Achievement of Congress in regard to Currency-bring.
ing it under the governance of the National instead
of the State Legislatures..
Amendment of the National Bank Act needed; withdraw-
ing the Bonds as Security for Issues, and deposit-
ing Gold Coin.
Amount of Coin needed, in 1860, to make the entire Cur-
rency of Metals, $377,500,000..
Acts of Congress which conflict with the Supreme Law are
Illegal..
Admission of California into the Union with a Hard Money
Constitution, estops Congress from forcing on her
any form of Paper Currency..
A great Objection to making National Bonds the basis for
the Issue of Currency.
Authority of Congress over the Currency.
A Wrong System of Currency gives our Gold to Foreign-
ers in dead Loss to the Nation
Acts of Congress have a most blighting Effect upon the
Value of Coin.....
As to which should be allowed the Permanent Circulation
of the Country-the Legal Tenders or the National
Bank Currency..
Action of Legal Tender on California..
Borrowing Money on the Credit of the United States, is a
Power delegated to Congress....
Borrowing and Lending imply Volition-Free Agency.
Bills of Credit defined by Chief Justice Marshall....
Banks of California are based, entirely, on Gold Coin....
"Balance of Trade," by C. H. Carroll, Esq.......
Banks should no longer make Profits from Circulation...
Banks-their System Exists by the Sufferance of the People
Banks should not be the Custodians of the Coin for the
Redemption of their Issues: the Coin should be
held by the Federal Treasury.
Bankers who Loan Real Money are among our most useful
Citizens; but those who Loan Credit instead, are
working Mischief and Disorganization.....
Bill to Enlarge the Scope and Usefulness of the Independ-
ent Treasury..
Brief Recapitulation of the Salient Provisions of the Bill.
All Banks of Issue exist by the Sufferance of Con-
gress. The Credits of Banks may be controlled by
Federal Law, if the Public Weal requires it, as well
as their Outward Circulation. Opinion of Daniel
Webster on the Right of Congress to restrain Bank-
ing. Adam Smith on the Right of Government to
restrain Natural Liberty (pp. 285, 286, 287, 288).
A similar Bill, if it had been the Law of the Land
in 1848, would have saved to the Union, in eighteen
years, two billions of dollars......
Civil War demonstrated the impotence of State Banks...
also demonstrated the need of Stronger Mone-
tary Institutions.
Currency of the Country-should never be any form of
Credit....
Congress should not tolerate any Currency which sacks
the Nation of Gold...
Currency of the Country in 1860..
Currency-The Difference to California between Coin and
the National Banks
Constitution of the United States-the Authority of Cali-
fornia for using Gold Currency
Comparison of the Values of United States and British
Congress had no Authority to enact a New System for
Raising Funds, where the Constitution had already
provided one......
Creditor should not be compelled by law to give the debtor
a large fraction of his claim, for the benefit of the
Nation, without Restitution by the Government...
Conflicting Provisions of the Legal Tender Act with the
Constitution...
Currency should not be based on anything but Coin, dol-
lar for dollar..
Congress cannot regulate the Value of Coin unless it rules
the Value of Currency, and makes Currency equiva-
lent to coin...
Congress, the Supreme Court of the United States, and
Courts of the several States, must recognize the dif-
ference in Value between the Coin of the Mints and
the Inconvertible Promises to Pay that Coin......
Circulation of the United Kingdom...
Currency-whenever it represents Coin, dollar for dollar,
the issues of Paper will be essentially lessened....
Congress has the same Right to Expel California from the
Union as to Compel her to use Paper Money...
Comparative Prices of National Stocks...
Currency cannot be Pure unless Equivalent to the Stand-
ard...
Currency may be Inflated in an equal per centage to the
Tariff, without any check from imports.
California Banks are Models of Banking for the World... 233-234
Causes which have, most efficiently, retarded the Progress
"Dollar "the Legal Tender Act destroys its quality as a
Standard...
"Dollar "—it has ranged from 95 down to 35, and from
35 up to 70 cents on the dollar; the Statutes at
Large maintaining the absolute equivalent of the
two Currencies for payments between Citizens
Demonetizing Gold Coin in the markets of the United
States, for all purposes except Paying Duties and
Interest upon the Public Debt, is a direct thrust at
its Value at home....
Damages which it inflicts on California.
Difference between Lending Real Money and a Substitute.
Demonstration that a Paper Currency could not help Cali-
Debt is no proper basis for the issue of Currency.
Deposit Account of Banks-how it may be abused.
Defrauding by False Measures of Value as dishonorable as
Cheating by False Measures of Quantity..
Domestic Exchange-might be drawn by the Treasury
with great mutual advantage to the Government and
People...
Decision in the United States District Court, New York,
on Greenbacks...
Extracts from Elliot's Debates in the Federal Convention
Extracts from Walker's "Science of Wealth," a work of
high merit, on the action of the Tariff and Cur-
rency upon Domestic Manufactures
Extortion of the Legal Tender Acts...
Equal Taxation is designed by the Supreme Law
Establishing a Currency, by the Government, which is
not immediately Convertible, is Revolutionary in its
tendency, and thoroughly Demoralizing.
Expenses of Working the Mines...
Every man is compelled to use such Currency as the
Community where he resides tolerates...
Failures in Currency make failures in General Business
in a Ten-fold Proportion...
Fixity and Exactness requisite in all Standards—pre-
eminently so in Standards of Value....
Failure of the Legal Tender Act to keep Treasury Notes
at. the Par of Gold, an Effect of the Laws of
Trade, not the Operation of Speculators or
Brokers
Forced Loans by the Government.
Framers of the Constitution purposely and decidedly Re-
jected the Power of Issuing "Bills of Credit" by
Congress
Government Bonds not a Proper Basis for the Issue of
Gold Coin should never be Cheapened by Issues of
Paper
General Banking Law of New York a Failure in 1857.
Gold Act of June, 1864..
Government Circulation-The Gains from it are but an
insignificant Consideration, compared with the
Damage to the Nation in Advanced Prices......
Government Power and Influence Reduced the Value of
a single Shipment of $1,200,000 from California
about $250,000 (foot-note)..
Gold taken from the Mines belongs of right to the miner.
Gold, its Value, and the Constitutional Rights of the Pa-
cific States, should be Efficiently Represented in
Congress....
Government Losses, by Paying Gold at Prices made by
Paper
Government should make the Reform as Efficient for the
Gold and Silver were intended for Mankind as Money.
Gold and Silver are recognized Standards, and given in
needful quantities only...
Gold and Silver, if depreciated by superabundance, no
one may complain of it...
Government Banking-if ever instituted-should be thor-
oughly upon a Gold Basis: the easiest and most
popular form of Taxation that could be devised... 290-291
How the Government could raise Money Constitu-
tionally..
How the Legal Tender Act subverts Justice and the
Constitution
High Rates of Interest do not so thoroughly Demoralize
a People as a vitiated Currency
How to Resume Specie Payments
How Banks of Issue force Coin from Circulation.....
How to Appropriate the Sinking Fund..........
How the Pet Banks used the Government in 1837 193-194
How the Legislature of California loosed the Gordian
Increase of Currency augments Demand for it...
Impossible Conditions should never be introduced into
the Currency
Implied Powers cannot be exercised by Congress where
Express Powers are given for same purpose .
Issues of Currency should be governed with as much Ab-
solutism and Precision as the Issues of Coin.....
If Paper Money is a National necessity it is the bounden
Duty of Congress to keep it equivalent to Coin ...
Issue of Currency an Attribute of the Sovereignty....
If the state of the Union be such that California must lose
so immensely on her Gold, she should be compen-
sated by some Equivalent...
Imports during the year 1857; estimated loss to the
country upon those imports, in gold value, equal to
$72,000,000..
Independent Treasury-its Uses and Advantages should
extend to the People as well as the Government
Inflating Currency saves no Interest to a Country..
Justice one of the Columns upon which our National
Government is founded, p. 39. The Legal Tender
Act subverts Justice..
Kent, Chancellor, on the right and duty of Courts...
King James' Legal Tender
Legal Tender Act Examined....
Laws of the Mints relating to the purity of Coins...
Losses direct by Inflating Currency.
.45, 46, 47
47
.49, 51, 333, 334
Losses by Inflation have doubled the cost of the war..
Legal Tender, practically illustrated..
Legal Tender Act, if Constitutional, would quadruple the
National Debt, pp. 51, 52 ; ergo, not adapted to the
purposes for which it was enacted.
Legal Tender Act contributes to enrich thousands by
Legislation of Congress against Gold has been Vindictive
Legal Tender-National Banks demanding of Congress
that their issues be made a complete Tender....
Legal Tenders will not be Funded so long as the Banks
and People can make them Tenders in Fact.
Losses on Currency, how settled and balanced..
Losses to the Body Politic by the Currency.
Legal Tender Act allows States to make Treasury Notes
a tender, whilst the Constitution forbids them to
make anything but Gold and Silver Coin such
tender..
Legal Tender Notes-Has Congress the Power to make
Notes a Legal Tender? Opinion and irrefragable
argument of the Honorable JUDGE SHARSWOOD, of
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