The Political And Financial Opinions of Peter Cooper
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But let us look at the matter. What will the national bank-notes be redeemable in when the greenbacks are withdrawn and burned up? The bank-notes must be redeemable in something, else they will be worthless, for they are not a legal tender for debt, as the greenback money is. At present the bank-notes are redeemable in legal tender greenbacks, and that makes them good. But the greenbacks withdrawn and burned up, and then what? Why, the bank-notes must then be redeemable in specie of course, as ...the resumption law provides. And 61 where will the banks get the specie to redeem with ? Some c f the strongest of them will be able to get it, and continue their business But it looks to us that the bank-note circulation will be contracted in- stead of enlarged under the operation of this specie resumption law. Contraction has been the effect of it so far, and we have every reason to believe it will be more and more so up to the time of resumption. The requirement to redeem in specie causes this.
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You can find similar books in the "Read Also" column, or choose other free books by Peter Cooper to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But let us look at the matter. What will the national bank-notes be redeemable in when the greenbacks are withdrawn and burned up? The bank-notes must be redeemable in something, else they will be worthless, for they are not a legal tender for debt, as the greenback money is. At present the bank-notes are redeemable in legal tender greenbacks, and that makes them good. But the greenbacks withdrawn and burned up, and then what? Why, the bank-notes must then be redeemable in specie of course, as ...the resumption law provides. And 61 where will the banks get the specie to redeem with ? Some c f the strongest of them will be able to get it, and continue their business But it looks to us that the bank-note circulation will be contracted in- stead of enlarged under the operation of this specie resumption law. Contraction has been the effect of it so far, and we have every reason to believe it will be more and more so up to the time of resumption. The requirement to redeem in specie causes this.
What to read after The Political And Financial Opinions of Peter Cooper?
You can find similar books in the "Read Also" column, or choose other free books by Peter Cooper to read onlineMoreLess
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