Modern monetary systems

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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THE POSTAL SAVINGS BANK ACT 37 indemnity bond. These provisions appeared to a majority of the Senate to meet the require ments of safety and of an adequate interest yield, and to keep the funds in the local community as effectually as any plan that could be devised. Shortly before the bill came to its vote in the Senate, however, it was vigorously attacked on the ground of unconstitutionality, particularly by Senators Rayner of Maryland, Bailey of Texas and Root of New York. The principal de fenders of the constitutionality of the bill were Senators Sutherland of Utah and Bradley of Kentucky. The constitutional arguments were on an unusually high plane. The constitutional ity of the hill was defended, of course, under the doctrine of implied powers. Ignoring the discus sion over the “welfare clause” of the Constitu tion, which on the one side was interpreted to mean almost everything and on the other side to mean almost nothing, we find the proponents of constitutionality basing their arguments chiefly on three clauses of the Constitution. (1) The power “to coin money” and “regulate the value thereof” was to he interpreted “to confer upon Congress the power not only to coin money hut to provide and maintain an adequate currency for the country.” Postal savings banks would be a proper means to that end, since they would call

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