Monday, July 29, 2013

A History of American Currency by William Graham Sumner

Status: One Round of QC (07.29.2013)


Fix Notes:

I also did a code comparison against the version at OLL:

Mises has the 1874 edition, the OLL version is the 1884 edition. The only difference I can spot is a few years/numbers, and only a few tweaked sentences.


Page 11: par. 1: Massachusetts

In 1652 Massachussets set up a mint at Boston to coin this metal and try to keep it in circulation.

Page 13: par. 2: currency

The dollar, or piece of eight, was worth 4s. 6d. sterling, or 6s. New England cur-ency.

Page 29: par. 1: Accidental comma instead of period

A note for $1 payable twenty years hence in gold without interest, when interest is 3 per cent., is worth 55 cents, or, if interest is 6 per cent, 31 cents.

Page 61: par. 1: Massachusetts

One bank in Massa-chussetts had $40 in specie; another nothing.

Page 92: par. 0: Kentucky

[...] much for military prestige as anything, had imbibed from what he had seen of paper money in Tennessee and Tentucky a fierce, but not too intelligent, detestation of it.

Page 113: par. 0: transportation

If the cost of transporation was one per cent., no sovereigns could come until they were down to $4.80.

Page 121: Changed to a vertical table to better fit an ebook.

Page 159: par. 2: relations

This relative inflation in the countries with which our relatious were closest, shielded us from the effects which must have followed if their finances had been in a sound condition.

Page 160: par. 0: communication

As has been said above, the country was new, its natural advantages undeveloped, and only just made available by improved means of commmu-nication.

Page 193: par. 1 (near bottom of page): contemplated

The alternative was not understood because no one distinctly comtemplated the latter course, but it was sure to be the result of drifting under no policy.

Page 218: last sentence: redundant

As the stock exchange was the place at which the redundent currency was employed, [...]

Page 219: last sentence: Massachusetts

We have seen in the history of the Massachusests colony that each new issue was followed in a few years by a new [...]

Page 252: par. 2: phenomenon

Mr. Baring, in his evidence before the Bullion Committee, and Mr. Huskisson in his speech on the motion above referred to, bear ample testimony to the repetition of the old phenonemon of speculation under inflated paper issues.

Page 301: par. 0 (near middle of page): committee

It is true that the proposition of Mr. Western for a committtee of inquiry into the action of the bill was negatived by a heavy vote, but it appeared that there were some active and influential men who wanted to return to paper, and others who thought a great mistake had been made in not accepting the depreciation and reducing the standard, and they were supported by a clamorous party suffering under distress.

Page 331: par. 1: commercial

No nation has ever had the courage to pursue this course except England, and she only entered upon it after two or three commerical revulsions had destroyed a large part of the paper, never immoderately redundant; [...]

Page 373: par. 0 (near middle of page): accommodations

It was natural for the Bank Directors to believe, that nothing but benefit could accrue to the public at large, while they saw the growth of Bank profits go hand in hand with the acommodations granted to the merchants

Page 390: par. 2 (near middle of page): materially

Indeed, the restoration of peace, by opening new fields of commercial enterprise, would multiply instead of abridging the demands upon the Bank for discount, and would render it peculiarly distressing to the commercial world if the Bank were suddenly and materally to restrict their issues.


Page 57: par. 1: condemnation

The framers of the document thus fixed their con-demation of the old paper system, and the people, smarting under recent experiences, acquiesced.


Page 357 bad scan

Tables changed around to be less wide: Page 59, 118, 121, 135

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