, 1874-05-02
, SUMMERS AMERICAN CURRENCY

| pHAPTEns on rliR ENaI1sH" BA:1x RESTRICTION
SUMMER, Professor Of Political mud Social Science In
gs 9 c s P|,9 1s bullion
This: Is a timoly book. It comes w11e, tho
public interest in hnanoe bids fair to oqual that
displayed when the Bank Of tho United States
was fighting Jackson. It is y pity that it nas
been issued in such. cohtly form. Tho clear,
hoayi1y-leaded print and tho wide margius arc n
delight to tho renders oyo, but the price Of Bol,
luxurioa keeps many would-bo ireadera' eyes
from tho book: Still the domand for It is satis-
factory The first edition mi. exhausted within
day or 30 Of publication, md tho second il now
rapidly selling It should be put forth in a
cheaper form, II order to gye 1t the wildcat pos
siblo circulation. - ~. ~:
Until tlls treatise, appeared, thore was no
complete history of American currency Iii
atn,y had to ha sought in old ,epoochoa and in
books which treated Of short periods Of time.
Thia explains tho fow, appeals to American his
tory mato In tho recent debates oil, imitation,
The mon who have pooll-poohd nll the lessons
Of European experience as inapplicablo On this
side of the Atlantic will find thom: taught, in
this book, by the experience OF Amorlca. Prof.
Summer. haa gathered tho hitherto scattered
facts into continuous narrative, which tells,
again and again. tho old story over again. -, -
!. :. :1ssuE OF. TAPER MONEY, -.. .,.l.
disappearance of specief mora paper; apeoula-
ton, extravaganza, stringeucy, smash. -; ~
The Puritan8 brought out, little money with
thom. :They had put their currency into capital,
tools, and clothing, mid household goods, and
weapons and merchandise for tho Indinn trade,
before sailing. They soon needed currency;
As they, issued no paper to keep haru money
away, the currency quickly came from England,
in the shape Of specie. 1t was m early illustra-
ton, on American soil, OF tic fact thas'a coun-
try which uses coin has tho worll1's iapaclo-
RESERVES to drnw upon In timo Of noed There
Wero soon illustrations enough aud to eYare, on
American soil, of the fact discovered By Sir
Thomas Gresham, in, Queen Eizabeth's .timc.
that two currencies of unequal valuo
cannot circulate together, for tile gorse
will drive cut tho bottor. 'Maasachuhotts Soon
begun to uBo bartor currency. Corn, beayor,
wampum, muskot-batla. aud many othor things
were mado d logal-tonder. Gold and silver dis
appeared with the rap,dity With which these
sensitive motals always leave p1ace whore they
arc apparently not wantod The "pina-tree',
coinage. began In: 1859. Specie was steadily
exported, notwithstanding tie law made this
orimo' and attachcd d heavy ponnlty- to it.
The laws; of Nature are moro powerful than
those Of man,. This was proved again, In, l704.
4 royal proclamation fixed the value Of spnn-
ish and other foreign COINS It was Of COURSE,
Of no effect whatover. Tho ;:
..s, rusT PAPER MONEY
WAS issued in 1890, to pay the, cost Of the un-
luclsy' expedition against Canada. :. Tho notea
we're receivable for taxes and fnint efforts woro
made to rodeoul them, but they wore at one-third
discount In 1862, 1t was ordored .that the bills
Should bc taison nt the: Treasury ut por cent:
over coin, and redeuptio,l within A. vear. was