Produced by Curtis Weyant and the Online Distributed Proofreading Team at https://www.pgdp.net (This file was produced from images generously made available by The Internet Archive) A NEW BANKING SYSTEM: THE NEEDFUL CAPITAL FOR REBUILDING THE BURNT DISTRICT. BY LYSANDER SPOONER. BOSTON: SOLD BY A. WILLIAMS & CO. 135 WASHINGTON STREET. 1873. Entered according to Act of Congress, in the year 1873. BY LYSANDER SPOONER, in the office of the Librarian of Congress, at Washington. Printed by WARREN RICHARDSON, 112 Washington St CONTENTS. PAGE CHAPTER I.--A New Banking System, 5 CHAPTER II.--Specie Payments, 12 CHAPTER III.--No Inflation of Prices, 21 CHAPTER IV.--Security of the System, 35 CHAPTER V.--The System as a Credit System, 41 CHAPTER VI.--Amount of Currency Needed, 48 CHAPTER VII.--Importance of the System to Massachusetts, 59 CHAPTER VIII.--The True Character of the "National" System, 70 CHAPTER IX.--Amasa Walker's Opinion of the Author's System, 75 The reader will understand that the ideas presented in the following pages admit of a much more thorough demonstration than can be given in so small a space. Such demonstration, if it should be necessary, the author hopes to give at a future time. _Boston, March, 1873._ CHAPTER I. A NEW BANKING SYSTEM. Under the banking system--an outline of which is hereafter given--the real estate of Boston alone--taken at only three-fourths its value, as estimated by the State valuation[A]--is capable of furnishing three hundred millions of dollars of loanable capital. [A] By the State valuation of May, 1871, the real estate of Boston is estimated at $395,214,950. Under the same system, the real estate of Massachusetts--taken at only three-fourths its estimated value[B]--is capable of furnishing seven hundred and fifty millions of loanable capital. [B] By the State valuation of May, 1871, the real estate of the Commonwealth is estimated at $991,196,803.