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Excerpt from An Inquiry Into the Currency Principle: The Connection of the Currency With Prices, and the Expediency of a Separation of Issue From Banking
IT was held by most writers Of any authority on the subject Of the Currency, till within the last few years, that the purposes of a mixed circulation of coin and paper were sufficiently answered, as long as the coin was perfect, and the paper constantly convertible into coin; and that the only evils to be guarded against by regulation, were those attending suspension of payment and insolvency of the banks, a large pro portion of which blend an issue Of promissory notes with their other business. This, in point of fact, is what is understood in general terms as the banking principle, and is that upon which our system Of 'cur reney is constructed and conducted.
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