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TYPEWRITTEN notes of lectures in Econ. 1. Price...
...present system is satisfactory.- (a) Notes have continued equal with gold since the resumption of 1879.- (b) They are a great public convenience.- (1) Demand on Treasury for notes of small denominations is steadily increasing: Quarterly Journal of Econ., VIII, 102.- (2) They are more desired and retained by the banks as reserves than any other currency.- (c) We have the soundest paper currency which has ever existed: Herald, Dec. 5, 1895.- (d) Greenbacks not a dangerous drain on the gold reserve.- (1) Present depletion due to the lack of revenue: Nation, LIX, 435; Herald...
...retirement of the greenbacks would be injurious.- (a) Panic would follow contraction.- (1) Contraction of currency means a lowering of prices: Mill. Pol. Econ. Bk. III, ch. 8.- (2) Debtors would be injured.- (x) They would have to pay in an appreciated currency: Macvane, Pol. Econ. 123.- (3) Farmers would be injured.- (x) Many of them in debt.- (y) Prices of their commodities would be lowered.- (4) Business would stagnate.- (b) If legal tenders were redeemed at an early date, there would be substituted an interest bearing debt for a non-interest bearing debt.- (1) In past 17 years...
...ECON. 2.- There will be no lecture today (Monday...
...rates cause fluctuating volume of traffic.- (i) Fluctuating volume of traffic incurs greater operating expenses than a uniform volume.- (ii) Uniform traffic causes capital to be constantly employed; no idleness or loss by interest.- (b) Rate wars following prohibition of pooling caused enormous decline of railroad property: Quar. Jour. Econ. Jan. '89, p. 178.- (c) Railroads themselves favor pooling...