This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1903. Not illustrated. Excerpt: ... CHAPTER XII CONCLUSION If, in conclusion, the questions with which the inquiry began be called to mind they can be briefly answered with reference to the United States. As to the agent of state through whom the power has been exercised, it may be said that in the colonies it was exercised by the colonial governments subject to the regulations and prohibition of Parliament.1 Under the continental regime the power was exercised only by the states. Under the constitution such power as was believed to be vested in either government was bestowed upon the federal government as distinguished from that of the respective states; and prior to 1862 it was supposed that the power to bestow this quality on bills of credit was witheld from both. That power is now conceded to be likewise vested in Congress. The objects on which the quality has been bestowed have been various: Crude substitutes for coin in the form of articles of use or ornament; coin, domestic and foreign; notes issued by the government, varying in character from true exchequer bills to bills adapted in all respects to monetary purposes; notes issued by institutions chartered under federal law; and, finally, notes issued by institutions owing their existence to commonwealth legislatures. Nor are the reasons which have guided action difficult to state. They have been four in number: (1) The desire to give certainty to contracts drawn in terms of money units was the object of such legislation as that of 1792. (2) To furnish to certain notes a partial redemption or to anticipate expected revenues was the object of such provisions as those characteristic of the treasury-note legislation prior to 1862. (3) To obtain a medium for the payment of obligations to and by the government was the purpose of receiving the st...
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