1. William Paterson, as quoted by Eric D. Butler, The Enemy Within the Empire, A Short History of the Bank of England [Melbourne, 194 1, p. 3.
2. The facts concerning the establishment of the Bank of England are surely among the most obscure in economic history. The source of these is a pamphlet entitled Remarks Upon the Bank of England, With Regard More Especially to Our Trade and Government. Occasiond by the Present Discourse Concerning the Intended Prolongation of the Bank. Humbly Addressd to the Honourable House of Commons. by a Merchant of London, and a True Lover of Our Constitution (London, Printed for A. Baldwin, in WarwickLane, 1706), and Charles Holt Carroll, “Banking and Credit Systems, II,” The Organization of Debt Into Currency and Other Papers, ed. Edward C. Simons (Princeton, N.J., 1964), originally published in Hunt’s Merchants’ Magazine and Commercial Review, XXIX, (Oct. 1858), pp. 443-50.
3. Thomas Jefferson, Writings, Monticello Ed. (Washington, D.C., 1905) il XIV, p. 61.
4. I include in this private bank deposits with the Federal Reserve. These are also Fed. obligations and may easily be converted into the form of paper notes.
5. “Democratic Press” , as quoted b@ Benjamin Davies, The Bank Torpedo (New York, 1810), pp. 57-59.
6. The exchange is usually indirect.
7. It is actually greater because the process involves waste. This will be discussed below.
8. Thomas Jefferson, letter to John W. Eppes, Nov. 6, 1813, Writings, XIII, p. 413.
9. Daniel Webster, “The Legal Currency,” speech delivered in the House of Representatives, April 26, 1816, The Debates and Proceedings in the Congress of the United States, Fourteenth Congress-First Session (Washington, D.C., 1854), pp. 1441-42.
10. Historical Statistics of the United States, Colonial Times to 1957 (Washington, 1960) Wholesale Price Index-series E 1-24; wages prior to 1890-series D 573; wages WW I-series D590, average hourly earnings in manufacturing; wages depression-series D 654, average hourly earnings in 25 manufacturing industries.
11. Grover Cleveland, “Annual Message to Congress-1888,” as quoted in The Great Quotations, compiled by George Seldes (New York, 1960), p. 163.
12. John Maynard Keynes, General Theory of Employment, Interest and Money (London, 1936), [rights controlled by Harcourt Brace Jovanovich, Inc.] p. 10.
13. See Raymond F. DeVoe’s article “Statistics Don’t Lie” in the July 5, 1971 issue of Barron’s.
14. Linda Jenness, “A Program to Combat Soaring Prices “Inflation, What Causes It, How to Fight It (New York, 1973), pp. 18-19.
15. I use single quotes here to indicate that this is not a direct quotation; merely, the substance is accurate.
16. Effective Jan. 1, 1976.
17. Senor Bolivar Pagan, as quoted in Puerto Rico Labor News (Dept. of Labor, Gov’t of Puerto Rico, May-August 1940), III, Nos. 3-4, p.76, My italics.
18. Thomas Jefferson, letter to Colonel Charles Yancy, Jan. 6, 1816, Writings, XIV, p. 3 8 1, Jefferson’s italics.
19. Benjamin Davies, The Bank Torpedo, (New York, 1810), p.7.
20. “The Bullion Report of the House of Commons, June 8, 1810,” as quoted by William G. Sumner, History of American Currency (New York, 1968), pp. 387-88.
21. Daniel Webster as quoted by Chief Justice Salmon P. Chase, “Supreme Court Reports,” Legal Tender Cases, 12 Wall 586, Opinion of the Minority, Chase’s emphasis.
22. As quoted by Sidney Ratner, “Was the Supreme Court Packed by President Grant?” Political Science Quarterly, Sept. 1935, pp. 343-58.
23. Andrew C. McLaughlin, Wilson on Blackstone, The Foundations of American Constitutionalism (New York, 1932), pp. 83-84.
24. “Constitution of Mass., 1780,” chiefly the work of John Adams, from Documents of American History, 8th Edition, ed. Henry Steele Commager (New York, 1968), p. 107.
25. Author unknown, Four Letters on Interesting Subjects, letter IV (Philadelphia, 1776), p. 19, Author’s emphasis.
26. Daniel Webster, as quoted by Clarkson Nott Potter, Supreme Court Reports, Legal Tender Cases (Knox v. Lee & Parker v. Davis), 12 Wall 495.
27. Daniel Webster, as quoted by Chief Justice Salmon P. Chase, Op. Cit.
28. James Madison, The Federalist Papers (New York, 1961), No. 10, pg. 84
29. James Madison, in a letter to Edmund Randolph, Philadelphia, May 14, 1782, from Madison Papers (Washington, 1840), 1, p. 129, on the prospect of Virginia issuing paper money.
30. Thomas Jefferson, “Notes on the Establishment of a Money Unit, and of a Coinage for the United States,” Memoir, Correspondence and Misc.. (Boston, 1830), ed. T. Randolph, Vol., 2nd Ed., pp. 138-9.
31. The Records of the Federal Convention of 1787, ed. Max Farrand (New Haven.- 1937), 1, p. 154.
32. Ibid., Yates on Madison.
33. Ibid., Vol. III, p. 214. Martin’s emphasis.
34. Justice Strong, Supreme Court Reports, Legal Tender Cases, 12 Wall 534-35, Opinion of the Court.
35. John Marshall, Supreme Court Reports, McCullough v. The State of Maryland, Opinion of the Court, 4 Wheaton 421.
36. Alexander Hamilton, The Federalist Papers (New York, 1961), No. 84, pp 512-13. [My emphasis except where noted.]
38. Ibid., pp. 513-14.
39. Alexander Hamilton, “Opinion of the Constitutionality of the Bank,” Feb. 23, 1791, Documents of American History, Op. Cit., pp. 156-57. Author’s emphasis.
41. Thomas Jefferson, “Opinion on the Constitutionality of the Bank,” Feb. 15, 1791, Documents of American History, Ibid., pp.159-60. Author’s emphasis.
43. Alexander Hamilton, “Opinion ... Op. Cit., p. 157. Author’s emphasis.
44. John Marshall, Op. Cit.
45. Hamilton, “Opinion ... Op. Cit., p. 156. Author’s emphasis.
46. James Madison, speech in the House of Representatives on June 8, 1789, Debates and Proceedings in the Congress of the United States, (Washington, Gales & Seaton,1834), Vol., p. 439.
47. The Madison Papers, III (Washington, 1840), record of Aug. 16, 1787, pp. l343-46 [My emphasis except where noted.]
48. Alexander Hamilton, The Federalist Papers (New York, 1961), #81, p. 482.
50. Sen. Carter Glass, as quoted in Economics and the Public Welfare, Benjamin M. Anderson (New York, 1949), p. 317.
51. Alexander Hamilton, as quoted in Supreme Court Reports, Opinion of the minority, Gold Clause Cases (Norman v. Baltimore & Ohio R. Co., United States v. Bankers Trust Co., Nortz v. United States, and Per?y v. United States), 294 U.S. 379-80.
52. Supreme Court Reports, Argument for the Government, Norman v. B & O. R. Co., 294 U.S. 272.
53. Webster’s New World Dictionary, College Edition (New York, World, 1960), p. 1395.
54. Max Farrand, The Fathers of the Constitution (New Haven, 1921), pp. 31-32.
55. Evarts Boutell Greene, “The Revolutionary Generation 1763-1790,” A History of American Life, eds. Schlessinger and Fox, IV (New York, 1943), p. 353.
56. John Marshall, The Life of Washington, 11, 1850 Edition, p. 99ff, as quoted by Charles A. Beard, An Economic Interpretation of the Constitution of the United States (New York, 1914), p. 297.
57. A History of American Life, op. cit., p. 353.
58. David Ramsay, as quoted by Beard, An Economic Interpretation of the Constitution, op. cit., p. 323.
59. Beard, op. cit., pp. 28-32.
60. Jefferson, Writings, op. cit., Answers to questions propounded by M. De Meusnier - Jan. 24, 1786.
61. Keynes, General Theory, op. cit., p. 15.
62. John Maynard Keynes, German Edition of General Theory of Employment, Interest and Money (1936), as quoted by Henry Hazlitt, The Failure of the “New Economics,” An Analysis of the Keynesian Fallacies (Princeton, 1967), p. 15.
63. Leonard Silk, “Economics I -The Summit,” in New York Times Magazine, Sept. 22, 1974, p. 99.
64. Howard Katz, The Speculator, March 26, 1970.
65. This incident was related by Professor Rothard in a speech delivered in early 1972.
66. Richard Nixon, “A New Direction for America’s Economy,” Campaign Pamphlet, July 6, 1968.
67. Clarkson Nott Potter, Supreme Court Reports, Legal Tender Cases 12 Wall 514.
68. William G. Sumner, A History of American Currency (New York, Greenwood Press., 1968)., pp. 281-82. My emphasis.
69. Robert Bleiberg, "Moment of Truth: It's Time the Nation Cut Its Losses on the TFX." Barron's Sept. 18, 1967, p. 1.