A NEW BANKING SYSTEM:

THE NEEDFUL CAPITAL FOR REBUILDING THE BURNT DISTRICT.

BY LYSANDER SPOONER.

BOSTON: SOLD BY A. WILLIAMS & CO.

135 WASHINGTON STREET.

1873.

Entered according to Act of Congress, in the year 1873. BY LYSANDER SPOONER, in the office of the Librarian of Congress, at Washington.

Printed by WARREN RICHARDSON, 112 Washington St

CONTENTS.

PAGE CHAPTER I.--A New Banking System, 5 CHAPTER II.--Specie Payments, 12 CHAPTER III.--No Inflation of Prices, 21 CHAPTER IV.--Security of the System, 35 CHAPTER V.--The System as a Credit System, 41 CHAPTER VI.--Amount of Currency Needed, 48 CHAPTER VII.--Importance of the System to Massachusetts, 59 CHAPTER VIII.--The True Character of the "National" System, 70 CHAPTER IX.--Amasa Walker's Opinion of the Author's System, 75

The reader will understand that the ideas presented in the following pages admit of a much more thorough demonstration than can be given in so small a space. Such demonstration, if it should be necessary, the author hopes to give at a future time.

_Boston, March, 1873._

CHAPTER I.

A NEW BANKING SYSTEM.

Under the banking system--an outline of which is hereafter given--the real estate of Boston alone--taken at only three-fourths its value, as estimated by the State valuation[A]--is capable of furnishing three hundred millions of dollars of loanable capital.

[A] By the State valuation of May, 1871, the real estate of Boston is estimated at $395,214,950.

Under the same system, the real estate of Massachusetts--taken at only three-fourths its estimated value[B]--is capable of furnishing seven hundred and fifty millions of loanable capital.

Table of contents (by pages)

• 1: A New Banking System by Lysander Spooner
• 2: By furnishing a great amount of currency
• 3: For no possible amount of paper currency
• 4: The banks would be so universally solvent
• 5: If they wanted specie for exportation
• 6: Of having an abundant paper currency
• 7: Were the only currency allowed by law
• 8: Thus we say that irredeemable paper
• 9: And it is the same quantum of value
• 10: Of any possible amount of paper currency
• 11: Agricultural commodities become superabundant and cheap
• 12: Rise under an abundant currency
• 13: A scanty currency causes agricultural commodities
• 14: To make their solvency known to each other
• 15: The solvency of each other's bills
• 16: For the redemption of their bills
• 17: It can supply about the same amount of loanable capital
• 18: On currency returned for redemption
• 19: Whenever currency has been increased
• 20: As flagrant a violation of men's natural rights
• 21: For a government to limit the currency of a people
• 22: More easily than they can save the $20
• 23: When tariffs shall be abolished
• 24: 686 of circulation which she now has
• 25: And therefore not convertible into bonds
• 26: Of their resources and liabilities
• 27: That are now relied on to pay all these extortions
• 28: If money lenders must be soulless as
• 29: Amasa walker's opinion of the author's system
• 30: That the baser metals can be transmuted into gold