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Courtesy of Maneco. Interesting History

Posted: Sun Nov 08, 2020 3:58 am
by Hal
In such a state of things it was quite impossible that people should not begin to perceive, that gold and silver was better than bank-notes; and that they should not be more desirous of possessing the former than the latter; and, the moment this is the case, the banking system must begin to tremble; for, as the notes are payable to the bearer, and payable on demand, it is very certain, that no man, with such a preference in his mind, will keep in his possession a bank-note, unless we can suppose a man so absurd as to keep a thing, of the goodness of which he has a suspicion, while, for merely opening his mouth or stretching forth his hand, he can exchange it for a thing of the same nominal value, and of the goodness of which it is impossible for him or any one else to entertain any suspicion. “Public Credit,” as it has been called, but, as it may more properly be called, “The credit of bank-notes,” has been emphatically denominated,rouzed in 1793, “Suspicion Asleep.” ... vol-1-1815