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...exercised by the great majority of the certificate holders none denies. The consequent demand for credit would raise the interest rates which the Government as well as the general public will have to pay on borrowed money. At the same time the mere passage of the bill would depress the price of Government bonds and increase their basis of return. In such a money market the Government would have to take care of the $8,000,000,000 of its securities which mature within the next five years and to do so would, of course, have to meet the higher...
...also pointed out that bonds exchanged for merchandise must in most cases immediately be sold in the open market, which tends to depress the market price of the issue and makes it less easy to sell future issues at the same rate of interest...
...Single gold standard would give rise to great evils. - (a) Would depress trade and industry: Amer. Jour. Soc. Sci. XXXII, 27. - (1) On a gold basis, the amount of money could not increase with the growth of population and business. - (x) Supply of gold is insufficient: Report of U. S. Monetary Commission of 1877, p. 15; Pol. Sci. Q. VIII, 211. - (2) Contraction of amount of money means lower prices: Mill, Pol. Econ., book III, ch. 8. - (b) Would injure the debtor class. - (1) They would have to pay in an appreciated currency: MacVane, Pol. Econ., 123. - (c) Would injure...
...lower prices (Walker, 268-269). Lower prices (1) will depress industry: (International Monetary Conference 1892, pp. 240-245). (2) Will harm farmers (Taussig, Silver Situation, 112-115). (3) Will harm debtors (MacVane, Pol. Econ. p. 123). (4) Scarcity of money causes dangerous extension of credit. (b) It is a fluctuating standard. (1) Gold appreciates. (Walker, p. 254). (2) Prices of commodities have fallen as much as silver. (Silver Situation...
...arrayed Europe. . . .Morals and religion have suffered with the civil rights of man, and all their institutions have been disregarded and violated. Science and literature seem to be all that is old-fashioned and good that we have left . . . . . America especially should cultivate literature. We have so much to depress our national literary character, there are so many obstacles to prevent our deserving and so many prejudices to prevent our receiving the praise of merit, that great exertions alone can obviate the one and conciliate the other...