Monday, November 4, 2013

Duncombe's Free Banking by Charles Duncombe

Status: One Round of QC (11.04.2013)


Fix Notes:

Page 3: par. 0: administrations

[...] per portion of the currency as they are at present organized to regulate their township adminstrations.

Page 40: par. 2: apprehended

[...] and, consequently, free from the evils and dangers aprehended from the accumulation and concentration of the whole money power of the United States in one company, [...]

Page 43: very end of page: currency

[...] and satisfaction of the community in the loans of the bank, and by equalizing the currrency throughout the Union.

Page 58: par. 0, last sentence: Declaration

[...] preserving the immutable principles contained in the Declarition of Independence, and the present Constitution of the United States inviolate.

Page 67: par. 2: lose

[...] and these great sacrifices been made by the pressure of the times; and that individuals only suffer who are direct loosers.

Page 67: par. 2: fountain

Productive industry is the only true source and fountian of wealth in any and every country.

Page 70: par. 2: institutions

But make currency republican; allow the people to elect the directors of all the financial instituitons of the country, and let the demand regulate the supply; [...]

Page 70: par. 2: current

[...] make the circulating medium equally currrent in every part of the Union, and you save for the industrious laborer a competence [...]

Page 77: bottom par.: privileges

Incorporated companies, being invested with certain exclusives priviliges, and, consequently, having distinct and separate interests from the community at large, are looked [...]

Page 98: bottom par.: commercial

Among the various commmercial and financial operations known and dignified by the title of banking, three kinds only require a particular notice; [...]

Page 101: par. 1: consecutive

And all feel the sad effects of over-issues, and consec-cutive contractions, uniformly attendant upon a currency dependant upon credit, and regulated by private interest.

Page 111: par. 1, last sentence: succeeds

The temptation to over-issues, therefore, succeeeds.

Page 117: par. 0: issue

[...] actual amount of specie in their vaults at the time of the discount; and isssue only large bills; and you will have a key to the great secret for establishing a sound currency suitable for a free and enlightened people.

Page 124: bottom par.: objections

To the first of these ojections, we ask to be referred to the particular clause of the constitution containing the prohibitory article; for as we understand that instrument, it is clearly favorable to the exercise of the requisite power by congress to regulate the currency.

Page 126: par. 3: Independence

The mind is forcibly struck, on reading the Declaration of Independance, with the [...]

Page 131: bottom par.: Independence

And in this view of the case, we again call the attention of the patient reader to the words of the Declaration of Indepence respecting the abuses of government; and leave the reflecting mind to compare the political defection of a government, [...]

Page 138: par. 1, near bottom of page: industry

A substitute for money may, for the sake of convenience, or for the promotion of enterprise and industy, be made to circulate as money.

Page 139: par. 3,: organized

[...] but enabling them to supply and furnish themselves with the currency they prefer, as they are now oganized to supply themselves with education, or provide for religious worship.

Page 140: par. 0: uniformly

Cities, and incorporated towns and villages, are, by their incorporations, uniformily empowered to provide for the education of the youth of the place; and the people regulate their system of education in these situations as they please.

Page 143: bottom par.: dependence

State chartered bank paper, from its dependance upon credit, its connection with private interest and reliance upon politics, must, by the laws of its situation, be continually changing.

Page 150: par. 1: currency

[...]“That congress shall have power to coin money, and regulate the value thereof, and of foreign coin,”—evidently not anticipating any monopoly in the currrency—[...]

Page 153: par. 3: liabilities

[...] particularizing not only the debts and resources of the banks; but the immediate liabilities of the banks should be distinguished from their deferred liabities; [...]

Page 153: par. 3: together

[...] should be able to judge of the amount of paper money at any one time in circulation; or the amount necessary, to-together with the specie that the absence of small bills will always keep in circulation, to promote and obtain the greatest possible permanent prosperity of the country.

Page 187: par. 1: political

[...] these must assuredly follow in the train, or the people must rise in their might and disenthral themselves from the financial and po-itical trammels of chartered bank paper, with its paper aristocracy.

Page 191: par. 0: losers

If it goes into the wrong pockets, into the hands of those who have no right to it, the public are the loosers.

Page 192: par. 2, last sentence: losers

The public are uniformly the loosers.

Page 196: par. 0: abilities

The bad management of the currency by chartered companies, lessens the actual amount of circulating medium below the necessities of the public, and below the ablities of the specie in the country; [...]

Page 210: par. 1: unnecessary

[...] and the people will see, that whatever number of brokers and unnecesa-ry bankers are supported out of the profits of the currency, [...]

Page 229: par. 2: suppose

But since they have become dealers in bills of exchange themselves, the practice of guaranteeing bills, I believe, has been generally discontinued, as I supppose they find it more profitable to regulate the rate of exchange to meet their interest in the bill market, than guaranteeing bills for others.

Page 231: par. 0: immense

And, as a light placed on high is seen at a greater distance than small lights that are placed low, so this institution, by its high credit and immmense influence, better illustrates the principles and [...]

Page 232: par. 1: losers

These operations may enable a few individuals to amass splendid fortunes at the public expense; but the public and the uninitiated stockholders being the loosers, cannot fail to reprobate their conduct.

Page 240: par. 2: interfered

[...] for prudent men will not import more than they can sell, nor more than they can pay for; and where exchange is not in-interfered with, by artificial means, this of itself will regulate the amount of our importations, and the amount of our domestic sales.

Page 242: par. 2: excesses

that balances of trade, may always be correctly indicated by the rate of exchange, and the excessess checked, by the free circulation of the precious metals from one country to another.

Page 248: par. 2: squandered

[...] but to those who do not know its value, it is always deficient, it is sqander-ed, and is, briefly, nothing better than want, by which it must and will assuredly be followed.

Page 250: near bottom of page, "Thirdly:": bills

Thirdly: Circulate no billls smaller than the smallest that circulate in foreign countries with which our commerce is principally carried on, that the balances of trade may be indicated by the exchanges, and duly checked by the exportation of coin when excessive.

Page 255: par. 1: occurred

The political revolutions, as they have been termed, that have occured in England within the last twenty years, the catholic emancipation law, [...]

Page 260: bottom par.: indebtedness

[...] civil and religious liberty to all, are met upon the threshold with the charge of American suspensions of specie payments by their banks, and the extravagance and idebtedness of our states to foreign countries; thus stopping their mouths with arguments, drawn from republican America.

Page 264: par. 1: portentous

The congress of the United States should take up the subject of the monetary affairs of the country, and lend its powerful aid to guard the public against the portentious dangers that threaten every part of the Union, and protect them against the repeated impositions of incorporated companies; [...]

Page 273: par. 2: government

The notes of the bank of England are money, receivable by the goverment in the payment of all rates, taxes and dues accruing to the government; [...]

Page 286: par. 3: perversion

The pervertion of the business of banking to that of brokerage, would be such an infringement of their regulations as to subject them to an investigation before the state directors, and leave themselves and their bail accountable for their malversation.

Page 295: par. 0, end of paragraph: should end with a period instead of comma

Comptroller any portion of the public debt of the state of New York, or of any other state, or of the United States, equal to five per cent. stocks of the state of New York,

Page 298: par. 2: facilitate

This would faciliate the extension of the circulation, and equalize it throughout the Union, and thereby give the paper portion of the money-currency a more perfectly metalic character.

Page 303: par. 1: English

American coins pass as bullion in England, while En-lish coins pass in the United States at or above their par value in England.

Page 311: bottom par.: losers

True, the bill-holder would not be the only loosers; yet, the whole business of the country would be checked, and the contraction of the cur-[...]

Page 324: par. 1: been

The currency of the country, as has ben remarked, consists of the precious metals, coined into various shapes and forms, and stamped in mills with the heads of the rulers of the nations, or with their national honors, or some emblem or device adapted to their country.

Page 335: par. 1: interfere

[...] and that I have never recommended the legislature of any state, nor the congress of the United States, to interefere with the credit-currency of the country.

Page 337: par. 1: equality

A national debt has ever been held in abhorrence by every lover of liberty and eqality[...]

Page 348: par. 2: business

[...] while the foreign gambling speculator would be precluded from bank credit, or only share equally with the fair businesss men of the place.


There is no chapter XIII (13). It just straight from 12 to 14.


"news-papers" is used 3 times, while "newspaper" = 2 and "newspapers" = 5. Should all "news-papers" be switched to the unhyphenated version?

On Page 11 of the PDF (beginning of "A Letter"). The heading says:


In the TOC, I have simplified it to: "A Letter to the Hon. Secretary of State", but I have kept the same text.

Page 254: par. 1: dignified (?)

Capitalists would have greater confidence in the permanence and stability of funds based upon specie, connected with a government the choice of a whole people, than can be felt in a government, however strong in its fortresses, army and navy, in King, Lords and Commons, Church and State Union, in bank and government connection, when the wealth of the nation only constituted the bond of union, and when the titled pensioner and the dignitied churchman, who live upon the hard earnings of the masses, are but a tythe of the population, where fixed bayonets enforce the laws, and where moral obligations are of no force.

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