A. THE NATURE AND FUNCTIONS OF MONEY

1. Barter and Its Inconvenience. Joseph Harris

2. A Definition of Money

3. A Common Denominator of Value. Indianapolis Monetary

Commission.

4. The Function of a Medium of Exchange. Fred M. Taylor

5. A Store of Value. Fred M. Taylor

PAGE

3

56

7

8

ΙΟ

6. The Relation of Money and Prices

II

7. The Standard for Deferred Payments. Indianapolis Mone-

tary Commission

12

.

30

883

12. Poverty and the Export of Precious Metals. Martin Luther

13. Advantage of a Favorable Trade Balance. Josiah Tucker

14. Mercantilism in 1870. Bonamy Price

15. The Practical Business View of Wealth. Henry V. Poor

16. Mercantilism Today. John Callan O'Laughlin

17. The Present Gratifying Situation. Chicago Economist

18. Patronize Home Industry. Walton H. Hamilton

(3) The Confusion Involved:

19. Whence the Complaint of the Want of Money? Joseph

Harris

20. Money and Wealth. John Witherspoon

21. A Refutation. Benjamin Franklin

22. A Practical Business View Today. Moody's Magazine

23. Money and the Supply of Capital. Charles J. Bullock

24. Is Money a Superior Kind of Wealth? Charles Gide

25. The Supply of Standard Money Required. Lyman J. Gage

77. Coinage and Exports and Imports of Precious Metals,

1836-60. A. Barton Hepburn

78. The Act of 1853 and Subsidiary Silver

PAGE

123

123

.

124

79. Laws of Token or Subsidiary Metallic Money. Indianapolis

Monetary Commission.

80. The Act of 1853 and the Standard Question. August Roden 126

D. INTERNATIONAL BIMETALLISM

81. The Theory of International Bimetallism

82. The Latin Monetary Union

137

85. The Origin of Representative Money. W. Stanley Jevons.

86. General Advantages of Paper Money. W. Stanley Jevons

87. Chinese Paper Money in the Thirteenth Century. Marco

Polo.

88. Paper Money and Prosperity. Retford Currency Society
89. Recent Arguments for Paper Money. Century Magazine

B. HISTORY OF GOVERNMENT PAPER MONEY

(1) Some Early Experiences:

90. The French Assignats and Mandats.

91. South Carolina's First Paper Money.

137

139

141

143

153

92. Summary of Colonial Issues. Horace White .

(2) Paper Money as a Means of War Finance:

93. The Issue of Continental Bills of Credit. Charles J. Bullock 154

94. Effects of Continental Currency on Debtors and Creditors.

David Ramsay

155

95. Demoralizing Influence of the Continental Currency. Pelatiah

Webster

155

96. The Spirit of the Times

157

97. The Excuse for Continental Currency. Charles J. Bullock

98. Paper Currency of the Confederacy. G. C. Eggleston

157

159

99. A Sample Confederate Note. (Reproduction)

162

100. Reasons for the Issue of the Greenbacks. Wesley C. Mitchell 162

101. Fluctuations in Value of Greenbacks (Chart) .

102. Greenbacks and the Cost of the Civil War.

168

Wesley C.

Mitchell.

169

103. Effects of Greenbacks on Credit Transactions. Joseph J.

Klein.

PAGE

104. Paper Money and Subsidiary Currency. Roland P. Falkner 174

C. THE AFTERMATH OF THE GREENBACKS

105. A Chronology of the Greenbacks

106. The Greenback Movement. Murray S. Wildman

107. The Frontier Farmer and Greenbackism. Clyde O. Ruggles

-108. Objections to Resumption of Specie Payments. Benjamin

Butler

..

109. The Resumption of Specie Payments. Alexander D. Noyes

110. Constitutionality of the Legal-Tender Notes. Davis R.

Cummings

178

179

186

187

189

199

114. Natural Money, The Peaceful Solution. John Raymond

D. THE REGULATION OF GOVERNMENT PAPER CURRENCY

115. Methods of Regulating Government Paper .

116. Irredeemable Paper Always Bad. John Witherspoon

117. Paper Money Sound in Theory. David Ricardo

118. Guides for the Control of Paper Money. Charles Gide

119. Paper Money and the Foreign Exchanges. Francis A.

Walker

VI. THE STANDARD QUESTION: THE SILVER

MOVEMENT IN THE UNITED STATES

INTRODUCTION

A. THE AGITATION FOR THE RECOINAGE OF SILVER

120. The Crime of 1873: The Indictment. J. P. Dunn

121. The Crime of 1873: The Defense. James T. McCleary

122. An Economist's View of the Act of 1873. Francis A. Walker

-123. The Trade Dollar. A. Piatt Andrew

124. The Bland-Allison Act of 1878

125. The Sherman Act of 1890

-126. The Silver Debate of 1890.

.

Horace White

Robert F. Hoxie

127. The Viewpoint of the Debtor Masses. D. W. Voorhees

128. The Viewpoint of the Creditor Classes. Francis A. Walker

B. THE RESULTS OF THE SILVER AGITATION

129. Difficulties under the Bland-Allison Act. Indianapolis

Monetary Commission

130. Currency Receipts from Customs Duties, 1878-98 (Chart) 231

131. Greenback and Treasury Note Redemption and Gold

Exports, 1879-97 (Chart) .

132. Net Gold Reserve in the Treasury, 1879-98 (Chart).

PAGE

232

233

233

235

133. The Silver Situation and the Panic of 1893. Indianapolis

Monetary Commission .

134. Our Financial Disease. Grover Cleveland

135. The Bond Issues and the Banking Syndicate. William J.

252

254

142. The Future of Gold Production. Director of the Mint

255

140. The Act of 1900 and Treasury Note Retirement. J. Lau-

rence Laughlin

VII. THE STANDARD QUESTION: THE CONTROL

OF PRICE LEVELS

145. The Fallacy of Index Numbers. Harold Cox.

INTRODUCTION

258

143. The Nature and Purpose of the Multiple Standard. David

Kinley

259

144. Index Numbers and Leading Price Tables. Bureau of Labor

Statistics ..

260

263

146. Criticism of Usual Index Numbers and Price Tables. Wes-
ley C. Mitchell .

147. Criticism of the Multiple Standard. J. Laurence Laughlin
148. Practical Objections to the Multiple Standard. Irving Fisher
149. The Compensated Dollar. Irving Fisher

150. Criticism of the Compensated Dollar. F. W. Taussig

VIII. THE EXISTING SYSTEM OF THE UNITED STATES

AND PRINCIPLES OF REGULATION

INTRODUCTION

151. Various Forms of Money in the United States. Treasury

Circular.

152. Redemption of Subsidiary and Representative Money

153. Legal-Tender Provisions. Treasury Circular.

154. Monetary Stock of the United States. Treasury Report

155. Paper Currency, by Denominations. Treasury Report

156. Ratio of Gold to the Total Stock of Money and Per Capita

281

282

Circulation.

283

PART II. BANKING

I. THE VARIOUS FORMS AND SERVICES OF BANKING

INTRODUCTION

1. Commercial Versus Investment Banking. William A. Scott

2. A Classification of Banks and Types of Banking Operations

3. The Various Services of Banks. James W. Gilbart

4. The Goldsmith Bankers in England. Palgrave's Dictionary

of Political Economy

II. THE NATURE AND FUNCTIONS OF CREDIT

11. Is Credit a Form of Capital? J. R. McCulloch

12. The Monetary Function of Commercial Credit. J. Laurence

Laughlin.

III. INSTRUMENTS OF COMMERCIAL CREDIT

INTRODUCTION

13. Types of Commercial Credit Instruments.

14. Origin and Development of Mercantile Instruments. Wil-

liam Green Hale

32

35

36

37

40

18. Uniform Negotiable Instruments Law. William Green Hale

47

15. The Development of Credit Instruments in the United States.

Joseph J. Klein

16. The Use of Checks in the United States. David Kinley

17. The Law of Negotiable Instruments. D. Curtis Gano

IV. PRINCIPLES OF "COMMERCIAL" BANKING

INTRODUCTION

49

A. ANALYSIS OF BANKING OPERATIONS AND ACCOUNTS

19. Typical Bank Statements

20. Analysis of a Bank Statement

21. Discount, Deposit, and Issue. Charles F. Dunbar