Report From the Secretary of the Treasury (in Compliance With a Resolution of the Senate, of the 29th of December, 1828) Respecting the Relative Value of Gold and Silver, &C (Classic Reprint) - Hardcover

Ingham, Samuel D.

9780366898633: Report From the Secretary of the Treasury (in Compliance With a Resolution of the Senate, of the 29th of December, 1828) Respecting the Relative Value of Gold and Silver, &C (Classic Reprint)

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ISBN 10: 0366898639 ISBN 13: 9780366898633

Publisher: Forgotten Books, 2018

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Excerpt from Report From the Secretary of the Treasury (in Compliance With a Resolution of the Senate, of the 29th of December, 1828) Respecting the Relative Value of Gold and Silver, &C

It may be said that it is better to pay interest than to drain the channels of currency. This might be the case if there were no other relief or safe remedy for overtrading. But it should be observed that a demand for the precious metals to pay debts stimulates increased exertions to procure them wherever they are to be found. Hence a supply, except in extraordinary cases, will be generally furnished. But when the disposition to overtrade continues, and the specie is withdrawn from the banks to pay debts abroad, the banks, if well conducted, will abstain from discounting new. Paper, or ex tending the means of contracting further debts; thus curing the diseased apa petite by low diet. And the more readily specie can be applied to these payments abroad, the more vigilant the banks are obliged to be in interpos ing this check. Hence there is less danger of their making excessive issues' of paper beyond'their' Specie means, which are a sure test for the real wants of the country, wherever wants are regulated by the ability to pay.

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