A Statesmans Words Extracts From a Few of the Speeches of Hon James a Garfi
A Statesmans Words Extracts From a Few of the Speeches of Hon James a Garfi
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" Speech in the Mouse of Representatives, May 15, 1868.
INCREASE OF THE CURRENCY IS TAXATION.
"No such change of values can occur without cost. Somebody must pay "for it. Who pays in this case? We have seen that doubling the currency finally results in reducing the purchasing power of each dollar one-half ; hence every man who held a legal-tender note at the time of the increase, and con tinued to hold it till the full effect of the increase was produced, suffered a loss of fifty per cent, of i...ts value; in other words, he paid a tax to the amount of half of all the currency in his possession. This new issue, therefore, by de preciating the value of all the currency, cost the holders of the old issue $175, - 000, 000; and if the new notes were received at their nominal value at the date of issue, their holders paid a tax of $175, 000, 000 more. No more unequal or unjust mode of taxation could possibly be devised. It would be tolerated only by being so involved in the transactions of business as to be concealed from observation ; but it would be no less real because hidden.
What to read after A Statesmans Words Extracts From a Few of the Speeches of Hon James a Garfi?
You can find similar books in the "Read Also" column, or choose other free books by James a James Abram Garfield to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
" Speech in the Mouse of Representatives, May 15, 1868.
INCREASE OF THE CURRENCY IS TAXATION.
"No such change of values can occur without cost. Somebody must pay "for it. Who pays in this case? We have seen that doubling the currency finally results in reducing the purchasing power of each dollar one-half ; hence every man who held a legal-tender note at the time of the increase, and con tinued to hold it till the full effect of the increase was produced, suffered a loss of fifty per cent, of i...ts value; in other words, he paid a tax to the amount of half of all the currency in his possession. This new issue, therefore, by de preciating the value of all the currency, cost the holders of the old issue $175, - 000, 000; and if the new notes were received at their nominal value at the date of issue, their holders paid a tax of $175, 000, 000 more. No more unequal or unjust mode of taxation could possibly be devised. It would be tolerated only by being so involved in the transactions of business as to be concealed from observation ; but it would be no less real because hidden.
What to read after A Statesmans Words Extracts From a Few of the Speeches of Hon James a Garfi?
You can find similar books in the "Read Also" column, or choose other free books by James a James Abram Garfield to read onlineMoreLess
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