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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 — Needs no legislation; transition easy; some banks would be superseded; banking should be free, but not the manufacture of currency, 230.What of deposits in a mercantile currency ? 231.- Would not involve any great risk to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.
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.
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.
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.
CHAPTER.III. - Proportionate Rise and Fall of Wages. — Do not rise
so soon or high as commodities generally; reason, no speculative
demand; fall sooner; difficult to ascertain rise or fall of real wages;
unquestionably have a tendency to advance; 1810 compared with
1860, 259. - Difference from character of employments; danger;
disgrace, 260.- Unhealthy trades; compensation should be made;
agricultural wages, for this reason, lowest of all, 261.- Education of
the laborer; makes him more efficient, and commands a reward; fru-
gality of the laborer; makes him independent, 262. - Neutralizes
the advantage of the employer; distinction of sex influences wages;
rate of difference, 263.- Equality of numbers; industrial sphere of
woman closely circumscribed; her products more dispensable; hence
inferiority of compensation, 264. Cannot be increased by mere phil-
anthropic efforts; change must be effected on economic principles ;
her occupations must be increased, 265. - Another classification of
wages, paid respectively for physical, mental, moral power, 266.
Gradation of wages on this plan; economical importance and value of
integrity; high rewards, 267. - Objected, confounds moral and eco-
nomical philosophy; answer, they do meet, and this ground is
common to both, 268.
CHAPTER V.- Profits. The remuneration of the business man, 279.
Must not be confounded with interest, wages, or rent, 280. - The
forms may be united; freedom necessary to secure fair profits, 281.
Profits of capital an inaccurate term, 282. -- Rate of profit tends to
decline, from acceleration of exchanges, increasing competition, and
more rapid intercourse ; difference in rate of profits in same commu-
nity, 283. - Rapidity of exchange; its effect on profit illustrated, 284.
-Profits large in new countries; Western States of America ; prof-
its governed by demand and supply, 285. - Tendency to reduce
profits further discussed ; effect on profit of temporary rise of wages
illustrated, 286. -- Dividends, how classified ? 287.
CHAPTER VII.- Rent. Reward of fixed capital; not of great impor-
tance in United States; implies ownership; implies society, 294.
Land the foundation of rent; does not appear in hunter or
shepherd state; begins with agriculture, 295. — Location the first
element; rent would appear though there were enough land for all,
with no difference of quality ; illustrated, 296. - Fertility the second
element; illustrated, 297. — Cost of importation, third element;
illustrated from Great Britain ; application of capital, fourth element;
not proportionally productive in all cases, 298. -- Great extent of
European improvements; land appendages; do not sell for cost, 299.
-Reason, difference between West and East, 300. - Improvements
become gratuitous; city rents generally on level with interest, 301.
CHAPTER IX. — Principles of Taxation. -- Necessity of government; it
receives revenue; by taxation, 306. — Importation in United States;
must be just and equal in a free country, 307. — Government own a
share in every product, has a lien on every article of value; principles
of taxation propounded by Adam Smith; first, equality of contribu-
tion, 308. - Explained and illustrated; second, taxation must be
certain and plain, 309. — Third, convenience of payment to be con-
sidered; fourth, economy; how the last, principle may be violated;
by great machinery of collection, 310. - By disturbing industry; by
encouragement to smuggling; by interruptions and vexatious visits ;
a fifth principle proposed, taxation of mischievous consumption;
forms of American taxation, 311. – National; State ; taxes divided,
as direct and indirect, 312.
CHAPTER X.- National Taxation. – 1. Customs ; duties of two kinds,
specific and ad valorem; American policy has fluctuated, 312.
Specific duties unjust; ad valorem create fraud, and so far defeat
Customs as a mode of taxation ; easy and effective;
a tax on consumption without reference to ability, therefore unjust;
not clear and plain to the contributor, 314. — Moreover, as they
raise the value of the home product, government gets only a small
part of what the people pay; illustrated, 315. — Example of taxa-
tion laid on articles not of home production; customs expensive
on account of the machinery, 316. -- Additional estimates showing
expense of raising revenue by customs, 317. – Bounties preferable
for protection to customs, 318. — Excise as a mode of taxation; un-
equal, like customs; not so expensive; more vexatious, 319. - Taxes
on disadvantageous consumption ; eminently desirable; revenue in
Great Britain thus obtained, 320.— Stamps, cheap, efficient, unequal;
licenses desirable, 321.
to have income known; answer, all are copartners in taxation, and
the contribution of each ought to be known; income deferred must
be estimated, 324. — Taxation of exports reduces power in com-
merce, e.g. wheat, 325. — Effect shown; except where there is a
virtual monopoly of product, 326.- This we have in cotton; universal
demand, 327. — Restricted culture; United States control the pro-
duction; production constantly increasing; price advancing simulta-
neously; yield in United States different years, 328.- Value of crop;
limited export duty would not curtail the market, 329. — Amount of
revenue yielded; cotton capacity of United States, 330.
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
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