P. Jones of Nevada advocating a speedy return to specie payments.
This measure was designed to facilitate the general resumption of specie payments.
He contested the constitutionality of the Civil Rights Bill, opposed the resumption of specie payments, advocated the payment of the public debt in silver and supported the Bland-Allison Act.
Under the provisions of this law the provinces were authorized to borrow specie abroad and deposit the same with the national government as security for their issues.
The Celman administration, in violation of the trust, then sold the specie and squandered the proceeds, leaving the provincial bank notes without guarantee and value.
Of the two Italian botanists who in comparatively recent years have monographed the group, Parlatore (Le Specie dei cotoni, 1866) recognizes seven species, whilst Todaro (Relazione sulla culta dei cotoni, 18 7718 78) describes over fifty species: many of these, however, are of but little economic importance, and, in spite of the difficulties mentioned above, it i s possible for practical purposes to divide the commercially important plants into five species, placing these in two groups according to the character of the hairs borne on the seeds.
Notwithstanding these precautions, the value of assignats still declined, till the proportion to specie had become that of six to one.
Formerly import duties were payable in currency, but in 1899 it was decided to collect 10% of them in gold to provide the government with specie for its foreign remittances.
Matsukata showed the government the danger of the situation, and urged that the issue of further paper currency should be stopped at once, the expenses of administration curtailed, and the resulting surplus of revenue used in the redemption of the paper currency and in the creation of a specie reserve.
To balance the exports and imports specie was exported in the three years 1902-1904 amounting to £2,319,000; a large proportion of this was perhaps provided by cash brought into the country by pilgrims.
When after the end of the war the question of financial readjustment came up, he vigorously opposed Secretary Hugh McCulloch's policy of retiring the legal tenders, and urged a different plan for effecting the resumption of specie payments.
The Resumption Act of 1875, which provided for the return of specie payments four years later, was largely his work both in inception and in formulation, and his appointment to the head of the Treasury Department by President Hayes in 1877 enabled him to carry the policy embodied in the law to successful execution.
In commercial and banking usage "cash" is sometimes confined to specie; it is also, in opposition to bills, drafts or securities, applied to bank-notes.
Among the later productions of his pen were, besides the Plan of a Reform in the Election of the House of Commons, pamphlets entitled Proceedings in the House of Commons on the Slave Trade (1796), Reflections on the Abundance of Paper in Circulation and the Scarcity of Specie (1810), Historical Questions Exhibited (1818), and a Letter to Earl Grey on the Policy of Great Britain and the Allies towards Norway (1814).
The American firm assisted in funding the national debt at the time of the resumption of specie payments, and the London house were fiscal agents of the United States government in 1873-1884, and as such received the $15,50o,000 awarded by the Geneva Arbitration Court in settlement of the "Alabama Claims" against Great Britain.
When the War of 1812 broke out he was captain of the U.S. frigate "Constitution" (44) and was on a mission to Europe carrying specie for the payment of a debt in Holland.
And thus there is everywhere a striving to contemplate history sub specie aeternitatis and to englobe the successiveness of man in the simultaneity of God.
Largely owing to friction between himself and the president, Bristow resigned his portfolio in June 1876; as secretary of the treasury he advocated the resumption of specie payments and at least a partial retirement of "greenbacks"; and he was also an advocate of civil service reform.
The Java Bank, established in 1828, with headquarters at Batavia, is the only bank issuing notes, two-fifths of the amount of which must be covered by specie or bullion.
It is estimated that the value of the imports and exports into and from Muhamrah, excluding specie, is about £300,000 per annum, paying customs amounting to about £18,000.
The value of the total trade (including specie) amounted to £8,526,000 (1913-4), and had increased to £10,045,000 in 1918-9 and £13,641,000 in 1919-20.
Hayes stoutly advocated the speediest practicable resumption of specie payments, and carried the election.
During his administration President Hayes devoted his efforts mainly to civil service reform, resumption of specie payments and the pacification of the Southern States, recently in rebellion.
Although the resumption of specie payments had been provided for, to begin at a given time by the Resumption Act of January 1875, opposition to it did not cease.
Meanwhile, however, the preparations for the return to specie payments were continued by the Administration with unflinching constancy and on the 1st of January 1879 specie payments were resumed without difficulty.
The bank's notes of issue must be covered to the extent of two-fifths by legal specie (gold and current silver) in reserve; the rest of the paper circulation, according to bank usage.
In 1907 the total value of the merchandise imported and exported, exclusive of transit, reexportation and specie, was ~E.54,I34,o0oconstituting a record trade return.
But it was found that there were no funds in the treasury to satisfy their inordinate demands, and they were obliged to be contented with one-half the stipulated sums, which, after many difficulties, were paid in specie and in jewels, with the exception of 584,905 rupees.
Aiming at a currency to consist largely of specie, he caused the payment of these claims to be received and imported in specie as far as possible; and in 1836 he ordered land-agents to receive for land nothing but specie.
In 1875 he first became known as an able campaign speaker by his speeches favouring the resumption of specie payments, and in behalf of Rutherford B.
The table' on p. 602 shows the subsequent movement in value of imports from other countries to the United Kingdom, and of exports to other countries from the United Kingdom, at quinquennial intervals; bullion and specie being excluded.
The value of the cotton manufactures exported sank from L80,164,155 in 1872 to L67,641,268 in 1876; woollen fabrics from £38,493, The tables on p. 604 show the value of unregistered imports of golc_ _ nd silver bullion and specie from British possessions and from foreign countries into the United Kingdom, specifying the most important countries individually..
The values of imports and exports (including bullion, specie and re-exports) in pesos of 18d.
Previous to that date; but the financial crisis of 1898 caused the suspension of specie payments, and a forced issue of additional paper led to a further postponement of conversion and the prompt withdrawal of specie from circulation.
In his paper on Banking in Persia (Journal of the Instit~ute of Bankers, 1891), Mr Joseph Rabino pointed out the great difficulties which make the easy distribution of fundsthat is, the providing them when and where requireda matter of impossibility in Persia, and gives this fact as the reason why the Imperial Bank of Persia has local issues of notes, payable at the issuing branches only, for, in a country like Persia, where movements of specie are so costly, slow and difficult as to become impracticable except on a small scale, the danger of issuing notes payable at more than one place is obvious On the 20th of September 1907 the value of the notes in circulation was 395,000, and the bank held 550,000 deposits in Persia.
Only a few provisions were made, and those ineffectual, for the protection of the public: later in the same year the legislature passed an act for the suspension of specie payments until the 6th of May 1838, and the consequence was that the state was flooded with irredeemable paper currency.
At the same time he succeeded by drastic measures in putting a stop to the great fluctuations in the value of the paper currency and in resuming specie payments.
There is no such thing, we have said, as an individual fact; and the nature of any fact is not fully known unless we know it in all its relations to the system of the universe, or, in Spinoza's phrase, sub specie aeternitatis.
The value of the imports and exports (exclusive of specie), for the six years1901-1906was: imports, £360,520; exports, £377, 61 3.
Although Dallas left the cabinet in October 1816, it was through his efforts that the new bank began its operations in the following January, and specie payments were resumed in February.
These processes, it must be noticed, are not to be conceived as successive, or as taking place in time; they are to be looked at sub specie aeternitatis, as the necessary elements or moments in the self-evolution of the divine Being.
Anson took his prize back to Macao, sold her cargo to the Chinese, keeping the specie, and sailed for England, which he reached by the Cape of Good Hope on the 15th of June 1744.
As in all new states, the question of a circulating medium was acute during the first half of the '9th century, and state banks were organized, which suspended specie payments in times of financial stringency.
"La Lutine," which had been captured from the French by Admiral Duncan, was carrying a large quantity of bullion and specie, which was underwritten at Lloyd's.
The first private state bank was opened in 1817; an act of 1831 provided for a safety fund guaranteeing bank circulations and derived from a 41% tax on capital stock and a 1 o% tax on profits; but this law was modified in 1842, the tax being removed from banks giving specie guarantees; and a free banking act was passed in 1851.
He was a Whig member of the United States senate in 1831-1837, and as such took a prominent part in the legislative struggle over the United States Bank, whose rechartering he favoured and which he resolutely defended against President Jackson's attack, opposing in able speeches the withdrawal of deposits and Secretary Woodbury's " Specie Circular of 1836.
He successfully opposed a bill providing for what would have been practically an irredeemable currency, and he voted against the bill for chartering the second United States bank, although it provided for the redemp - tion of bank notes in specie, because he objected to permitting the government to have so large a share in its management.
Himself in public affairs, although no longer an active participant, and in all financial questions, especially in regard to the bank charter, the resumption of specie payments, and the panic of 1837, he exerted a powerful influence.
Both in 1876 and 1884, after his failure to receive the nomination for the presidency, he was nominated by the Democratic National Convention for vice-president, his nomination in each of these conventions being made partly, it seems, with the hope of gaining "greenback" votes - Hendricks had opposed the immediate resumption of specie payments.
The first step was to decree the penalty of six years' imprisonment against any person who should sell specie for a more considerable quantity of assignats, or who should stipulate a different price for commodities according as the payment was to be made in specie or in assignats.
Too many causes operated in favour of their depreciation: the enormous issue, the uncertainty as to their value if the Revolution should fail, the relation they bore to both specie and commodities, which retained their value and refused to be exchanged for a money of constantly diminishing purchasing power.
The purpose of this condition was in order to improve the value of the paper milreis in order to increase the specie value of the revenues.
At last, on the 17th of November 1860, Miramon, under the plea of necessity, seized $630,000 in specie which had been left under seal at the British Legation and was intended for the bondholders.
To view things thus is to view them, according to Spinoza's favourite phrase, sub specie aeternitatis.
Disagreements and disputes were continual, and the easy expedient of rewarding the officials of the Curia and increasing the papal revenue by "reserving" more and more benefices was met by repeated protests, such as that of the bishops and barons of England (the chief sufferers), headed by Robert Grosseteste of Lincoln, at the council of Lyons in 1245.2 The subject, indeed, frequently became one of national interest, on account of the alarming amount of specie which was thus drained away, and hence numerous enactments exist in regard to it by the various national governments.