A New Banking System

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About this book

A New Banking System: The Needful Capital for Rebuilding the Burnt District is by Lysander Spooner. The contents list chapters titled Specie Payments, No Inflation of Prices and Security of the System, among others. The text says the system would not inflate prices above their true and natural value, relatively to specie.

The text says that every dollar of the currency furnished by this system would have the same value in the market as a dollar of gold, or so nearly the same value that the difference would be a matter of no appreciable importance. The text compares the "National" system, capable of supplying not quite nine dollars ($9) of loanable capital to each individual of the whole population, with the system proposed, capable of supplying five hundred dollars ($500). The text asks, of 100,000 "business men" who had gathered all power into their own hands, who can wonder that they were content with things as they were.

Economics

About the author

Lysander Spooner

Lysander Spooner (1808-1887) was an American lawyer, abolitionist and individualist anarchist. He challenged the government's postal monopoly with his own mail company, argued that slavery was unconstitutional, and wrote fierce essays defending natural rights and questioning the legitimacy of state authority.