XXIV. Of the Evils that would be Produced by a. Sudden Dissolution of the System, - 101 iv CONTENTS. Pages. CHAPTER XXV. XXVI. XXVII. " XXVIlI.

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