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    A New Banking System The Needful Capital for Rebuilding the Burnt District
    A New Banking System The Needful Capital for Rebuilding the Burnt District
    A New Banking System The Needful Capital for Rebuilding the Burnt District
    Ebook108 pages1 hour

    A New Banking System The Needful Capital for Rebuilding the Burnt District

    By Lysander Spooner

    ()

    Read preview
    LanguageEnglish
    PublisherArchive Classics
    Release dateNov 25, 2013
    A New Banking System The Needful Capital for Rebuilding the Burnt District

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      Book preview

      A New Banking System The Needful Capital for Rebuilding the Burnt District - Lysander Spooner

      The Project Gutenberg EBook of A New Banking System, by Lysander Spooner

      This eBook is for the use of anyone anywhere at no cost and with

      almost no restrictions whatsoever. You may copy it, give it away or

      re-use it under the terms of the Project Gutenberg License included

      with this eBook or online at www.gutenberg.net

      Title: A New Banking System

      The Needful Capital for Rebuilding the Burnt District

      Author: Lysander Spooner

      Release Date: November 1, 2010 [EBook #34187]

      Language: English

      *** START OF THIS PROJECT GUTENBERG EBOOK A NEW BANKING SYSTEM ***

      Produced by Curtis Weyant and the Online Distributed

      Proofreading Team at http://www.pgdp.net (This file was

      produced from images generously made available by The

      Internet Archive)

      A

      NEW BANKING SYSTEM:

      THE

      NEEDFUL CAPITAL FOR REBUILDING

      THE BURNT DISTRICT.

      By LYSANDER SPOONER.

      BOSTON:

      SOLD BY A. WILLIAMS & CO.

      135 Washington Street.

      1873.

      Entered according to Act of Congress, in the year 1873.

      By LYSANDER SPOONER,

      in the office of the Librarian of Congress, at Washington.

      Printed by

      Warren Richardson,

      112 Washington St

      CONTENTS.

      The reader will understand that the ideas presented in the following pages admit of a much more thorough demonstration than can be given in so small a space. Such demonstration, if it should be necessary, the author hopes to give at a future time.

      Boston, March, 1873.

      CHAPTER I.

      A NEW BANKING SYSTEM.

      Under the banking system—an outline of which is hereafter given—the real estate of Boston alone—taken at only three-fourths its value, as estimated by the State valuation[A]—is capable of furnishing three hundred millions of dollars of loanable capital.

      Under the same system, the real estate of Massachusetts—taken at only three-fourths its estimated value[B]—is capable of furnishing seven hundred and fifty millions of loanable capital.

      The real estate of the Commonwealth, therefore, is capable of furnishing an amount of loanable capital more than twelve times as great as that of all the "National" Banks in the State[C]; more than twice as great as that of all the National banks of the whole United States ($353,917,470); and equal to the entire amount ($750,000,000, or thereabouts) both of greenback and National bank currency of the United States.

      It is capable of furnishing loanable capital equal to one thousand dollars for every male and female person, of sixteen years of age and upwards, within the Commonwealth; or two thousand five hundred dollars for every male adult.

      It would scarcely be extravagant to say that it is capable of furnishing ample capital for every deserving enterprise, and every deserving man and woman, within the State; and also for all such other enterprises in other parts of the United States, and in foreign commerce, as Massachusetts men might desire to engage in.

      Unless the same system, or some equivalent one, should be adopted in other States, the capital thus furnished in this State, could be loaned at high interest at the West and the South.

      If adopted here earlier than in other States, it would enable the citizens of this State to act as pioneers in the most lucrative enterprises that are to be found in other parts of the country.

      All this capital is now lying dead, so far as being loaned is concerned.

      All this capital can be loaned in the form of currency, if so much can be used.

      All the profits of banking, under this system, would be clear profits, inasmuch as the use of the real estate as banking capital, would not interfere at all with its use for other purposes.

      The use of this real estate as banking capital would break up all monopolies in banking, and in all other business depending upon bank loans. It would diffuse credit much more widely than it has ever been diffused. It would reduce interest to the lowest rates to which free competition could reduce it. It would give immense activity and power to industrial and commercial enterprise. It would multiply machinery, and do far more to increase production than any other system of credit and currency that has ever been invented. And being furnished at low rates of interest, would secure to producers a much larger share of the proceeds of their labor, than they now receive.

      All this capital can be brought into use as fast as the titles to real estate can be ascertained, and the necessary papers be printed.

      Legally, the system (as the author claims, and is prepared to establish) stands upon the same principle as a patented machine; and is, therefore, already legalized by Congress; and cannot, unless by a breach of the public faith, any more be prohibited, or taxed, either by Congress or this State, than can the use of a patented machine.

      Every dollar of the currency furnished by this system would have the same value in the market as a dollar of gold; or so nearly the same value that the difference would be a matter of no appreciable importance.

      The system would, therefore, restore specie payments at once, by furnishing a great amount of currency, that would be equal in value to specie.

      The system would not inflate prices above their true and natural value, relatively to specie; for no possible amount of paper currency, every dollar of which is equal in value to specie, can inflate prices above their true and natural value, relatively to specie.

      Whenever, if ever, the paper should not buy as much in the market as specie, it would be returned to the banks for redemption, and thus taken out of circulation. So that no more could be kept in circulation than should be necessary for the purchase

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