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Title: Heft VI (1878). VI. Exzerpte aus Poor und aus Mann, Kap. XV-XVII und VI-VII
Description: Marx’ Exzerpte im Heft VI (November 1878) aus Henry V. Poor, „Money and its Laws“ (London 1877), und aus Charles A. Mann, „Paper Money. The Root of Evil“ (New York 1872), Kap. XV–XVII (die rechtlichen Verpflichtungen der Vereinigten Staaten, das Beispiel Englands, die künftige Währung) und die nachgeholten Kap. VI–VII (Verteilung des Reichtums und Regulierung einer gemischten Währung); bibliographische Notizen.
Author: Karl Marx
Date: 1878-11
URL: https://marxismo.school/archivo/marx-engels/originales/1878%20Heft%20VI.%20VI.%20Exzerpte%20aus%20Poor%20und%20aus%20Mann%2C%20Kap.%20XV-XVII%20und%20VI-VII
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*Nach der Handschrift, MEGAdigital (MEGA² IV/25).[^lic] [Traducción al español](https://marxismo.school/archivo/marx-engels/1878%20Cuaderno%20VI.%20VI.%20Extractos%20de%20Poor%20y%20de%20Mann%2C%20caps.%20XV-XVII%20y%20VI-VII)*

## Poor (Henry V.) Money and its Laws embracing a history of monetary theories and a history of the currencies of the United States. London (Paternoster Square) 1877.

Von diesem 623 pages starken volume nur soweit Notiz zu nehmen als es charakteristisches opus eines true type of Yankee blackguard and low literary bully and swaggering mountebank.

*»The premium (* **on gold** *) has now fallen to 5%«* (war dagegen am *13 Febr. 1875* about 12%) (p. 452)

*1860 Notes u. Deposits* der banks (in U. St.) = *$460,904,606*; dies höchster Punkt which had been reached. *November 1860 Lincoln’s election to the Presidency*; signal für immediate outbreak of civil war. Einer der letzten Acte des *previous Congress*, purged by the secession of most of the Southern members, war to authorize a Loan of 10 Mill. $.; *new Congress*, elected at the same time with the President, authorisirte am *17. July 1861* the negotiation of large loans (to amount of 250 Mill. $). In the mean time disaster of *Bull Run*. (*Contin. p. 84* )

## Mann etc (Fortsetzung v. p. 59)

### ch. XV) The legal obligations of the U. St. in the payment of their Treasury Notes and Funded Debt.

The most active element in *that financial feudal system*, by which in these latter days a few are elevated over the many, is the *facility which credit gives for swelling the public debt*. (304)

No promise or contract was made to resume specie payments in that manner or in any other … would be wholly inconsistent with „the theory of greenbacks“ (305) The dollar … intended in every contract made under the legal-tender-act, is the paper dollar, or dollar of account, and the gvt. has never promised nor agreed to change these dollars into real dollars. Nor has it ever limited any time within which to make its own notes equivalent to specie. (306)

In case of its (the legal Tender Act) Repeal, without *any clause saving past contracts*, the courts would be bound to make such *contracts payable in gold*, *according to the value of the money in which they were contracted*, and to send each case to a jury to determine the value of the money intended by the parties. One way of removing all doubt on the subject would be to provide, in the law containing the repeal, at *what percentage in coin greenback contracts should* be settled. (307)

*Precedent of such a law in American History.* *Nov. 1781* passirte Legislature of Virginia ⦗the Virginia of Washington and Jefferson, approved by Chief Justice Marshall⦘ act calling paper money out of circulation u. *another act directing the mode for adjusting and settling contracts made in that currency*. Die *second section* des latter act, sagt by way of preamble that „the good people of the State would labor under many inconveniences for want of some rule, whereby to settle and adjust the payment of debts and contracts entered into or made between the *first day of January 1777*, and *the first day of Jan., 1782*, unless some rule should be by law established for liquidating and adjusting the same so as to do justice as well to the debtor as the creditor“ enacts that, from and after the passing of the act „all debts or contracts entered into or made in the current money of this State or the U. States, excepting at all times contracts entered into for gold and silver coin, tobacco, or any other specific property, within the period aforesaid, now remaining due and unfulfilled, or which may become due at any future day or days for the payment of any sum or sums of money, shall be *liquidated, settled and adjusted agreeably to a scale of depreciation*, hereinafter mentioned and contained; that is to say, by *reducing the amount of all such debts and contracts to the true value in specie*, at *the days or times the same were incurred or entered into*, *and upon payment of said value so found in specie*, or other money equivalent thereto, the debtors or contractors shall be forever discharged of and from the said debts or contracts, any law, custom, or usage, to the contrary in any wise notwithstanding.“ „The fourth section *establishes the scale of depreciation*, which shall constitute the rule by which the value of the debts, contracts, and demands, in the act mentioned, shall be ascertained.“ Of this law, *Chief-Justice Marshall*, in delivering the opinion of the Supreme Court, said: „The *act is applied directly to the date of the contract*, and the motive for making it was, that contracts entered into during the circulation of paper money, ought in justice to be discharged by a sum differing in intrinsic value from the nominal sum mentioned in the contract; and that, when the Legislature removed the delusive standard by which the value of the thing acquired had been measured, they ought to provide that justice should be done to the parties.“ (308, 309) The only limitation on the Power of the *States* ⦗as distinct from the Federal Government⦘ is contained in that provision of the constitution of the U. St. which forbids them from passing laws impairing the obligations of contracts; aber such a law would provide for carrying out contracts according to the intention of the parties in making them; daher diese restriction could not be invoked against it. Daher, whether Congress made such a provision or not, each State could establish such a percentage for its own courts. (308)

Aber *public creditors* behaupten dass »their rights [are] different from, and superior to, those of private creditors under that act«. (310) Existirt a »difference in the terms of the contracts«?

The word »dollar«, used in the treasury notes, has the same signification as in private debts contracted under the legal tender act. The dollar mentioned is understood to be the dollar of account, or whatever the law makes a dollar. Every man who has made a note under that act has promised to pay dollars. Yet no one has ever supposed that gold dollars were intended (313) The promise to pay real dollars … nugatory. The only method of payment provided by law was to receive the notes for taxes, and in payment of loans whenever negotiated … greenbacks [are] mere stamped counters. (313, 14) The holder of a 10 dollar note … precisely as well off to receive 9 gold dollars for it as to hold it. (314) Eine Bedingung in der Ausgabe der Greenbacks war that „*such United States notes* should be received the same *as coin at their par value in payment* for any loans that might be thereafter sold or negotiated by the Secretary of Treasury“. Under this provision the government is precluded from negotiating a loan for coin only, until the treasury notes are all funded. (314) Aber government has never, »precluded itself from naming the rate of interest to be yielded by the bonds, into which treasury notes are to become convertible«. (314, 15)

The legal-tender act, by its terms, expressly applies *to all claims against the U. St.*, *except duties on imports and interest on the public debt* . (316) *(Act of 25 Febr. 1862)* Diese law provisions »do not cause the *principal of the debt* ⦗the bonds themselves⦘ to be included among the exceptions; sondern nur *interest* auf selbe u. custom duties«. (321) As the *interest is by name excepted*, therefore the principal is expressly *included*. (l. c.) Ebenso »the *specification in some loan acts*, that the bonds are to be paid in coin, shows that those bonds were [intended] to be paid in a different manner from the bonds issued under an act where coin payment is not mentioned.« (l. c.)

*bonds* issued *under the law of Feb. 27* *, 1862* principal nicht payable in coin; (sind = debts of individuals under the same act.) *bonds issued under the law of March 3, 1863* ([known as] ten-forties) expressly made payable in coin. Selbe provision in *law of March 3, 1864*, authorizing the issue of 200 millions of bonds. $3,882,500 of 25\five-twenty bonds issued under this law. Law of *June 30, 1864* repealed the two preceding laws before the full amount of bonds authorized by them had been filled, and provided for the issue of *400 Mill. of other bonds*, without specifying that the principal of them was to be payable in anything but lawful money. The law *of March 3, 1865*, worunter 600 Mill. of five-twenty bonds, or seven-thirty notes convertible into them, have been issued, contained the provision: „And *the principal, or interest, or both*, may be made *payable in coin*, or *in other lawful money* .“ Hierdurch erhielt Secretary of Treasury right to make a specific contract, binding on the U. St. to pay the principal of the bonds issued under this law in coin. Aber no such contract has been made by that officer. (322, 23)

The *first and second series* of the *sixes of 1861* negotiated vor passage of legal tender act, incurred in specie, ought to be paid in the same money; the *third series* issued *under act of March 3, 1864*, payable in the same manner; diese bonds bilden aber nur kleinen Theil der public debt. (323)

the option to pay the *five-twenties* at the expiration of the shorter term, at the pleasure of the U. St., includes the option to pay them in the less valuable currency. (323) Congress has no right to pay the debt except according to contract. (325)

Aber nun the so-called *Public Credit Act* (1869): „Be it enacted etc, that, in order to remove any doubt as to the purpose of the government to *discharge all just obligations to the public creditors*, and to settle conflicting questions and interpretations of the laws by virtue of which such obligations have been contracted, it is hereby provided and declared that the faith of the U. St. is *solemnly pledged to the payment in coin*, or its *equivalent*, of *all the obligations of the United States*, *not bearing interest*, *known as United States notes*, and *all of the interest-bearing obligations of the United States*, except in cases where the law authorizing the issue of any such obligation has *expressly provided* that the same may be paid *in lawful money* or *other currency than gold and silver*. But *none of said interest-bearing obligations not already due shall be redeemed* or *paid before maturity* unless at *such time U. States notes shall be convertible into coin at the option of the holder*, or unless *at such time bonds of the U. St. bearing a lower rate of interest* than the bonds to be redeemed *can be sold at par in coin*. And the U. St. also solemnly pledges its faith to make provision, at the earliest practicable period, for the *redemption of the U. States notes in coin*.“ (327)

This law disregards the contract made with the holders of treasury notes, and contained in the legal tender act, that such notes „should be *received the same as coin*, *at their par value*, in *payment for any loans* that might be thereafter sold or negotiated by the Secretary of the Treasury“, a contract … still to be found printed on some of those notes. The public credit act implies that bonds may be sold at par for coin while treasury notes are selling at less than par, in which case the latter could not be received in payment for such loan. A negotiation of this kind has actually been consummated in the case of the 5% bonds, and the contract of the U. St. with the holders of their treasury notes, to receive such notes the same *as coin in payment for any loans sold or negotiated after their* issue, has been *openly repudiated* . Congress, in order to *give to the bond-holders* more than their contract calls for, has taken from the noteholders part of the consideration which their contract distinctly specifies. ([328,] 329) Dagegen a coordinate department des government has revived that (legal-tender) theory in full force, in *order to defraud creditors whose debts were contracted before the passage of the act*, *for the benefit*, principally, *of a few great railway corporations*. (329)

Der *public credit act* (apparently) intended to settle the *manner of payment of the principal of the five-twenty bonds*; in fact those bonds nicht within the terms of the act. Andrerseits the *practice* of *paying* those bonds in coin had already been established, though most improperly, by the Treasury Department. (329, 30) Dies law delayed the refunding of the debt. Wenn *a six per cent bond*, *payable in gold*, can be bought at the same price as *a 4% bond*, there is no inducement to moneylenders to subscribe for the latter, and, as *the option to redeem the six % bonds may be made effective at any time*, they *do not rise above par* so *as to bring up the lower class of bonds to that price*. (330)

The public credit act was extorted by fear *of the monstrous proposition to pay the debt in greenbacks*, *and to obtain the greenbacks by printing them*, proposition only less monstrous than that of the *Supreme Court*, by the terms of which such a proceeding would be both legal and moral. (330, 31)

Das einzige was Congress legal thun könnte war: »exchanging the old bonds for new ones at a lower rate of interest, and making both principal and interest specifically payable in coin. The new bonds in such case would probably have sold at a higher price than the old ones, and the exchange would have been made voluntarily, just as the *seven-thirty notes* were converted into *five-twenty bonds*.« So relieved the burdens of the tax-payers by refunding the debt. (331)

### ch. XVI. The Example of England.

the highest price ⦗premium on gold⦘ reached ⦗in England⦘ was 42% in 1812 and 1813; and the price of gold was as far from marking the depreciation of the currency during the suspension of specie payments in England, as the gold-room price has been in the U. St. Prices, however, in that country rose considerably. The greatest depreciation of the currency as marked by general prices has been variously estimated from 25 to 75%. (338) Gold was affected by causes peculiar to itself, and, confidence in the inconvertible paper remaining unimpaired, its price in paper depended mainly on the demand for it to ship abroad. (339)

*total contraction of paper money v. 1814 to 1822* war *£43,467,978* (= $215 Mill.), aber the *amount der B. o. E. notes of 5£* u. upward blieb fast stationär. (340) Gold declined in price with other things; at the *end of 1816* had fallen v. 15% to almost nothing. (341)

In producing the resumption, Peel’s bill had no effect, except in stimulating the banks and commercial classes to make the necessary efforts. The *previous contraction* had prepared the country for it etc (l. c.)

Nach confidence restored u. exhaustion of panic (1815–16), business extended, there was need of more money to effect the exchanges, than at the height of the panic, so that specie payments *were finally resumed after a slight expansion of the currency over the figures of 1816*, instead of a further contraction. (l. c.)

The only provision of our laws vergleichbar mit dem Engl. pledge to resume innerhalb 6 months after peace, ist die *prohibition against issuing more than 400 Mill. $ of plain legal tender notes*. This is equivalent to a pledge to all creditors, including the bondholders, *not to debase treasury notes by further issues*, and to violate it at this day would be inexcusable. (343)

That (the English) nation ⦗during the French war⦘ sold its stock so as to receive for it about 58 for 100, and paid 3% interest. We realized for our bonds about the same average, and have paid 6% interest. English war-financiering was just twice as good as American. Their stock, however, is redeemable in coin. The greater portion of ours is payable at the option of the debtor ⦗the government⦘, in paper. Certainly the legal right which Congress has thus retained of compelling a reduction of the interest, in consideration of adding to the principal the difference between depreciated paper and gold, is a right the exercise of which has already been too long delayed. (349)

### Ch. XVII. The future Currency of the U. St.

*Für das refunding:* to make the (depreciated) treasury notes *receivable for taxes*, and *convertible at the option of the holders into interest-bearing securities*. Sind die Prices der notes z. B. 77% ⦗now a little less⦘ der purchasing power der former metallic currency … so *interest then selected for the bond into which to fund them*, *ought to be one that would cause them to sell in the immediate future at from 75 to 80 cents* on the dollar. ⦗Also im Yankee bond 4% would do this.⦘ (p. [356,] 357.) Hierbei wahrscheinlich, dass »the holders of them ⦗der treasury notes⦘ would probably find greater profit in using them as money, than in converting them into bonds bearing a low rate of interest … Their withdrawal, then would progress but slowly, and the government would come into possession of them principally by receiving them for taxes. It would probably be found necessary to cancel a portion of those thus received, in order to force coin or convertible paper once more in circulation. Treasury notes would continue to be used temporarily in payment of the current expenses of the government, but what greater objection … in paying them out when *quoted at a discount*, than *when gold is quoted at a premium*.« (357)

measure of *funding treasury notes at so low a rate of interest* as to make *their price in gold* conform to their purchasing power as money (358)

*Texas* has persistently refused to accept, as money, either the treasury notes of the Confederacy, or those of *the U. St.* … exceptional prosperity this State is now enjoying. (360)

As to the system der s. g. *National Banks*, hat introduced into federal politics a *money power* likely to oppose, by improper means, all legislation hostile to its supposed interests. Fraglich whether any law could be got through the present Congress for refunding the debt, or for restoring specie payments, if distasteful to the national banks; sie sind »already amply represented on the floor of Congress in the persons of their officers and stockholders. The most dangerous outgrowth of federal centralization is this tendency to make laws, not for the good of the people, but for the advantage of proprietary interests.« (366, 67) *On questions of tariff*, *currency*, *the debt*, and *public domain*, special interests are recognized in Congress. The laws on those subjects are made, not by Congressmen as representatives of the people, but as the representatives of the manufacturers, banks, bond-holders and railways. To go through the Senate and select the Senators who were elected to represent *railway corporations first*, and their *States* afterward, then to *pass to the House*, and designate the members who were elected to *represent banks* and *tariff rings* in preference to their constituents, would afford results not flattering to parliamentary government. (367)

Ein Haupthinderniss für Resumption of cashpayments jezt »*one powerful railway corporation*, *whose leases in perpetuity would be likely to bankrupt it* in case of an increase of the value of money. Its freights and fares would then be at lower rates, and likewise its expenses, leaving its net profits greater, as measured by the purchasing power of the money received, but computed in a smaller number of dollars than before, while *its leases would still call for the actual number of dollars specified in them* « (367)

An aristocracy [war] früher [definirt als] government by a *privileged order*. In modern times, wie in U. St.: aristocracy … is a government administered by a *privileged class to protect or increase its own proprietary interests*. So jezt in U. St. mehr dies als selbst in Great Britain. Our *privileged order* is not composed of individuals whose greatness is recognized, and to whom a title is given, *but of aggregations of individuals* who *form a ring*, or a *corporation*, and receive in the latter case a *corporate name*; and though the units are constantly shifting, the *aggregation perpetuates* itself. Our privileged order transmits its powers, not to its heirs, but to its successors. Another difference … this class, in return for the powers granted to it, renders a public service by assisting in the production of wealth. But … the interests of our manufacturers and banks, as advocated by themselves … conflict with those of the mass of the people. They make use of their power of legislation to gain an advantage. … The laws enacted through their influence, for imposing taxes proportioned to consumption, including protective tariffs, and for transmuting paper contracts into gold etc. (368, 369)

Diese banknotes ferner »virtually a *government liability*, with bonds put up as collateral« … when government, was es nicht sollte, geht in banking business, dann sollte es sein *primarily liable on the notes*, and *make all the profit from issuing them*, rather than stand in the position of an *accommodation indorser* for the banks. (369, 70)

### Mann, (hier folgt wo abgebrochen)

Wird *Note* gegeben, so hat ihr Aussteller sie erst bei ihrer Verfallszeit zu zahlen. Jeder dealer kann daher innerhalb des term of credit customary in his trade large speculative purchases machen, ohne Auslage von 1 Dollar in money. Noch besser when to his own responsibility a buyer can add that of another person … also a speculator can largely increase his purchases by *transferring any notes* or *acceptances he may have*. In speculative transactions, *negotiable paper*, ob gegeben *in course of business*, od. nur *made for accommodation*, ein instrument largely employed. Auch *wenn der buyer zur Zeit des Kaufs f. Waaren actually zahlt* , kann Creditelement in die Transaction eingehn, u. form its *basis*. *The money used may be obtained on credit*; grade so die *majority der speculative transactions* carried on; the *banks furnish the money* to conduct them; sei es dass sie *discontiren commercial or accommodation paper* on the security of the names thereon, od. durch *directly loaning* the money to be used in (cont. 85)

## Poor (contin. v. p. 77)

Ursprünglich *gab Congress den holders der notes* … *the option of converting them at pleasure into a 6% gold interest bearing bond*, *payable in twenty years*. Aber Secretary Chase urged Congress to withdraw this *privilege of converting the notes*, *so that henceforth all issues were made without it*.

*30 Dec. 1861* *Suspension des specie payment der United Banks* u. issue *of gvt. notes*.

*Export of specie* im *Jahr vor dem Krieg* exceeded the imports by *$57,996,154*. Während des ersten Jahrs des Kriegs, *vor Suspension der banks*, *Excess of imports over exports* = *$22,558,791*, in one single year change in favor of the country of *$80,554,945*. Selbst noch *1862*, nach Suspension der banks, u. nachdem *Chase* (Secretary of the Treasury) von ihnen gezogen $150 Mill., hatten sie noch *$44,887,093* in coin, a sum greater, by *$15 Mill.* than that held on *1st Jan. 1860*. (563) When die banks suspended, in their coffers *$44,887,893*. (p. [565,] 566)

Zur Zeit ihrer suspension der amount of *demand notes* (welche payable in coin, issued by Chase gegen Rath der Banks) outstanding = *$33,460,000* mostly held by the banks, and for which they had been compelled to part with *a corresponding*, or at least a large amount of gold. (566) the treasury notes, bearing interest at the rate of 6% and receivable in payment of the revenues, were at a discount of about 1½%. No one wanted non-interest bearing notes, when interest-bearing could be had. (567)

Nach suspension der banks *gold rose in January 1862* to a premium of about *3%*, fiel to about 1% in *March 1862*. (568) Congress, upon the application of Chase, passed a bill making the notes issued under that of *July 1861* u. *the amended Act of* **Febr. 12, 1862** legal tender in the discharge of all contracts. (573)

*By 15th October 1862* zweiter batch der (inconvertible) Notes to get into circulation, gold had risen to a premium, payable in them, of *37⅝%*. (574, 575) ⦗Chase sagt: on 15th October [1862], alle circulation, national and corporate, was about $360 Mill., u. *Premium on gold* was 37⅝; aber *am 29 Nov.*, „when circulation had increased by more than 20 mill., the premium on gold was *20–30%*.“ (*Report of the Secretary of the Treasury for 1863*)[⦘] (*September 1873 die Crise*)

*Im month of September 1864*, der price der Notes fluctuated zwischen *187 u. 254⅛* ; a difference of 67⅛% in a few days, due almost wholly *to the varying fortunes of the war*. (578)

It is this attribute of discharging debts, without reference to their value, which renders all government currencies so intolerable. (579) Government gets its notes into circulation by helping the debtor to swindle the creditor classes. (585)

„The amount of U. St. notes outstanding to-day is $370,943,392.“ ( *John Sherman* , Speech in the *U. St. Senate*, *March 6, 1876*.) He, Sherman, has now become the *Minister of Finance*.

*Jetzt* (*June 1877*) in dem *Independent Treasury* $108,137,083 in coin or bullion. (611) ⦗Die *notes of the National Banks* now in circulation = 300 Mill. in round numbers; ihre *Deposits* $650 Mill.; die deposits der *State Banks* $159 Mill.; aggregate of $1100 Mill. (610)⦘

## Mann. (Fortsetzung v. p. 83)

making the purchases, and taking a *pledge* or *hypothecation of the commodities bought*, *or their paper representative*, as *security for the loan*. Am *stock-exchange* [ist] alt *the custom of call loans*. Der Käufer von *securities* auf Speculation kauft *an option*, wodurch er entitled to call for the delivery of the securities purchased at any time within a fixed period, or else – he pays for them at the time of the purchase, and they are regularly delivered to him. *Das money* für this payment *geliefert durch die banks* od. *moneylenders*, *to be repaid on call*, u. als *collateral security*, *the certificates of stock*, or the *bonds purchased*, werden pledged. Die ganze transaction consummated durch einen broker; dieser borgt das nöthige Geld, and *keeps the loan good*, if possible, u. erhält von seinem customer a *certain percentage of the purchase price*, held by him as a margin to cover any fluctuation in the market price, and save him harmless. (90, 91) Diese stock exchange custom hat sich ausgedehnt auf die meisten speculative transactions; die *operations der cornexchange* ebenso ausgeführt; können hier auch vermittelt werden durch agency of broker or commission merchant; auch die purchases on time options od. für cash. Da alle speculative transactions at wholesale, Zahlung durch transfer v. credit on the books of a bank; es ist vermittelst ihrer *»deposit loans«* dass die banks liefern the money *„to carry“* the *securities*, *bread-stuffs*, *provisions* u. andre commodities held on speculation. Bank, in Momenten starken Speculationsgeistes, widersteht nicht leicht; grants ihren customers meist *vermehrte Accommodation*; dies thun die banks meist durch adding to *their issue of circulating notes* ([91,] 92) Die banks also, in gesagtem Fall »*expand their loans by inscribing new deposits on their books*, and *increase their circulating notes to correspond with the increase of deposits*. As the notes are issued *to meet an increased demand*, caused by the increase of the business to be done, they are not likely to be returned for immediate redemption« … So können vermittelst Notenausgabe Preise höher getrieben werden als ohne selbe. ([93,] 94)

Die *purchases on time options* are gambling transactions … *bets on prices* u. have little influence on the general markets, da sie gewöhnlich closed werden *by paying the difference between the agreed price* u. *the market price*, at the time of the settlement. (95)

*Book credits* haben geringsten effect in enhancing prices; nächst höheren: *Negotiable paper*; still more: *bank deposits*; *banknotes* meisten; haben nicht nur quality of being *current as money*; haben the additional *power of increasing the capacity of the banks to make loans by inscribing deposits*. (95, 96)

Bemerkt mit Bezug auf *Tooke* : *denying* to the banks „any power of increasing their circulation, except as a consequence of, and in proportion to, an increase of the business to be done“, ist durchaus kein settlement der »question«. »For the increase of the business may be purely speculative, and the demand for accommodation may proceed from visionary operators who need restraint instead of encouragement … The proper conclusion for those writers ⦗Tooke, J. St. Mill⦘ to have made would have been that, if banknotes need regulation by law, so also the bank deposits.« (96)

Die schlimmen Folgen excessiver Notenausgabe treten namentlich hervor in panic that follows overspeculation. (96)

Manche leugnen den »influence exercised by the banknotes in creating speculation«, aber existirt kein doubt »as to their effect in *aggrevating panics*«. (97) Ordinarily it is the weak banks which are in the power of the strong ones; but as soon as the former have suspended specie payments, and still continue their business, the condition is reversed. Sobald checks od. drafts auf die nicht „suspending“ banks fallen in Besitz derer die Baarzahlung suspendirt haben, the *latter immediately represent them for payment in order to strengthen their own position*. In a panic, therefore, the banks all go together, ganz wie wenn banking monopolized by a single corporation with numerous branches. Z. B. eine bank in New York City hat nie suspended payment of its circulating notes; dies erreicht by retaining enough specie to meet the notes, $ for $, aber *gezwungen to suspend payment of its deposits in specie* whenever its fellow banks could no longer resist the pressure. (99, 100)

### Ch. VI) The effect of a mixed currency on the Distribution of Wealth.

Paper money afficirt distribution of wealth zum Vortheil des Capitalisten gegen Arbeiter. (107) *The wages fund* not a fixed quantity. It can be increased by adding to it a portion of the profits of the capitalist, if the latter can be induced to make the transfer. (l. c.)

Die *substitution of credit for value*, (expressed in issue of banknotes) so weit sie profit bringt, nur for certain classes; the one which works for wages does not share in the gain. (108)

Zudem *speculation* dadurch befördert; z. B. speculation in a necessary article of consumption, whose price greatly enhanced. The rates of wages, however, may remain wholly stationary, while their purchasing power is thus diminished. For the number of laborers still continues the same, and there is no increase for the demand of labor. ([108,] 109) Seine wages advance somewhat, when z. B. prices of flour or provisions enhanced for a considerable space of time. … Aber dieser advance nicht immediate (gar nicht, »if the speculation is not long protracted«); wenn es *comes*, is rise of wages nicht in the same proportion as other things. „No one speculates in wages“ (*A. Walker*. *Science* of Wealth); there is no way of buying them for a rise. They are forced up by the demands of the laborers, welche impelled to act in combination, while the advance is resisted by the capitalist as far as possible … *the money wages* [are] a *most deceptive measure of the real wages*. (109)

Laboring classes suffer, also, from the depression which always results from a financial revulsion. At such a time the wages fund is diminished … sharp competition amongst laborers, rates of wages lowered … more than the prices of commodities have fallen … In *times of speculation*, *wages go up the last*, *and the least of any thing*, *and fall the soonest and the lowest*. (110)

Ist *mixed currency composed in part of small bills* ⦗i. e. notes⦘, issued as largely as the circulation of the country can absorb, so grösste injustice to working class *»from the effect of small bills in enhancing retail prices«*. (110)

In wholesale transactions, commodities bought in open market, by those whose business it is to know the lowest price at which they can be had, and are sold by those studious to obtain the highest price current. *Competition* is the ruling influence … The *permanent price* of any article in open market determined *by the cost of production*, and the *temporary fluctuations* depend upon variations in the supply and demand for consumption. Von diesen prices handelt Political Economy. (110, 111) Anders mit *retail prices*. Eine Seite der retail buyers sucht nicht die lowest prices; buy perhaps for the sake of display, often from a passing whim, and seldom after a careful study of the market; andrerseits *the poor*, or *those who buy on credit*, often coerced in paying extortionate rates. Retail prices folgen daher nicht regulär the variations der general markets; a continued change in the wholesale rates will finally affect the prices in the shops. Aber effect weder immediate nor uniform. A decline at wholesale is stubbornly resisted by the retail dealers, u. die who yield do so irregularly, *according* to the times of replenishing their stocks. Andrerseits, a *rise in the* wholesale market wird ready pretext *for marking up all goods on hand*. (111)

Competition wenig Macht unter retail dealers. It removes striking disparities in the neighborhood, but it does not prevent two prices for the same article at the same time (111) Andre more powerful influences in retail trade: *Combination* … confederate together, tacitly or expressly, to keep up prices to what they call living rates … The profits more readily increased by raising prices than by enlarging sales. *Wächst die Anzahl der dealers*, the number to share the profits [becomes] greater, dies wird *reason* for *putting them* (prices) up. Neuer dealer in town selten bewirkt Senkung der prices; seine expenses so gross wie die seiner neighbours; beginnt vielleicht *by underselling* **the rest** in order to draw off their customers, später joins the confederation. (112)

*Notice, lately appeared in a Western newspaper:* „*Organizing.* The dry goods merchants of this city held a meeting yesterday morning, at the Chamber of Commerce Rooms, for the purpose of perfecting an organization, having for its object the establishment of a *uniform scale of prices for dry goods*, *below which none are to sell*. In the evening, another meeting was held, at which a constitution was under consideration.“ (112)

*Andrer powerful regulator of prices in retail trade* – *Custom*. People continue to pay den price from habit; sellers become accustomed to exacting it. ([112,] 113)

Andre powerful cause: *selling on credit*; dealers dann müssen profits genug machen to cover losses by bad debts; the honest has to pay for the dishonest. (113)

Daher prices of the same articles oft quite different in neighboring towns without any apparent cause. Different classes of people become accustomed to pay different prices, u. in selber Stadt shops in one street wo certain articles are sold at one price to a certain set of customers, and shops in another street, wo dieselben articles sold at quite different prices to another set of customers. Oft im selben shop sales of any article at different prices, je nach den persons who make the purchases. In England u. U. St. dies different v. Continent, wo dealer attempts to adjust his price to his customer; hat several prices for any article, u. beginnt mit höherem als dem wozu er zu verkaufen hofft. A process of beating down commences, u. der price schliesslich bezahlt hängt sehr ab v. sharpness or knowledge des buyer. A native learns the lowest rates of the dealers in his own town; doch dealer expects to obtain a higher price from one who can afford to pay it, and will not abate so much for the rich as for the poor. *Prices are adjusted somewhat to the purses of the buyers.* Z. B. Stadt in South Germany. *American* hat dort den höchsten Preis zu zahlen. »It is mean, according to his notion, to beat down the price; European, accustomed to the practice, expects it.« the French word „marchander“ has nicht the opprobrium of our *higgle* or *jew down* the price. Unsere shops meist „prix fixes“; wer lower prices will, muss sie suchen in other shop or some less fashionable quarter. The continental system admits of competition between dealers, which ours does not. (114)

In *England* das *»principle of cooperation«* for the most part applied to *»cooperative stores«*; dies begründet als Reaction gegen die »manner of conducting retail business«. (114, 15) In einigen unsrer grossen Städte als remedy: certain large houses possessed of sufficient capital have drawn to themselves the retail trade – assimilating retail trade to wholesale – by underselling the dealers of smaller means, relying for profit on the magnitude of their sales rather than on high prices. (115)

*bank-bills* of *the smaller denominations have a direct influence in enhancing retail prices*; diese bills circulating v. hand to hand, nicht oft presented for redemption; by issuing them the banks are enabled to make their circulation excessive. More money circulates in the channels of retail trade, u. retail traders adjust their prices to the amount of money in the hands of the people for expenditure. ([115,] 116) Durch diesen increase of small bills wholesale prices nicht affected at the same extent. Productionskost bleibt ruling influence, leaving the surplus currency to be absorbed by a higher scale of prices at retail. (p. 116) Ferner: die fluctuations in prices, resulting from the use of a currency weak in gold, machen es den tradesmen nöthig to *have a larger margin of profit*, in order to protect themselves *gegen Fall in the wholesale markets*. Wenn so custom of high rates of profit for retailers established, competition hat wenig power in destroying its effect. (116)

Ob *die general percentage of profit* 25 od. 200%, *the total yearly profit eines retailer* will depend *on the amount of his sales* u. wenn a business overdone, the *share of profits*, selbst at highest rate, falling to each of those engaged in it, nur gering. Aber, da Public alle Consumptionsartikel zu diesen erhöhten rates kaufen muss, the expenses of living are largely increased, u. die increase felt most by those of small means. Wer mehr hat, can lay in a stock at wholesale prices in anticipation of his wants; wer lebt v. Hand zu Mund, must buy in small quantities at the highest retail rates. Often the prices of the necessaries of life, paid at the corner grocery in a side street, höher als die paid in the most extravagant establishment of a fashionable quarter u. stets höher in proportion to the means des purchaser. (116, 17) Der rise in retail trades, durch issue of small bills, daher most disastrous for those living nur by their daily labor. (117) Kommen »to a *lower standard of living*« (l. c.)

*With the occupation of all the new land east of the Mississippi*, *this country is entering upon another stage of growth*. (118)

Vom Profit derived from a speculative enhancement of prices ⦗nämlich of agricultural products⦘, a small part only falls to the share of the producer. The rise is very apt to come *after he has disposed of his crop*, u. jedenfalls he must sell, not simply *at the lowest wholesale prices then current*, but *at a price even lower*; während, in Land wie *U. St.*, *where a surplus of agricultural products is produced*, *the price of the whole crop depends on the price which can be realized for the surplus*. Beim export v. breadstuffs the *Liverpool market … governs our own*. Aber specie the only money current between nations. Sales of our (agricultural) products daher made on a gold basis, während unsre farmers may never handle any money but paper. *Sell on the basis of specie* u. at *wholesale*, buy *for paper u. at retail*. Und der retailer noch mächtiger in the village u. crossroads stores als in den cities. Selbst wenn no money is used, but the *farmers barter their products for merchandise*, they are *credited in account with the lowest wholesale prices* u. *charged the highest retail rates*. ([118,] 119)

Manchmal die producers benefited by a speculative rise in prices, aber *stets compelled* to pay for their implements, groceries, articles of luxury the highest retail prices that result v. issue of banknotes. (119, 20)

»When taxes are low, and land is cheap and easily acquired ⦗wie früher in Western States⦘, no defect in the currency can prevent that ⦗the agricultural⦘ class from prospering.« (120)

Der *Antheil am Wealth*, den Capitalist erhält in *Form v. Zins* , ist vermehrt durch mixed currency. Einer Speculationsperiode geht meist vorher *accumulation of capital*, durch natural increase of wealth, od. folgend auf a state of depression u. hoarding. In solchen Zeiten Zinsfuss niedrig. Aber sobald speculation fostered by bank expansion, die darin Betheiligten ready mehr Zins zu zahlen als während quiescent state des market. Prices are advancing, u. der amount paid in interest erscheint small, even at the highest rate, verglichen mit expected profit. Z. B. 1857 allgemeiner advance (in U. St.) der Zinsrate, ganz besonders bemerkbar *im Westen*, wo die *common rates* were 2, 3, 5% per month. All real property was rising rapidly. Die Eastern banks were sending on their notes to give them „a good circulation“. Capital was attracted by the prospect of great gains; no rate of interest seemed too high. (120, 21)

Meist jedoch *at a later stage in speculation wenn Zins advances to the highest point*. Um decline (of prices) zu verhindern, *the demand for capital increased*, *additional rate paid for its use*. Sobald aber der *»struggle to maintain prices« has failed*, u. panic rages, dann die necessities of those who have obligations falling due compel them *to pay the most extreme rates for the use of capital*. Die *Wuchergesetze* in diesem Land haben generally die banks prevented from *making loans above the legal rate*. Aber die *„street rates“*, which have ruled at such times in New York, 3% per month u. in andren Theilen des Landes höher. (121)

Aber *rate of interest* nicht nur governed durch *demand for moneyed capital*; ein Element der Calculation: the *nature of the security*, or *the risk* of *the return of the principal*. Aber mixed currency increased die uncertainties of business. Zu den natural causes likely to affect prices kommen hinzu *bank contraction and expansion*. Die *quantity of commercial paper rated as second class* (welches zahlen muss a premium sufficient to cover the supposed risk) is increased; *oft*, *when rates of interest nominally low*, they are in reality exceedingly high to those who are in the greatest need. (121)

*Mixed currency endlich increases wealth der capitalists in share of Profit.* Eine der Nebenursachen, warum *Profitrate* höher in U. St. als in older countries … the uncertainty of the currency. (122)

*Häufige Preisfluctuationen* machen *greater amount of capital nöthig für safe transaction of business*, geben den *strong a great advantage über die weak*. Ein Fall in prices, der kleines Haus ruinirt, bereichert das grosse das ihn überdauert by *purchasing largely at the low prices* … which destroyed its neighbor … When a decline commences, der credit of a firm of slender capital geschwächt, wenn es seiner am meisten bedürftig, bleibt readily available für house possessed of accumulated capital. Hence the process constantly going on, of the weak disappearing, and the strong becoming stronger. Hence the tendency of capital to become aggregated in the hands of a few. (122, 23)

Die fluctuations, fostered by creditsystem (banknotes), incite to *speculation u. gambling*; je grösser die Fluthungen, desto grösser die opportunity derer die watch the markets in order to buy at a low price u. sell at a high one … The speculator has a necessary place in the economy of society. If he deals in merchandise, he collects a supply of any article in anticipation of a dearth, and, by meeting the ensuing demand, diminishes the enhancement of prices. On the other hand, by buying after a decline he brings the decline to an end. It is his office to equalize prices, and prevent the extremes which without him would exist. Speculation … when based on variations in the supply and demand of commodities, is a necessity and a benefit. Aber, when stimulated by *defects in the machinery* for effecting exchanges, wird an evil. … means of deminishing production, causing an unequal distribution of wealth. [It] causes capital to concentrate in fewer hands … *Transfer* of *property* from *those of small means to those of greater wealth* … the most deplorable circumstance occurring at such times … those possessed at once of capital and sagacity (in such times) hardly fail to swell their fortunes. The fluctuations … *ruin of the weak holders* … the opportunity of the strong. Credit, then, more than ever, strengthens those who are least in need of its aid. So far as paper money increases speculations, and causes it to extend beyond its legitimate sphere, it has a direct tendency to cause the concentration of property among a few owners. ([123,] 124)

Endlich, generally, directly, de prime abord »*it is the capitalist who receives the direct gain from the substitution of his own credit for money*. The *same is true of the whole credit system*. It is the capitalist who *gains all the direct benefit from the use of the economizing expedients of credit in the place of value-money*. … *Credit is to the capitalist what primogeniture is to the land owner*« (125)

### ch. VII) The Regulation of a Mixed Currency.

Strictes Verbot enforced in many of the *Western States*, namentlich *Iowa* u. *Minnesota* f. State government (u. municipal?) to ever incur any funded debt for any purpose whatever. (131)

Bei all den zahlreichen State- etc laws (in U. St.) requiring special *security for bill holders* – supposed that the first requisite of a sound currency is *security for its ultimate redemption*. Daher permitted *holders of public stocks u. mortgages of real estate to turn them into money*, by taking them as a pledge for the *redemption of the circulating notes*, looking more to the *ultimate* than to the *immediate value of the currency*. *The latter value*, however, is *the one of chief importance*, u. ist fast ganz bestimmt *by the quantity of money in circulation* … Wo das paper medium is *certain* to be *redeemed in coin on demand*, no other security is required; wo dies nicht [der Fall ist,] the currency is fatally defective, no matter how great the security f. die ultimate redemption may be. (132, 33)

Whenever (in U. St.) money has ceased to be plenty in retail trade, complaint has forthwith arisen of the *scarcity of small bills*. Instead of compelling the retail dealers to adjust their prices to the amount of money in circulation, … the demand for small bills has met with immediate response, and, by their aid the retailers have been enabled to maintain prices at the customary rates. (135) The easiest way of limiting the issue of small notes is by a graduated stamp-duty. (136) Business notes circulate only once. Banknotes are issued over and over again, and the smaller the denominations the greater their circulation. They ought to be subject, therefore, to a heavier duty than ordinary negotiable paper, and the duty ought to be increased as the denominations decline. (136)

Growing – constant – tendency of bank managers to retain only *enough specie to make a reserve for the redemption of their circulating notes*, and to use their *own notes*, *or those of other banks*, as a *reserve for the payment of deposits*. (139) Daher … *percentage of specie to their demand liabilities* so oft reducirt zu Minimum; wenn extra demand for specie, they *suspend*, u. escape harm, trotz aller constitutional provisions u. stringent penalties against the suspension of specie payments, which have always existed in this country. When all are guilty, none prosecuted. The public has then a greater interest in preserving the banks, than in punishing the violation of law. Daher the penalties evaded, or the law suffered to remain a dead letter. (139)

Nach einem *law* in *Massachusetts* (in *1858*) sind die Banks des State required to keep on hand specie to the amount of at least 15% of their *notes* **and** *deposits*; similar provision im present national banking law, *substituting for specie lawful money*. (140) *Verminderung* der specie reserve vermehrt\erhöht sehr den Zins der Banken. (l. c.) Nicht die *suspension* of *specie payments* ist das *evil*, sondern die *expansion* which precedes it. (140)

In case of *deficiency* die present National Banks »allowed« 30 days of grace in which to make it good. (142)

Those who *receive* paper money in the course of business part with value for it, the same as if it were specie. (143)

The issues of paper act as an increase of capital only so long as they fill the place of the specie which would naturally circulate. Sobald das paper excessive, so as to enhance prices, it adds nothing to the circulating capital. Its purchasing power sinks, u. a. greater nominal sum [is] required to effect a given amount of exchanges. … the borrowing portion of the community is always in search of loanable capital, and always persuades itself that „an increase of the currency“ would furnish the object sought. (143)

Now the country has accumulated sufficient capital to be able to dispense with the excessive use of banknotes. (146)

* * *

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[^lic]: Text nach MEGAdigital (Berlin-Brandenburgische Akademie der Wissenschaften), MEGA² IV/25, Lizenz CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/); der editorische Apparat der MEGA ist nicht wiedergegeben.