A New Banking System / The Needful Capital for Rebuilding the Burnt District

Name: A New Banking System / The Needful Capital for Rebuilding the Burnt District
Author: Lysander Spooner

By Lysander Spooner

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About This Book

The pamphlet proposes a banking system that would issue paper currency secured primarily by real-estate values, arguing that Massachusetts real estate could underwrite vastly more loanable capital than existing national banks. It explains how such currency could maintain specie payments without inflating prices, analyzes security and credit mechanics, and estimates the amount of currency needed to support manufacturing and reconstruction. The argument emphasizes money as indispensable capital for industry, claims restrictions on lending amount to violations of economic freedom, and contrasts the proposal with the prevailing national banking arrangements.

About the Author

Lysander Spooner

Lysander Spooner was an American legal theorist, abolitionist, and political activist known for his radical views on individual liberty and government authority. He is particularly recognized for his critique of the U.S. Constitution in works like "No Treason, Vol. VI.: The Constitution of No Authority," where he argues against the legitimacy of government power. Spooner also wrote extensively on issues of justice and law, as seen in his influential essays such as "An Essay on the Trial By Jury." His writings advocate for a society based on voluntary cooperation and challenge the moral foundations of slavery and state authority.