Excerpt from Duncombe's Free Banking: An Essay on Banking, Currency, Finance, Exchanges, and Political EconomyThe election of the directors of the United States bank of issue, will render the first link in the chain of money currency completely republican. Their business being unconnected With the discount of notes, or the business of brokers or exchangers of mone y, the y will occupy themselves in learning the amount of money-currency necessary to sup ply the actual demand in the United States, as connected with the commercial world, and in their domestic com merce at home.They will be able to bank upon so much of the specie as would be actually necessary to make up the deficiency of the precious metals, and no more. They should, and un doubtedly would, understand the importance of contract ing their issues of money-currency in times of plenty and prosperity, when convertible property and credit-curren cy, under private interest, were most abundant, as'by that means they would have power to increase their issues, upon any reverses of trade, or convulsions abroad, by which the demand for specie for exportation, or an increase of issues for domestic circulation, should become necessary.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.