The Restoration of the Currency
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In our eReader you can find the full English version of the book. Read The Restoration of the Currency Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Restoration of the Currency
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But unless it can maintain its reserves, it is going to lose its power to do any such thing. The specie in the Treasury is the only basis the country has for resumption. The banks won't keep any, while they can pay in legal tenders. They have got no coin ; and they will not buy it while they can bank at the expense of the Government, so innocently paying them three per cent, interest on a large portion of their reserves.
Now see what Cono-ress is doing. It is slicing down the revenues in all di...rections. It has gone so far already as to establish a x)ositive prospective deficit, on the most liberal estimate of receipts. Just so far as these estimates fail, just so much more will be the deficit. The most experienced calculators believe we shall fall short of the revenue to meet our expenditures in the next fiscal year by forty or fifty millions. Where is this going to leave us a year from the present Spring ? Why, with one-half our present specie reserve dissipated, and with no diminution whatever of our volume of paper money — indeed we shall be lucky if it is not increased.
What to read after The Restoration of the Currency?
You can find similar books in the "Read Also" column, or choose other free books by Pike, James Shepherd, 1811-1882 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But unless it can maintain its reserves, it is going to lose its power to do any such thing. The specie in the Treasury is the only basis the country has for resumption. The banks won't keep any, while they can pay in legal tenders. They have got no coin ; and they will not buy it while they can bank at the expense of the Government, so innocently paying them three per cent, interest on a large portion of their reserves.
Now see what Cono-ress is doing. It is slicing down the revenues in all di...rections. It has gone so far already as to establish a x)ositive prospective deficit, on the most liberal estimate of receipts. Just so far as these estimates fail, just so much more will be the deficit. The most experienced calculators believe we shall fall short of the revenue to meet our expenditures in the next fiscal year by forty or fifty millions. Where is this going to leave us a year from the present Spring ? Why, with one-half our present specie reserve dissipated, and with no diminution whatever of our volume of paper money — indeed we shall be lucky if it is not increased.
What to read after The Restoration of the Currency?
You can find similar books in the "Read Also" column, or choose other free books by Pike, James Shepherd, 1811-1882 to read onlineMoreLess
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