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CHAPTER XIII. – Mercantile Currency. – A substitute for the precious

metals; combines reliability with the convenience of paper; not a novelty, 224.— First substitute currency; Bank of Genoa, bills based on full specie; Bank of Amsterdam, 225. - Bank of Hamburg; England needs such

à currency, 226. — English finance continually disturbed, and millions of annual loss involved, for a paltry saving; United States still worse, 227.-- The change of currency easy to effect; issue of small notes, 228. Amount of paper money required in United States; legitimate banking profitable, 229. — Needs no legislation; transition easy; some banks would be superseded; banking should be free, but not the manufacture of currency, 230.What of deposits in a mercantile currency ? 231.- Would not involve any great risk to currency, 232.

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CHAPTER XIV.- The National Currency of the United States. - Differs

from the old system; is under national control ; ultimate redemption of notes secured, 233. — Legal tender; uniform value through the States; provision made for banks holding “ lawful money” with which to redeem, 234. — Last provision frustrated by allowing “ balances” to be counted; these banks have no capital to lend, 235.

- Resembles the old system in liability to expand and contract; furnishes a standard of value equally delusive; raises prices and creates speculation; extends credit; increases imports ; counteracts protection, and discourages home manufactures; will continue to cause stringency and panic; guaranty of ultimate redemption no security against a “run,” 236. — Operations of the new system; where the profit is made, 237.- Quality of the new currency, 238. — Illustrated from an individual bank, 239.--New system better, as more susceptible of reform, 240.

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CHAPTER XV.-Evidences of Debt. - Three kinds ; book accounts, 240.

- Ex parte, and not negotiable; notes; bills of exchange, 241.- Illustrated; exchange, foreign and domestic, 242. — Great saving of expense; indirect exchange, 243. - Foreign exchange illustrated, 244. — Saving calculated; indirect foreign exchange illustrated; trade of United States 1857, 245.-- Natural rate of exchange, 246.Exchange the barometer of trade; rate of British exchange explained; value of the pound sterling, 247. - Expense of shipping gold, 248. — Rectification of the legal value of pound sterling; are bills of exchange currency ? do not pass from hand to hand, 249. — Are themselves discharged by currency; are generally on time; not proper tender; if dishonored, do not reduce amount of currency, 250.- Do not affect prices; their scarcity cannot create panic, therefore not currency, 251.

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CHAPTER I. Divisions of the Subject. — Distribution arises out of divi-

sion of labor, 252. — Labor, physical, mental, and subsidiary, all
receive wages ; capital loaned in two forms, one receiving interest, the
other rent, 253. — Government claims a share; we have therefore to
provide for wages, profit, interest, rent, and taxation.

- Do not permanently raise wages; freedom, intelligence, and virtue

must do this, 273. Co-operative associations; account at length by

Professor Fawcett, 274.

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not rise in 1864–5 as prices did, 302. -- Rents advanced little, interest

somewhat, but not as high as profits; state of things illustrated, 303.

- The laborer loses; the business man gains, but not so greatly as

supposed; is, however, the only party who gains at all, 304. — Ex-
cept speculators; loss on all fixed incomes, 305. -- Facts of the war
hold to a degree in all expansions.

CHAPTER XII.- State Taxation. — Is direct; increased by rebellion;

method of; false position of poll-tax payers, in regard to appropria-

tions and expenditures, 332. — Income tax would remove the diffi-

culty; poll-tax unreasonable in itself, but tolerated as part of a

system, 333.

Burden thrown on property ; effect on small farmers

unjust and mischievous, 334. — Great disparity of taxation; ad-

vantages which the poll-tax payer derives from government, 335.

Return made for these; effect of State and national system com-

bined; affect each other's injustice, 336. — Apportionment of national

taxation among States considered; cheaper, if the States could

not be relied on; taxation of credits; propriety has been questioned,

337.- Matter discussed; this liability, being known, has entered as

an element into all purchases, 338. — Income-tax would avoid all

injustice; as it is, credit should be taxed; taxation of government

bonds; 'importance of the question, 339. — Proportion of national

debt to estimated wealth ; large amount of income exempted; better

pay higher interest, 349. - Such exemption diminishes the operation

of frugality ; consolidation of national debt; proposition in Congress,

341. – Desirable, but no exemption from taxation should be allowed ;

such exemption separates the rights of voters from their responsibili-

ties; creates a mischievous class, 342. Unjust for national authority

to limit, in this way, the control of State and town authorities over

property; creates inequality ; will create an interest against the pay-

ment of the debt, involving endless taxation; particularly unjust to

certain sections, 343. - Absorbs too large a proportion of the wealth

into the debt, as our bonds will be returned in consequence from

Europe ; entirely unnecessary now; never was good policy; wisdom

of British financiers in Napoleonic wars, 344. — If wisely managed,

our debt need not burden the country excessively; a consolidation

should be effected, but not in a single issue ; proposed sinking fund

considered, 345.

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