Memorial of the Baltimore And Ohio Rail Road Company, to the Legislature of Maryland.
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In specie paying times the basis of the issues of corporations is the precious metals: hut the ability of the corporation to redeem its issues, varies wiih the constant changes in its liabilities, and depends upon the for- bearance of the public, and the improbability that the entire circulation could be presented for redem})tion within any short time. It may also- be dangerously weakened by an issue of a circulation to which it is difficult if not impracticable to pre- scribe any salutary limi...ts; while the ibsue of the stock orders is necessarily limited by the amount of city stock transferred to the Conimissioners for their redemption.
The redemption of the stock orders is thus provided for at the moment of its issue; and to put bank notes upon the same footing with it in this respect, it would be necessary that the bunks should have in its vaults dollar for dollar of its circu- lation and deposits, or other means immediately available, which by no possibility can it have. The only question there- fore really interesting to the community receiving and using the stock orders, is the ability of tiic city to provide for the interest and the ultimate redemption of the city debt: a ques- tion Nvhicli has never yet been doubt«'d.
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To quickly assess the difficulty of the text, read a short excerpt:
In specie paying times the basis of the issues of corporations is the precious metals: hut the ability of the corporation to redeem its issues, varies wiih the constant changes in its liabilities, and depends upon the for- bearance of the public, and the improbability that the entire circulation could be presented for redem})tion within any short time. It may also- be dangerously weakened by an issue of a circulation to which it is difficult if not impracticable to pre- scribe any salutary limi...ts; while the ibsue of the stock orders is necessarily limited by the amount of city stock transferred to the Conimissioners for their redemption.
The redemption of the stock orders is thus provided for at the moment of its issue; and to put bank notes upon the same footing with it in this respect, it would be necessary that the bunks should have in its vaults dollar for dollar of its circu- lation and deposits, or other means immediately available, which by no possibility can it have. The only question there- fore really interesting to the community receiving and using the stock orders, is the ability of tiic city to provide for the interest and the ultimate redemption of the city debt: a ques- tion Nvhicli has never yet been doubt«'d.
What to read after Memorial of the Baltimore And Ohio Rail Road Company, to the Legislature of Maryland.?
You can find similar books in the "Read Also" column, or choose other free books by Baltimore And Ohio Railroad Company. to read onlineMoreLess
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