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West, 235-236.

Cooper, Thomas, 11.

Cotton, importance of American, 2, 251-252.

Cotton manufacture, effect of the crisis of
1857 on, 290.

Counterfeiting of bank-notes, 324-325 ; New
England Association for the suppression
of, 325-

Courtois, A., on deposits, 176 note.

Cradocke, F., banking projects of, 138-140.

Credit, long terms of, prior to crisis of 1857,
269, 291, 298.

Creditor countries, power of, over gold move-
ments, 256-258.

Crisis of 1857, causes of, foreign trade, 266-
269 ; banking operations, 269-272 ; rail-
road speculation, 272; general economic
conditions prior to, 274-276; condition of
the banks, 276-278; outbreak of, 279;
mistaken policy of New York banks,
280-282; suspension of specie payments,
282-284; business paralysis, 284-285;
improvement after suspension, 285-287;
discredit of Western banks, 287-288;



INDEX



367



resumption, 288-289; effects of the crisis
on land and railroad speculation, 289 ; on
labor, 289-290; recovery from, 291-293.

Crisis of i860, conditions prior to, 294-299 ;
the political situation, 299-300; the posi-
tion of the banks, 300 ; monetary pressure
in October, 301 ; Lincoln's election followed
by panic, 302 ; course of, 302-305 ; relief
measures of New York banks, 305-308 ;
of Boston banks, 309; suspension of
specie payments in the South and West,
309-310; specie movement during, 311;
slow recovery from, owing to non-pay-
ment of Southern debts, 312-313.

Crisis of 1873, 20 ; effect of, on national bank
circulation, 317.

Crisis of 1893, effect of, on American im-
ports, 250-251 ; effect of, on national bank
circulation, 361.

Currency, U. S., summary history of, 16-21 ;
morbid fear of contraction, 172, 219;
profit from government unimportant, 183,
225-226; unsteady purpose in legislation
concerning, 216-224; elements of, in 1857,
272. See National Bank-notes, Treasury
notes, and U. S. notes.



Daru, P. A., cited, 145, 164 note.

Debtor countries, relation of, to gold move-
ments, 253-256.

Deductive method in economics, analysis
of, Mill's use of, 31-34; constant use of,
by writers of the historical school, 41-44.

Deposits, early use of, in Venice, 149 ; a cur-
rency more important than bank-notes,
173 ; true nature seen by Hamilton and
Gallatin, 173-174; explanation of failure
to recognize their true nature, 174-176;
statistics of, in the United States, 177-179 ;
use of, renders fear of currency contrac-
tion illusory, 179 ; payment of interest on,
276, 292.

Dew, T. R., 12.

Direct taxes, ineffectiveness of national in
the United States, 94 ; conception of, de-
rived from the physiocrats, 95-97 ; prece-
dents for levying by apportionment, 97 ;
judicial determination of, 97-98, 107, 133;
imposition of, in 1798,98; in 1813,99; in
1815, loo ; in 1861, 100; assumption of, by
the loyal states, 103 ; proceeds of, 104 ;
collection of, from the seceded states,
104-105 ; collection of, discontinued, 106 ;
amount of, uncollected, 108 ; collection
of, in South Carolina, 109-110; proposed
methods of refunding, 111-113; refund-
ing of, 114.

Dividends of national banks, 350, 361.



Diihring, Dr., quoted, 15.

Dupont de Nemours on direct taxes, 96.

East River Bank, failure of, 283.

Economic science in America to 1876, the
development of the country a favorable
field for, 1-6 ; writings of statesmen, 6-10 ;
of scholars, 11-16; meagre results of, 16;
political conditions unfavorable to, 16-21 ;
practical aspect of American life unfavor-
able to, 22-25 ; disregard of teachings of,
25-28 ; greater development and influence
of, in the future predicted, 28-29.

Economics, leading position of England in,
I ; held by Germany in 1876, 2 ; the re-
action in, 30; analysis of the deductive
method in, 31-34; scope of the conclu-
sions of, 35 ; meagre results of, 36 ; direction
of further progress indicated, 38-40; the
inductive or historical school in, 40; its
methods, 41-46 ; its attitude toward the
State, 46 ; the place of laissez faire in, 47 ;
the place of ethical considerations in, 48-
49; value of historical movement 10,50-
51 ; increasing academic importance of,
52-53 ; and in public estimation, 53 ; posi-
tion of, in American universities, 54;
scientific method in its study, 55-56;
special treatment demanded for subjects
under public discussion, 56-59; an im-
possible demand, 59-60; the determina-
tion and application of economic laws,
61-64 ; the proper attitude of the teacher
of, 65-67.

Edmunds, Senator, on the reissue of the legal
tenders, 240 note.

Elasticity of bank-notes, true meaning of,
237-238 ; absent in case of national bank-
notes, 240; importance of, 241; redemp-
tion the only means of securing, 242.

Elder, Wm., a disciple of Carey, 16.

Election of i860, attitude of North and South
prior to, 299; economic effect of, 300.

Ely, R. T., quoted, 41, 45 note.

Enabling Acts, for state banks entering the
national system, 342.

England, financial experience of, closely fol-
lowed by Hamilton, 74; land tax of, 97,
99 note ; smoothly working taxation sys-
tem of, 118; income tax of, 120 note, 121,
126-127, 131 ; early banking schemes in,
135-142 ; relative importance of notes and
deposits in, 176; branch banking in, 196
note ; stable currency system of, 215, 225 ;
ability of, to attract gold, 257; gold im-
ports and exports of 1882-1898, 260-264.

Erie railroad, bankruptcy of in 1857, 282.

Ethics, relation of, to economics, 48-49.

Europe, commercial situation of, in 1857, 274.



368



INDEX



Everett, A. H., economic writings of, ii.

Fairchild, C. S., on foreign exchange, 257 note.
Ferrara, P., investigations of, in Venetian

banking, 144; frequent references to, 144-

166.
Florida, collection of direct tax of 1861 in,

105 note; banks unconstitutional in, 270.
Foodstuffs, American exports of, 252 ; Euro-
pean demand for, in 1858-1859, 295; in

i860, 298-299.
Foreign exchange, movement of, in crisis of

1857, 274, 277, 279, 281, 284, 286; in crisis

of i860, 304, 311.
Foreign investments, advantages from, in the

United States, 253; effect of, on gold

exports, 254-25S.
Foreign trade of the United States, analysis

of, 249-252; from 1850 to 1857, 266-269;

in 1857, 274-275; from 1858 to i860, 289,

295-296.
Fourth National Bank of New York City,

340 note.
France, economic science in, i ; bankruptcy

of, in 1790, 74 ; stable currency system of,

215, 225; gold exports and imports of

1882-1898, 260-264.
Franklin, Benjamin, the economic writings

of, 6-7.

Gage, Secretary, on the monetary system of
the United States, 257 note, 262 note.

Gallatin, Albert, economic writings of, 9 ; on
the public debt, 79 note, 88 ; the direct
tax, 99, loi note ; accounts of the first
bank of the United States, 168-170 ; recog-
nized the true nature of deposits, 174.

Garfield, J. A., on the position of silver as a
legal tender, 354 note.

Geneva award, 254 note.

Georgia, collection of the direct tax of 1861 in,
107.

Gerbier, B., banking plan of, 139 note.

Germany, economic science in, 2, 54; stable
currency system of, 216, 225 ; gold imports
and exports of 1882-1898, 260-264.

Gibbs, G., cited, 73 note.

Gold, California, 3, 266; unprecedented in-
crease of, in the United States in 1898,
248 ; export demand for, concentrated on
the Treasury, 249 ; advantages of the U. S.
for retaining, 250-253 ; debtor position
of the U. S. not a disturbing factor, 253-
256 ; comparison with England, 257-260 ;
exports and imports of leading countries
compared, 260-264; consumption of, in
the arts, 364 ; amount of, in the U. S.
in 1899, 264-265 ; disposition of holdings
of U. S. banks, 1862-1865, 344-345.



Gold Bill, 209.

Gold reserve of the United States, borrowing
for, 222 ; gold for export taken from, 249.
Grant, President, vetoes inflation bill, 212,358.
Grist, F. R., 160 note, 161 note.
Grocer's Bank, failure of, 283.
Grosvenor, W. M., 23.

Hackett, F. W., cited, 254 note.

Hagenbuck, C, bank proposed by, 135.

Hamilton, Alexander, economic writings of,
7-8 ; congressional request for report on
the finances, 72 ; previous training of, 73 ;
reliance upon English experience, 73-74 ;
plan of, for refunding, 75-76 ; comparison
with English precedents, 76-79; not a
plan for a permanent debt, 79-81; views
as to the benefits of a public debt, 81-82;
sinking fund, proposal of, 82-89; early
banking ideas of, 89-90, 93 note ; plan of,
for the first bank of the United States, 90-
93 ; rank of, as a financier, 93 ; on direct
tax, 95 ; true nature of deposits explained
by, 173-

Harrison, President, attitude of, toward free
silver coinage, 221.

Harter, M. D., currency proposals of, 193,
201-203.

Hill, J. A., cited, 125 note, 127 note, 133 note.

Historical school in economics, methods of,
40-44 ; attitude of, toward State interfer-
ence, 45.

Hooper, S., bill of, for national banks, 332 note.

Hulburd, H. R., comptroller of the currency,
239 note, 348 note.

Huskisson, cited, 83 note.

Illinois, banks of, in i860, 302, 310, 323-324;
proposed State Bank in, 328.

Illinois Central Railroad, bankruptcy of, in
1857, 282.

Immigration to the United States, 4; effect
of crisis of 1857 on, 289.

Impot fonder, 97.

Income tax, principle of sound, 117; defects
of, 118; fiscal advantages of, 118; of Eng-
land, 1x8, 120 note, 121, 126-127, 131; o*^
Prussia, 120 note, 121, 127-128, 131; of
1864, 120, 122, 123, 125.

Income tax of 1894, explanation of its enact-
ment, 116; a badly devised measure, 117;
inheritance provisions of, 120-122; deter-
mination of income, 123-127 ; assessment
at the source, 128-130 ; levied on past
income, 130-132; declared unconstitu-
tional, 133.

Independent Treasury, necessity for, 19; es-
tablishment of, 314; national banks ex-
pected to supplement, 334.



INDEX



369



Indiana, free banks of, in i860, 323 ; Bank of
the State of, 325 ; State Bank of, 326.

Inductive method in economics, use of, not
confined to the historical school, 40-43.

Inflation, possibility of, from deposits as well
as from notes, 185 ; desire of debtor com-
munities, 192-194; does not provide a
local currency if redeemable, 204-206.

Inflation bill of 1874, 212, 358.

Ingram, J. K., cited, 41 note.

Interest on foreign investments in the United
States in 1859, 296.

International securities, effect of, upon gold
exports, 255-256.

International trade, advantages of the United
States in, 249, demand for imports not
urgent, 250-251 ; for exports imperative,
251-252; subject to wide fluctuation, 252.

Iowa, State Bank of, 327-328.

Iron and steel, effect of crisis of 1857 on, 290.

Italy, economic science in, 2.

James, E., quoted, 38 note, 45 note.

Jarvis, E., 23.

Jefferson, President, as an economist, 8, 17 ;
on Hamilton's public debt policy, 79 note,
82 note ; on the publication of bank ac-
counts, 169, 170.

Jevons, W. S., true nature of deposits not
seen by, 175.

Jordan, C. N., on the effect of the Sherman
act of 1890, 262 note.

Kansas, state and national banks in, 191, 231,

235-

Kentucky, banks of, maintain specie pay-
ments in 1851, 283 ; and in i860, 309.

Keynes, J. N., on the application of eco-
nomic principles, 62 note.

King, R., 94 note, 97,

Kniess, K., function of deposits not per-
ceived by, 177 note.

Knox, J. J., 168, 355, 358.

Labor, effect of the crisis of 1857 on, 289-
290.

Laissez faire, its place in economics, 45-48.

Lambe, S., banking projects of, 137-138.

Land, public, railroad grants prior to 1837,
272 ; effect of crisis on sale of, 289.

Lattes, E., investigations of, in Venetian bank-
ing, 144 ; frequent references to, 144-156.

Laveleye, E., de, on economic method, 47
note, 50.

Lee, Henry, report on tariff duties, 23.

Legal Tender Acts, passage of, 208-209,

332-334-

See United States Notes.



Leroy-Beaulicu, P., quoted, 123.

Lewis, M., banking pamphlets of, 140-142; on
banking in Venice, 161 note, 163, 166.

Lincoln, President, economic consequences
of the election of, 299-302.

IJst, F., 14, 16 note.

Loan certificates of 1867 and 1868, 353.

Louisiana, banks of, specie reserves of, strong-
est in the country before the Civil War,
271, 297.

Lyons, fair of, 147, 152.



Maclay, W., and the public debt, 79 note.

McCulloch, J. R., II, 34, 35, 47, 68.

McCulloch, Secretary, opposed issue of na-
tional currency by state banks, 203, 338;
urged early resumption in 1865, 210 ; first
president of the Bank of the State of
Indiana, 327 ; disregard of the law appor-
tioning national bank circulation, 347, 349,
355 note.

McLeod, H. D., on banking in Venice, 143
note ; on deposits, 173.

Madison, President, as an economist, 8;
vetoes bank bill, 18; on the public debt,
71-72.

Maine, banks of, 318.

Malpiero, 152 note.

Malthus, reply to, by A. H. Everett, 11 ; by
H. C. Carey, 15 ; method of, 34, 47.

Malynes, G., 139, 161 and note.

Manhattan Company, 320.

Manufactures, effect of crisis of 1857 on, 290.

Marperger, 144.

Marshall, A., on economic laws, 64 note.

Massachusetts, failure of tax on personal
property in, 124; ratio of notes to deposit
before i860, 175 ; forbids banks to pay
notes of other banks, 242 ; effect of crisis
of 1857 on note circulation of, 288 ; re-
quires a specie reserve, 292 ; banking sys-
tem of, in i860, 318-320; bond invest-
ments of banks in 1864, 337.

Mercier de la Riviere, on direct taxes, 96.

Michigan Central Railroad, bankruptcy of, in
1857, 282.

Mill, J. S., I, 14; economic method of, 31-
34. 38, 39. 47; quoted, 38, 53, 69, 117.

Missouri, state and national banks in, 191,
231; banks of, in i860, 310, 324; bonds
of, largely held by Western free banks,

323-

Mithoff, Dr., cited, 42 note.

Money, explanation of dearth of, in the West
and South, 193, 204-206, 245-246, 356;
distribution of, if redeemable, 204 ; if irre-
deemable, 205.

Morosini, quoted, 153 note.



370



INDEX



Morris, Gouverneur, author of constitutional

provision for direct taxation, 94-95.
Morris, Robert, 9, 89, 90.
Moses, B., cited, 354 note.

Nasse, E., cited, 147 note.

National banking system, notes and deposits
under, 178-180; note issue requirements
check growth of, 182-185 '. 'o^^ from insol-
vency, 186-187, 234; distribution of, 190,
230-233, 362 ; unsuited to sparsely settled
regions, 195, 233-236, 362-363; bond re-
quirement burdensome, 196, 231-233 ; also
capital requirement, 196, 235 ; branches
the suitable remedy, 196, 236 ; uniformity
a valuable feature of, 199 ; legislation far
more consistent than for legal tenders,
224 ; certain changes urged, 246-247 ;
Chase's proposal in 1861, 330-333; in
1862, 333-335 ; act of 1863, 335-337 ; few
banks organized, 337; defects of the act
of 1863, 338-340; act of 1864, 340-341;
rapid conversion of state banks, 341-343 ;
accumulation of surplus by sale of gold,
343-345 ; effect of the apportionment of
circulation on the growth of, 346-359 ; pro-
posed changes in, 363-364.

National bank-notes, no double profit from,
182-183 ; restrictions on issue check growth
of the system, 185, 234; possible changes
considered, 185-186; inelasticity of, 197,
237 ; uniformity of, a great advantage,
228; issue of, against assets favored, 234;
redemption requirements, 238-240, 348-
349, 358; similar to government paper,
356; amount of, in circulation, 1874-1900,
359-362. See Apportionment.

National gold banks, 354.

Nebraska, state and national banks in, 191,
231, 233, 235.

New Dry Dock Company, 321.

New England, survey of banks of, in i860,
318-320.

New England Association for the Suppression
of Counterfeiting, 325.

New Hampshire, banks of, in i860, 318.

Newman, S. P., 12.

New Orleans, banks of, withstand the crisis
of 1857, 283; in the crisis of i860, 297;
suspend in 1861, 310.

New York, banks of, in i860, 317, 320-322;
bond holdings of, in 1864, 338.

New York City, banks of, operation of, prior
to the crisis of 1857, 275-276; already the
reserve centre of the country, 276-277 ;
during the crisis prior to suspension of
specie payments, 278-283; after suspen-
sion, 285-286; resolve in 1858 to require a
twenty per cent reserve and against the



payment of interest on deposits, 292; in
1860,300; loan certificate device resorted
to, 305-308; unfavorable in 1864 to the
national banking system, 337 ; enter sys-
tem, 341-342; propose in 1864 that banks
keep a coin reserve, 344.
Noyes, A. D., cited, 259 note.

Ohio, real estate mortgages in, 289; State

Bank of, 327.
Ohio Life Insurance and Trust Company,

failure of, 279.
Overstone, Lord, quoted, 293.

Patten, S. N., cited, 52 note.

Patterson, Justice, on the meaning of direct
taxes in the Constitution, 97.

Pennsylvania, citizens of, petition Congjress
for action on the public credit, 72 ; indus-
tries of, depressed after the crisis of 1857,
290; state election in i860, 300.

Perry, A. L., economic writings of, 13.

Philadelphia, banks of, in the crisis of 1857,
280, 288; in the crisis of i860, 300, 309;
beginning of national banking in, 337, 341.

Phillips, Willard, as an economist, 7, 11.

Physiocrats, relation of, to direct taxation in
the Constitution, 95-96.

Pinckney, C. C, 94 note.

Pitt, William (the younger) , tontine measures
of, 78 ; sinking fund arrangements of, 83-
86.

Pollock V. Farmers' Loan and Trust Com-
pany, 133 note.

Porter, A. G., 109 note.

Potter, A., 12.

Potter, W., banking project of, 136.

Price, F. G. H., cited, 135, 136.

Price, R., work of, on sinking funds, 83.

Private banks, deposits of 1878-1882, 177-178.

Prussia, income tax of, 120 note, 121, 127-128,

131-

Public debt of the United States, funding of,
by Hamilton, 75-79; sinking fund for,
82-89.

Quesnay, F., on direct taxes, 96.

Rae, John, 12.

Railroads, speculative construction of, prior
to the crisis of 1857, 272; effect of the
crisis on, 282, 289.

Raymond, D., economic writings of, 11.

Reading Railroad, bankruptcy of, in 1857,
282.

Redemption of bank-notes, sole means of
securing elasticity, 237 ; imperfect under
the national banking law, 238-240; ad-
vantages of, 240-242; methods for se-



INDEX



371



curing, 243-244; equity of, 244-245; the
Suffolk system, 319; in New York and
Philadelphia in i860, 322 and note ; pro-
vision for, in the national banking law
of 1863, 335 ; of 1864, 340 ; of 1874, 358.

Reichbank and gold exports, 257.

Republican Convention of 1868, opposes re-
pudiation, 211.

Reserves of other banks largely held in New
York in 1857, 276 ; of banks in 1859,
297 ; requirement for national bank notes
changed in 1874, 358.

Resources of the United States in 1876, 2-4.

Resumption act, exact meaning of, purposely
left uncertain, 172, 212-213 > removed limit
on total circulation of the national banks,

359-

Resumption, see Specie payments.

Rezasco, cited, 156 note, 157 note, 159.

Rhode Island, cotton manufactures of, de-
pressed after the crisis of 1857, 290; banks
of, in i860, 318.

Ricardo D., American edition of, 11 ; theories
of, disputed by Carey, 14; economic
method of, 34, 39, 68-70 ; on Pitt's sinking
fund, 84 note.

Richardson, Secretary, reissue of legal tenders
in 1873 by, 212.

Roberts, L., cited, 139.

Robinson, H., cited, 139.

Rogers, Thorold, investigations of, 44.

Roscher, William, cited, 16 ; method of, 42, 44.

Rota, cited, 158 note, 164 note.

Royall, W. L., quoted, 245 note.



Savary, cited, 144 note.

Schmoller, G., method of, 41, 44.

Schoenberg, Dr., 45 note.

Scotland, branch banking in, 196 note.

Seligman, E. R. A., quoted, 40.

Senior, N. W., economic method of, 34, 35,

47. 49-

Sherbrooke, Lord, quoted, 37.

Sherman, Senator, on the direct tax, 114 note ;
on resumption, 172 ; on legal tender notes,
209, 211, 212, 240, 241 ; on national bank-
notes, 238, 347,351-

Shipping of the United States, 1850-1857, 228.

Silver Coinage Act of 1853, 270.

Silver Purchase Act of 1890, passage of, 214 ;
repeal of, 215 ; explanations of its passage,
221 ; consequences of, 262.

Sinking fund, Hamilton's opinion as to the
importance of, 80-82; of 1862, 81 note;
proposal of, for the Confederation, 82 note ;
of the younger Pitt, 83-84 ; Ricardo's criti-
cism, 84 note; Hamilton's proposals, 85;
commissioners for, 85 note ; of 1790, 85 ;



of 1792, 86; of 1795, 87; of 1802, 88 ; views
of Hamilton and Pitt sound, 88-89.

Smith, Adam, influence of, on Franklin, 7;
on Hamilton, 8; on the method and
limitations of economics, 34, 35, 37, 47, 62 ;
taxation terms used by, 95.

Smith, E. P., 16.

Soresina, A., on Venetian banking, 166.

South Carolina, collection of direct tax in,
105 note, 109-iro; refunding of, in, 114.

South The, national and state banks in, 230-
233 ; national system unsuited to needs of,
233-236, 362-363 ; explanation of dearth
of currency in, 245-246 ; use of credit in,
prior to 1857, 269 ; rapid recovery of, from
the crisis of 1857, 291, 294; during the
campaign of i860, 299; Northern loss on
debts of, in 1861, 303, 312; apportionment
of circulation in 1865, 347-348 ; checks
growth of national banks in, 351, 354-355.

Spaulding, E. G., national bank bill of, 332
note.

Specie, natural effect of exports of, thwarted
under our currency system, 240-241;
movement of, during the crisis of 1857,
277, 279, 286 ; during the crisis of i860 ;
302, 304, 311; held by the banks, 1863-
1868, 344-345-

Specie payments, suspension of, in 1857, 280-
284; resumption of, 288; suspension in
1860,309-310; in 1861, 331; proposal in
1864 that banks prepare for resumption,
344; public opinion in 1865 favorable to,
348 ; resumption in 1879, 359.

Springer v. United States, 98.

Stanhope, Lord, 84 note.

Stevens, T., quoted, loi note.

Suffolk bank system, the, 319.

Sugar, 291 ; speculation of 1857 in, 275.

Surplus of national banks, required by act of
1864, 339, 340 ; from the sale of gold, 344-
345; amount of, 350, 361.

Taille reelle, 97.

Tariff, varying policy as to, 26; demand for
unscientific teaching of, 157; of iBgo, and
the Silver Purchase Act, 221 ; ad valorem
system of 1846, 268.

Taxation,of personal property ineffective, 124;
of state bank-notes, 343. See Direct Tax
and Income Tax.

Teller, Senator, on the Silver Purchase Act of
1890, 221.

Tennessee, collection of direct tax in, 105
note.

Texas, number and bond-holdings of national
banks in, 230-233 ; state banks unconstitu-
tional in, 232, 270.

Thompson, R. E., 16.



372



INDEX



Tobacco, 3, 291.

Tontine measures of Hamilton and Pitt, 78.

Tooke, T., on bank accounts, 171.

Treasur)' of the United States, purchases bonds
during the crisis of 1857, 281, 285. See
Independent Treasury.

Treasury, Secretary of, early position of, 71 ;
decline of influence of, 216.

Treasury notes of 1890. See Silver Purchase
Act.

Trenholm, W. L., 180, 184.

Trevisan, B., 157 note.

Trust companies, deposits of, 177-178 ; de-
velopment of, after the Civil War, 350.

Tucker, G., 12.

Turbolo, 161 and notes.

Ttirgot, A. R. J., on direct taxes, 96.



Unites States v. Louisiana, 107.

United States, development of its resources
to 1876, 2-4 ; economic writings of states-
men, 6-10; of scholars, 10-16; summary
of currency history of, 16-21 ; slight in-
fluence of economic science in, 21-29;
popular dread of contraction in, 172 ; cur-
rency history of 1862-1894, 208-215; ad-
vantages of, in foreign trade, 249-253 ;
financial relations with other countries,
253-256 ; in comparison with England as
to ability to attract gold, 256-260 ; gold
imports and exports of 1882-1898, 260-
264; foreign trade of 1850-1857, 66-69.

United States notes, acts for, 208, 330, 332-
334; depreciation of, 209; pardal retire-
ment of, 210; reissue of, 211 ; retirement
under the Resumption Act, 212; retire-
ment discontinued, 213,360; gold reserve
for, 214.



Veazie Bank v. Fenno, 98.

Vendramin, G., and the Banco del Giro, 156-

157-
Venice, see Bank of Venice.
Vermont, banks of, in i860, 318, 320.
Vethake, H., economic writings of, 12.
Virginia, collection of direct tax in, 105 note.

Wagner, A., on economic method, 42, on
deposits, 177 note.

Walker, Amasa, economic writings of, p. 13.

Walker, F. A., 23, 42 note.

Wayland, President, economic WTitings of, 12.

Wealth, relation of, its growth to general prog-
ress, 5.

Webster, Daniel, 7 ; as an economist, 9 ; on
banks, 18, 314.

Wells, D. H., 23.

West The, national and state banks in, 230-
333 ; national system unsuited to, 233-336,
362-363 ; explanation of dearth of currency
in, 245-246; speculation in prior to the
crisis of 1857, 269,271-273; effect of crisis
on, 287; slow recovery of, 291, 295, 298-
299; currency of, in i860, 302; effect of



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