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THE DISTRIBUTION OF THE PRECIOUS Metals throuGHOUT THE
WORLD: SUBSTITUTES FOR MONEY: BILLS OF EXCHANGE:
THE COURSE OF INTERNATIONAL TRADE
Not as much money as there is merchandise .
Effect of quickening or retarding the circulation
"Rapidity of circulation" explained
More business requires more money
The quantity not regulated by the amount coined.
The quantity in each country regulates itself
306
307
308
309
310
Trade with one country balanced by trade with another
Statistics illustrating these principles
Trade with England in 1847-48 .
When coin and bullion will be exported
321
322
323
324
THE FUNCTIONS OF BANKS AND THE NATURE OF BANK-NOTES:
THE OPERATIONS OF CREDIT.
335
336
Use of specie reserves
345
Banks should supply only circulating, not fixed capital
Insecurity of land banks.
348
349
How and why banks are established
Sources of bank profits
Mode of discounting notes
Distinction of business and accommodation paper
Origin and nature of bank-notes
Banks compete with each other for their share of the circulation
357
Artifices adopted for this purpose
358
Difference between the large-note and small-note currency
The small-note currency should be restricted
359
360
PAPER MONEY, AND ITS USE AS A REVOLUTIONARY CURRENCY
373
The value of the precious metals depends on the cost of their production 393
The present decline but little retarded by a greater demand for money 404
Change in the relative values of gold and silver will not indicate the
The decline in the value of money favors the United States
423
CHAPTER XXIII.
EFFECT OF SPECULATION ON PRICES. THE THEORY Of a Com-
Purchases can be made to any extent without money.
No limit to the expansion of credit
Extent of land speculations in the United States
No increase of the currency needed for such speculation
The currency not actually increased at such times
English examples cited to this effect
Not money, but disposable capital, is wanted
Money not needed even to effect payments
"Scarcity of money" means "want of capital to lend"
A moderate expansion of "loans and discounts" is possible
Fluctuating amount of disposable capital
Effects of the loan-market being gorged
Effects of the consequent reaction.
These fluctuations independent of the currency
Other causes affect the amount of disposable capital
Effects of increased imports or diminished exports
The bank reserves deaden the shock
Money as a means of effecting exchanges
Serves also as a standard of value
CHAPTER XXIV.
THE DOCTRINE OF INTERNATIONAL EXCHANGES; THE POLICY OF
ENCOURAGING DOMESTIC MANUFACTURES BY LAYING DUTIES
ON IMPORTED Goods .
The evils of excessive importation explained
How any country obtains pay for her exports
Advantages of interchange between nations
Illustrated by the trade with Barbadoes
Our trade with England explained
Benefits of this trade sacrificed by over-importation
Effect of removing a protective tariff
Ruinous effects of the tariff of 1846
Interchange of raw material and manufactured goods
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