It required the Secretary of the Treasury to redeem greenbacks in specie on demand on or after 1 January 1879. The Act, however, did not provide for a specific mechanism for redemption. The Act, though, did allow the Secretary of Treasury to acquire gold reserves either via any federal surpluses or the issuance of government bonds. An established gold reserve allowed for daily variations in specie flows and facilitated resumption.
|
|
In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the Group de-merged its Properties business.
|
|
Although twenty years later, Chemical would stand alone and continue to make payments in specie, in this crisis the bank followed others in suspending payments. Chemical was one of the earliest to resume payments in specie. Mason died on September 26, 1839, but his legacy of conservatism was taken on by his successors. Isaac Jones and later his cousin John Quentin Jones would lead Chemical, both serving as president, across the next forty years through 1878.
|
|
A bank closed for business in New York that August, and by October, three banks in New Orleans stopped paying in specie. This triggered a mass of demands for redemptions at both Galveston banks, which prompted Williams to refuse to honor some depositors' checks. An early closing triggered a sharp discount on his bank notes, but local fears were allayed after local merchants honored the Williams notes at par, and Williams reversed his policy, resuming payments in specie. Williams survived the Panic of 1857.
|
|
Additionally, he asked state banks to keep one dollar in specie for every three issued as paper, and he discouraged the use of federal or state bonds as security on bank notes to avoid future inflation.
|
|
Wordsworth stayed at his post and went down with his ship. About 90 to 100 people survived the sinking. The total value of Earl of Abergavennys cargo was estimated to be £200,000. It consisted of porcelain and some £70,000 in specie.
|
|
This makes them less financially cumbersome as a monetary asset than other forms of commodity money, cryptocurrency, or any other physical or digital item which may be considered taxable property. UPMA accounts are denominated exclusively in Specie Legal Tender, like this 1oz Gold Eagle Coin.
|
|
Arago Launched in January 1855, Arago made her maiden voyage, with Captain David Lines in command, on June 2, 1855. Along with over 450,000 dollars in specie, her 215 passengers that trip included prince J. Bonaparte, the honorable Aaron Vail, and newspaperman G. W. Kendall.
|
|
Wades actual captors were US Navy gunboats and Wade was carrying pineapples, turtles and 20,000 dollars in specie. Lloyd's List reported that American gunboats in St Mary's River had taken the Wade, Johnson, master, and another vessel, Pindar, master, from Nassau and carrying specie.
|
|
2 Issue 3, pp 29-46 At the beginning of the war the Confederacy had some $47 million in bank deposits (compared to $189 million in Northern banks), and $27 million in specie (gold and silver coins) holdings (compared to $45 million worth in the northern states).
|
|
Lloyd's List, no.4756, - accessed 6 July 2015. Rosamond ran on shore on Point Hicacos where her captain and 24 men drowned in attempting to reach the land. Rosamond had on board $100,000 in specie and valuable merchandize, the plunder of various English and Spanish vessels.
|
|
The Americans repaired the damage to Peacocks rigging within an hour. Peacocks first lieutenant took charge of the prize and succeeded in preventing it from sinking; the prize crew had the brig ready to sail by nightfall. Epervier was found to be carrying $118,000 in specie, which was private rather than Government property.Forester, p.
|
|
He was said to have helped with the Thoughts on the Restriction of Payments in Specie (1803) of Peter King, 7th Baron King. He published an anonymous memoir of Smithson Tennant in 1815. The Pope of Holland House: Selections from the Correspondence of John Whishaw and His Friends 1813–1840 was published in 1906, edited by Lady Seymour.
|
|
She was secretly assigned the task of teaching Struan "civilized" (Chinese) ways. In 1841, Struan & Company was on the brink of ruin, about to be destroyed by rival Tyler Brock. In desperation, Dirk Struan turned to Jin-Qua, who lent him one million sterling in specie. Six hundred thousand of the million cleared out the Cohong's debt to Struan's.
|
|
Eventually the Chinese and the British came to agreement that henceforth American vessels would not be permitted sell at Canton prize goods from British vessels. Jacob Jones had on board 40 chests of opium, $10,000 dollars in specie, and some other goods.Dennett (1922), pp.82-3. Captain O'Brien found he could not sell his prize, Arabella, on the China coast.
|
|
In April 2012, the Daily Telegraph disclosed that Hunt had reduced his tax bill by over £100,000 by receiving dividends from Hotcourses in the form of property which was promptly leased back to the company. The dividend in specie was paid just before a 10% rise in dividend tax and Hunt was not required to pay stamp duty on the property.
|
|
Ultimately, Douglas won the state in the 1860 presidential election by a margin of 429 votes over John Bell, the Constitutional Unionist. In early December, most of Missouri's banks suspended payment in specie given the political uncertainty surrounding South Carolina's withdrawal from the union. The effect of the economic turmoil was high unemployment in St. Louis and a scarcity of currency in the surrounding area.
|
|
In 2013, FCL's parent company, Fraser and Neave, was acquired by Thai billionaire Charoen Sirivadhanabhakdi's TCC Group for $11 billion. In August of that year, it was announced that Fraser and Neave would spin off FCL as its own separate listing on the Singapore Exchange through an in specie distribution of stock, effectively making the property group an independent entity under the broader TCC Group umbrella.
|
|
In May, New York banks suspended specie payments, meaning that they refused to redeem credit instruments in specie at full face value. Over the next several years, domestic trade slumped, the price of banking, railroad, and insurance company stocks declined, and unemployment rose. 194 of the 729 banks with charters closed their doors. Thousands of people in manufacturing districts lost their jobs as credit dried up.
|
|
The National Bank of New Zealand (Ltd) Act gave it the right to issue banknotes redeemable (in specie or gold). Though the bank was technically domiciled in London (which provided certain advantages) the major portion of its shareholders were New Zealand resident or associated. In 1894 its headquarters were moved from Dunedin to Wellington. Lloyds Bank acquired a small interest in The National Bank in 1919.
|
|
What Are the Seven Wonders of the World? First Anchor Books, p. 192. The name "Juno" may derive from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique). In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'.
|
|
On 14 April Epervier sailed from Port Royal, Jamaica, calling at Havana, where she took on board $118,000 in specie. She left Havana on 25 April bound for Halifax. The 22-gun sloop-of-war captured Epervier off Cape Canaveral, Florida, on 29 April, during the War of 1812. Eperviers crew consisted mainly of invalids from the hospital, giving her the worst crew of any ship on her station.
|
|
Together with Ed Roberts, a wealthy rancher and associate of Musgrave, they planned to rob the International Bank of Nogales in Arizona, located near the international border. Roberts was to arrange to withdraw $10,000 in specie and bills, purportedly to pay the unpopular tariff for importing some Mexican cattle. But, Roberts intended to have the High Fives steal the money. A map of Nogales, Arizona, in May of 1898.
|
|
The two ships had crossed the Atlantic together but got separated at the Grand Banks during a storm. The most significant single prize the British captured in 1756 was the Arc-en-Ciel. The ship was captured on 12 June off Scatarie after a long chase and a five-hour gun battle. The warship had on board sixty thousand livres in specie and as many as 200 recruits.
|
|
The Trust Co. was highly respected at the outset. As expected, it served as a depository institution for the state of Ohio, receiving and disbursing scrip and specie. It also did a large amount of business with private banks in addition to its real estate mortgage business. The Panic of 1837 significantly damaged the financial standing of the Trust Co. In October 1839, the company stopped making payment in specie.
|
|
Many provide the opportunity to buy assets in-specie, which helps the investor to switch investment without unnecessary charges. These services also cut down on paperwork as transactions are centralised. Although Fund Platforms are a way to invest using DIY ethic, many investors choose to take independent financial advice, in the selection of a fund platform provider, in the selection of funds and 'tax wrappers' and in the ongoing monitoring of performance.
|
|
In 1788 Massachusetts sold its rights to the entire six million acres (24,000 km²) to Oliver Phelps and Nathaniel Gorham for $1,000,000, payable in specie or in certain Massachusetts securities then trading at about 20 cents on the dollar, the money used to repay some of the state's debt from the Revolutionary War. Similar western boundary issues involving these and other states were resolved by the Northwest Ordinance passed by the Congress of the Confederation in July 1787.
|
|
He took at least 2.6 million in specie during his trip. He so angered his associates, whom he kept busy counting money under poor conditions, that one of his midshipmen, William Rodgers, resigned from the Navy after coming ashore from this three-year voyage. He cited not being able to "do what I joined this man's Navy to do. Not being able to serve my country but to simply be serving for the monetary good of Captain Downes".
|
|
Urtheil In Sachen Des Pfarrer Mayers zu Riedbach contra Einige der Gemeind zu Syndringen: Puncto der in vorstehender Specie Facti contra den Pfarrer Mayer berührten Diffamation, in specie aber den Calumnianten Edelmann betreffend: Geben Bartenstein den 20. Martii 1745 online at books.google.com In 1745 he moved to Kupferzell, near Crailsheim, where he was pastor until his death in 1798. There in the garden of his clergy house, Mayer conducted agricultural experiments and observed farm work on nearby farms.
|
|
Charoen Sirivadhanabhakdi expanded his ThaiBev drinks and property empire to include about two-thirds of this Singaporean conglomerate. This was possible after Japan's Kirin Brewery Company sold its 15% stake for US$1.6 billion to Sirivadhanabhakdi. In January 2014, through a distribution in specie and re-listing of Frasers Centrepoint Limited by way of introduction on the Singapore stock exchange, the group de- merged its properties business. In February 2018, Frasers Centrepoint Limited was renamed Frasers Property globally.
|
|
The next day the Liverpool Mercury reported "The steamship Tara has arrived from Brisbane with £6600 in specie." In 1897 Percival Pitman Outridge (1863-1938) a pearl fleet owner, reported details of the coins. The Spanish dollars were dated 1713-1823, and the single gold coin recovered was a Spanish onza [ounce] dated 1819. In 1911 Jardine disclosed that the wreck was located "in a lagoon of Portlock Reef", but did not give the exact location.
|
|
On 14 May 1813, while in the latitude of the Cape Verde Islands, Burbank was able to capture the British packet ship , an 8, 11, or 12-gun brig with a crew of 38, sailing from Rio de Janeiro to England. After a fight lasting over half-an-hour, Express struck. Shaler took out $75,000 in specie and then divested the packet after ransoming her for $8000. In June, Anaconda took the 8-gun brig Mary, sailing from Gibraltar.
|
|
He reduced the civil list, saved money by using competitive bidding for contracts, tightened accounting procedures, and demanded the national government's full share of money and supplies from the individual states. Congress used four main methods to cover the cost of the war, which cost about 66 million dollars in specie (gold and silver).Oliver Harry Chitwood, A History of Colonial America (1961) pp. 586–89 Congress made issues of paper money in 1775–1780 and in 1780–81.
|
|
Payments in specie were able to start up again in April, during the time of the Capture of New Orleans. This short absence in the ability to make specie payments was not believed to have been caused by any wrongdoings of the banks. In November 1877, an anonymous writer from The Banker’s Magazine reported that the stipulations associated with the law establishing the Forstall System were strictly adhered to, including the reserves of specie and short-term paper.
|
|
Diagram of the battle between Constitution and Java William Bainbridge, senior to Hull, took command of "Old Ironsides" on 8 September and prepared her for another mission in British shipping lanes near Brazil, sailing with on 27 October. They arrived near São Salvador on 13 December, sighting in the harbor.Hollis (1900), pp. 177–178. Bonne Citoyenne was reportedly carrying $1.6 million in specie to England, and her captain refused to leave the neutral harbor lest he lose his cargo.
|
|
After the expiration of the charter of the Second Bank of the United States, federal revenues were handled by the Independent Treasury beginning in 1846. The Second Bank of the U.S. had also maintained some control over other banks, but in its absence banks were only under state regulation. One of the main problems with banks was over-issuance of banknotes. These were redeemable in specie (gold or silver) upon presentation to the chief cashier of the bank.
|
|
Plumper was wrecked on 5 December 1812 while en route to Halifax with £70,000 in specie for the purchase of arms for the military in St John. She struck on the ledges off Dipper Harbour in the Bay of Fundy and sank immediately with the loss of the specie and 42 of the 60 people on board, consisting both of crew and passengers. Bray and all his officers were among the men drowned. LL reported the loss on 8 January 1813.
|
|
Tablet dedicated to George Washington and honoring Jeremiah Wadsworth When the war started, Wadsworth was appointed to a committee charged with buying 5,000 pairs of yarn stockings for the army (which had already been sent to Canada). He served on another committee to procure 1,800 pounds of "lawful money in specie" in exchange for bills for use by the army. The Connecticut General Assembly later commissioned him and Col. Jonathan Fitch to find a large number of tin kettles for the army.
|
|
The hospital took in the mentally ill as well as invalids (who were typically poor, homeless and unemployed) and patients with skin conditions. Chiarugi was the chief author of new humanitarian regulations for the hospital that were introduced in 1789. In 1793-1794 Chiarugi's main published psychiatric work, his three volume On Insanity and Its Classification (Della Pazzìa in Genere e in Specie), was published in Florence. He also published works on dermatology and agriculture, and a book about his home town.
|
|
Harlequin had captured an American ship (under Swedish colours) sailing from Cape François, St. Domingo, (present day Cap-Haïtien) to Philadelphia with a cargo of coffee and sugar. On 7 November Coghlan captured the one-gun Spanish letter of marque schooner Posta de Caracas. She was sailing from Campeche in Yucatan, Mexico, to Havana with a cargo of leather and rope and twenty-four thousand dollars in specie. During the chase she threw overboard the mails she was carrying and her gun.
|
|
This section opens by stressing the important influence of the stars before it deals with topics concerning human sexual intercourse. The book then moves onto the topics of conception and birth, and the author then explores the physical signs of pregnancy. The final two chapters of this section deal with animals; the penultimate chapter focuses on "animals in genere et in specie" (i.e. in regards to genus and species), while the final details an idiosyncratic system for differentiating the various types of animals.
|
|
By once more pledging the 1836 surplus and raising the interest rate on the bonds from 6 to 7 percent, they were able to sell all the securities. The 1843 bond sale greatly stabilized the finances of the Canal Fund Commission and the state of Ohio. Canal Fund Commission checks, which were trading (but still not being cashed) at a 40 to 50 percent discount, now rose almost to par. Contractors began to be paid in specie- paying bank notes.
|
|
The Panic of 1857 began in the middle of that year, ushered in by the sequential collapse of fourteen hundred state banks and five thousand businesses. While the South escaped largely unscathed, Northern cities saw numerous unemployed men and women take to the streets to beg. Reflecting his Jacksonian background, Buchanan's response was "reform not relief". While the government was "without the power to extend relief", it would continue to pay its debts in specie, and while it would not curtail public works, none would be added.
|
|
On September 5, 1795, American negotiator Joseph Donaldson signed a peace treaty with the Dey of Algiers, that included an upfront payment of $642,500 in specie (silver coinage) for peace, the release of American captives, expenses, and various gifts for the Dey's royal court and family. An additional indefinite yearly tribute of $21,600 in shipbuilding supplies and ammunition would be given to the Dey. The treaty, designed to prevent further piracy, resulted in the release of 115 American sailors held captive by the Dey.
|
|
The two men also argued over the distribution of $18,000 in specie that had been found in Santa Anna's treasure chest. Burnet insisted that the money should go to the Texas treasury, but Houston had already given $3,000 to the Texas Navy and distributed the rest among his men. Santa Anna, in his distrust of civil government, had requested that he be allowed to negotiate a treaty with Houston. His request was rejected, and Burnet took him into custody, first to Galveston Island and then to Velasco.
|
|
In December 1790, Hamilton called for the creation of the Bank of the United States, and in February 1791 President George Washington signed the charter allowing it to open. Investors paid $25 for a stock, called a scrip, and were required to make three additional payments in six-month intervals totaling $375. These payments were to be 25% in specie and 75% in US debt securities.Cowan, Sylla & Wright "Alexander Hamilton, Central Banker: Crisis Management During the US Financial Panic of 1792," Business History Review, Vol.
|
|
Finally, on January 16, 1837, when the Jacksonians had a majority in the Senate, the censure was expunged after years of effort by Jackson supporters. The expunction movement was led, ironically, by Benton. In 1836, in response to increased land speculation, Jackson issued the Specie Circular, an executive order that required buyers of government lands to pay in "specie" (gold or silver coins). The result was high demand for specie, which many banks could not meet in exchange for their notes, contributing to the Panic of 1837.
|
|
Appleton and his allies then paid individuals called "runners" to travel throughout the country, turning in to the issuing institutions the bank notes the Boston merchants had accepted as payment for goods and services and demanding payment in specie. When the banks proved unable to redeem their paper currency, they collapsed.Robert Charles Winthrop, Memoir of the Hon. Nathan Appleton, LL.D., 1861, pages 40 to 42 By 1809 the extent of Dexter's fraud became widely known, and his wife and he fled to Nova Scotia to avoid prosecution.
|
|
He also implemented a number of unpopular reforms at the request of the proprietor. Export of tobacco was limited to high-quality cask tobacco more easily produced by large landholders. In addition, Calvert had ordered that all future tax payments were to be made in specie rather than in tobacco. When news reached the colony that the King had been deposed, Joseph attempted to maintain control by asking planters to turn in their weapons and temporarily cancelling the meeting of the colonial assembly scheduled for April.
|
|
The relief of Specific Performance is an equitable relief which is usually remedial or protective in nature. In the civil law (the law of continental Europe and much of the non English speaking world) specific performance is considered to be the basic right. Money damages are a kind of "substitute specific performance." Indeed, it has been proposed that substitute specific performance better explains the common law rules of contract as well, see (Steven Smith, Contract Law, Clarenden Law ). In English law, in principle reparation must be done in specie unless another remedy is ‘more appropriate’.
|
|
The legislature shall have no power to pass any act granting any special charter for banking purposes, or any special act to increase the capital stock of any chartered bank; but corporations may be formed for such purposes, or the capital stock of chartered banks may be increased, under general laws. The legislature shall provide by law for the registry of all notes or bills authorized by general laws to be issued or put in circulation as money; and shall require ample security for the redemption of such notes in specie.
|
|
Captain Downes often kept his midshipmen and other trusted aides busy counting specie. Many deposits were made, with many single deposits of over 100,000. The men complained bitterly about their treatment, writing of how they were forced to eat mealy grain while counting hundreds of thousands of dollars in specie. Many of the men felt that Captain Downes was doing this for the "good of the Captain" and wondered when they would be used for the purpose they joined the Navy for rather than for the Captain's personal enrichment.
|
|
The Bank had largely recovered in the public eye since the Panic of 1819 and had grown to be accepted as a fact of life. Its role in managing the nation's fiscal affairs was central. The Bank printed much of the nation's paper money, which made it a target for supporters of hard money, while also restricting the activities of smaller banks, which created some resentment from those who wanted easy credit. As of 1830, the Bank had $50 million in specie in reserve, approximately half the value of its paper currency.
|
|
The Bank's notes were not required to be redeemable in specie. Due to worldwide fluctuations in the price of silver during the 1930s, Manchukuo took the yuan off a silver standard in 1935 and subsequently pegged the yuan to, and later reached approximate exchange parity with, the Japanese yen. Central Bank of Manchou 1 yuan (1932) The Bank initially issued approximately 150 million yuan in notes in 1932. By 1936, their aggregate value exceeded 200 million yuan, rising to 300 million in 1937, 400 million in 1938 and 620 million by the end of 1939.
|
|
Although the Independent Treasury did restrict the expansion of credit, it also posed a new set of economic problems. In periods of prosperity, revenue surpluses accumulated in the Treasury, reducing hard money circulation, tightening credit, and restraining inflation of trade and production. In periods of depression and panic, when banks suspended specie payments and hard money was hoarded, the government’s insistence on being paid in specie tended to aggravate economic difficulties by limiting the amount of specie available for private credit. In 1857, another panic hit the money market.
|
|
The Treaty of Turkey Creek Prairie, unofficially called the Treaty of the Potawatomi, was signed March 26, 1836 between Mes-quaw-buck, a chief of the Potawatomi tribe of Native Americans, and the United States of America, represented by Abel C. Pepper. The accord originally contained six articles, with Article 6 stricken out by the Senate. The treaty ceded four sections of land on the Tippecanoe River, effective October 27, 1832. The United States paid the Chief and his band $2,560 "in specie at the next payment of annuity" once the treaty was ratified.
|
|
Over the next two years, Sherman worked to develop what became the Specie Payment Resumption Act. The Act was a compromise. It required gradual reduction of the maximum value of greenbacks allowed to circulate to $300 million and, while earlier drafts had allowed the Treasury the choice between paying in bonds or coin, the final version of the Act required payment in specie, starting in 1879. The bill passed on a party-line vote in the lame duck session of the 43rd Congress, and President Grant signed it into law on January 14, 1875.
|
|
James, Vol. 2, p. 346. Returning to Île de France with little to show for his three-month cruise, Lhermitte was intercepted off Port Louis by the blockade squadron of Adamant and at the Action of 11 December 1799 and Preneuse was driven onshore and destroyed.Clowes, p. 524. Sercey had already sent Brûle-Gueule back to France at the end of September with political prisoners from Île de France and more than a million in specie, the corvette eventually being wrecked with the loss of 132 lives on the Pointe du Raz on the Breton coast.Parkinson, p. 130.
|
|
Wiese had a 22% shareholding in Steinhoff, the European component of which appears to have been subject to margin loans with different banks. In December 2017 Absa Bank and Investec Plc applied for the liquidation of Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide sufficient collateral for its overdraft facilities. Absa, who was owed R350 million, expressed suspicion about R1.5 billion of assets that were transferred as a dividend in specie to Mayfair's holding company in August 2017. According to court documents, Mayfair owed Sanlam capital markets, Investec Plc and Absa more than R1.2 billion ($94 million) in total.
|
|
By the 1740s the administrators of Fort de Chartres, in the Illinois Country, were using card money to pay their troops; the numismatist Harry Wigington suggests that the currency was introduced by administrators who had experience with similar notes in Canada or New Orleans. Known as Solde de Troupe notes, this card money did not have official government backing. Rather, it was authorized by the fort's commanders and applied by the guardians of its warehouse. These notes were discontinued when the British – who, by law, had to pay their soldiers in specie – assumed control of the fort in 1763.
|
|
Farmers developed a clandestine cattle trade New York City, where such animals brought a high price in specie or in British notes rather than in questionable trouble paper. During most of the period from about 1777, the family of Pierre Van Cortlandt were absent from their home at Croton. Pierre first moved his family out of the Croton Manor House in 1776 to another family home, the Upper Manor House he built in Peekskill in 1756. However, by 1777, the Upper Manor House, too, had become an unsafe home for the family of one of the state's most prominent patriot officials.
|
|
On 1 October 2008, after building a 24.9% stake in Lonmin, Xstrata announced it was not proceeding with a takeover pitched at £33 per Lonmin share, blaming the failure of its bid on "unprecedented uncertainty in financial markets" caused by the Global financial crisis. Xstrata and its 24.9% stake in Lonmin was later acquired by Glencore on 2 May 2013. Glencore announced on 11 February 2015 that it intends to divest its 23.9% stake in Lonmin, which it inherited through the acquisition of Xstrata. Glencore's divestment in Lonmin will be implemented by way of a distribution in specie to Glencore shareholders.
|
|
Seeking greater efficiency, Morris reduced the civil list, saved money by using competitive bidding for contracts, tightened accounting procedures, and demanded the federal government's full share of money and supplies from the states.Charles Rappleye, Robert Morris: Financier of the American Revolution (2010) pp 225–52 Congress used four main methods to cover the cost of the war, which cost about 66 million dollars in specie (gold and silver).Oliver Harry Chitwood, A History of Colonial America (1961) pp 586–589 Congress made two issues of paper money, in 1775–1780, and in 1780–81. The first issue amounted to 242 million dollars.
|
|
The original Mesha Stele is on display at the French Louvre Museum and Jordan has been constantly demanding return. The human statues found at 'Ain Ghazal constitute one of the world's oldest human statues ever made by human civilization dating back to 7000 BC. 'Ain Ghazal is a major Neolithic village in Amman that was discovered in 1981. The Dead Sea Copper Scroll was found near Khirbet Qumran, which is an inventory of hidden gold and silver in specie, but also some vessels, presumably taken from the Temple in Jerusalem in circa 68 CE. It is written in a Mishnaic-style of Hebrew.
|
|
The Hubu Guanpiao were originally intended to be used to pay the salaries of government officials, this was because the Ministry of Revenue reported that its actual silver stock in its vault was too low for these immediate payments. In the summer of the year 1853, the use of the Hubu Guanpiao was extended to all other government expenditures in order to replace actual silver. The Regulations for the Trial Introduction of Guanpiao (試行官票章程) stated that the Hubu Guanpiao banknotes were redeemable in specie in both silver sycees or copper-alloy cash coins (or banknotes denominated in cash coins) at local banks.
|
|
Crippled by debt in the aftermath of the revolution, the state of Massachusetts levied upon its towns and citizens tax burdens higher than had been in place during British rule. Those who suddenly found themselves in arrears to the state quickly discovered that their land, livelihood and possibly even their freedom were at stake. Many who could not assuage their debts faced the unpleasant prospect of serving time in a debtors' prison. The high tax burden, combined with the demand that it be paid in specie and the high-handed control of the government by merchant interests, transformed rural resentment into a full-blown agrarian revolt.
|
|
The mentioned project was undertaken by the joint venture of ASRC with the Gobi Coal & Energy Limited (GCE) company. SRC also invested in PT ABM Investama TBK, that operates in the energy resources, energy services, and energy infrastructure sectors in Indonesia up to US$120 million (RM366.68 million) through published share prices listed on the Indonesia Stock Exchange. During the meeting on 14 February 2012, CEO of SRC reported an estimated profit on the investment amounting to US$4 million. On 15 February 2012, SRC's shareholding by 1MDB was transferred to the Ministry of Finance Incorporation (MOFI) by way of acquisition of shares through interim dividend- in-specie payments.
|
|
The value of the Treasury Notes fell below that of specie. New England states were unsympathetic to the war and when the government attempted to withdraw deposits from a Boston bank to make interest payments on October 1, 1814, the bank took the position that it could tender Treasury Notes to the government which were then rejected by the holders of the government bonds who expected payment in specie. These developments led to changes in the final Treasury Note act of the era signed on February 24, 1815. These last notes were divided into large ($100 and over) and small (under $100) denominations, and did not expire at any predetermined time.
|
|
During the economic recovery in 1838/39, outstanding notes were gradually retired but the recovery failed to take hold and the panic turned into a depression which lasted through the early 1840s and several acts from 1838 to 1843 authorized further issues of Treasury Notes. Of note during this period were agitation by the Whig Party for a central bank and a flirtation with the Treasury Notes as currency. Particularly controversial was an issue by Secretary Spencer of about $850,000 of Treasury Notes endorsed with a promise for immediate repurchase, principal and interest, by the sub-treasury in New York at par in specie.
|
|
The next year, a division among Iberville Parish Whigs gave him a seat at the 1852 Louisiana Constitutional Convention which adopted a new state constitution that was strongly pro-Whig. As a result, Governor Walker resigned early and an election was called. Since John Slidell, the leader of one faction of Louisiana Democrats was focusing on his campaign for the U.S. Senate, the Democrats turned to Hébert as their nominee for governor. He campaigned against some features of the new constitution, called for internal improvements, reform of the state militia, a banking system by general laws and redemption in specie of all paper money.
|
|
Phillips v Brooks Ltd [1919] 2 KB 243 Fourth, and important in practice to prevent unjust enrichment is that counter-restitution must be possible. There is confusion over whether in cases at law, rather than in equity, counter-restitution must be precise (i.e. a thing received must be given back in specie) or whether, as in Erlanger, substantial counter-restitution may be in money.In Smith New Court Securities Ltd v Scrimgeour Vickers (Asset Management) Ltd [1994] 2 BCLC 212, 221, Nourse LJ held that precise counter-restitution was necessary, but on appeal on a different point, [1997] AC 254, 262, Lord Browne-Wilkinson thought it was not.
|
|
During the Civil War, Congress had authorized a new form of currency, redeemable not in specie (gold or silver coin) but in 6% government bonds. These United States Notes, popularly known as "greenbacks," had helped to finance the war when the government's gold supply did not keep pace with the expanding costs of maintaining the armies. When the crisis had passed, many in Congress (including Bayard) wanted to return the nation's currency to a gold standard as soon as possible. The process of retiring the greenbacks had already begun when Bayard was elected, but stopped when many congressmen thought the fiscal contraction too severe, and likely to be harmful to the economy.
|
|
White, p. 334 Any losses were to be paid by the individual shareholders up to an amount equal to their stock value. At it highest point, in 1851, the bank had $4 million of bank notes in circulation and $2 million in specie reserves.White, p. 339 The bank was an early success. Many who had purchased the stock on credit found that the dividends paid out exceeded the interest they were charged, and by the time the bank's charter expired almost all of the public stock had been paid for with investors receiving as much a 650% return on investment when the bank closed. The state used the bank to continue financing its internal improvements.
|
|
Before the national bank came into operation, he then led the passage of a bill that required all debts to the government to be paid in specie, Treasury notes, or notes issued by the national bank. In the tariff debate, he occupied a middle ground; he favored using tariff rates to protect domestic manufacturing, but did not want tariff rates to be so high that they would harm his home state's trading concerns. Though he took an active role in crafting the tariff bill, he ultimately missed the final vote on the Tariff of 1816. Seeking more lucrative legal work, he began to strongly consider relocating to Boston or New York during his time in Congress.
|
|
The KSS failure, although unique in some ways, was part of a national bank crisis known as the Panic of 1837 that began in May of that year. Underlying causes of the nationwide financial panic included speculative and inflationary selling of public lands in western states like Michigan, Ohio and Missouri. The economic policies of the previous President Andrew Jackson, including the Specie Circular and the withdrawal of government funds from the Second Bank of the United States, also contributed to the crisis. On May 10, 1837 in New York, every chartered bank stopped payment in specie (gold and silver coinage), leaving banks and local institutions like the KSS holding notes without adequate liquid assets.
|
|
The first of these, the second Treaty of Prairie du Chien, concluded on July 29, 1829, was between the United States and representatives of the Council of Three Fires (also known as the "United Nations of Chippewa, Ottawa, and Potawatomi Indians"). By this treaty, the tribes ceded to the United States an area in present-day northwestern Illinois and southwestern Wisconsin, as well as the areas currently occupied by the cities of Wilmette, Evanston, and about half of Chicago. In exchange the U.S. promised 16 thousand dollars "in specie" per annum and fifty barrels of salt per annum. This treaty established reservation areas in western Illinois for the Prairie Band of Potawatomi Nation.
|
|
As the number of pet banks increased from 33 to 81, regulation of the government's deposits became more difficult, and lending increased. The growing number of loans contributed to a boom in land prices and land sales; the General Land Office sold 12.5 million acres of public land in 1835, compared to 2 million acres in 1829. Seeking to curb land speculation, Jackson issued the Specie Circular, an executive order that required buyers of government lands to pay in specie. The Specie Circular undermined the public's trust in the value of paper money; Congress passed a bill to revoke Jackson's policy, but Jackson vetoed that bill on his last day in office.
|
|
L&B; argued it could serve notice on Ladbroke in place of Co-op (and attempted to do so), L&B; having acquired new land; secondly it denied it now owned further servient land to accommodate Ladbroke's claimed interests under the contract with Co-op. In its view Ladbroke did not have a further easement (rights to bind L&B; to grant more parking) and could not have an easement in the first place. Ladbroke countered that even L&B; were bound by the agreement as it expressly created easements; the fact that its future enhanced parking rights related to uncertain land (therefore in specie) was not an invalid concept in law.
|
|
Within months of his return to Boston, James Magee became captain of the Astrea, one of four ships owned by Elias Hasket Derby that sailed from New England to Canton via the Cape of Good Hope in the late 1780s. With Magee's brother-in-law Thomas Handasyd Perkins as supercargo, the Astrea sailed in 1789 with a cargo including 38 tons of ginseng, about $30,000 in specie, and quantities of beeswax, butter, rum, cod, candles, snuff, and iron. It returned to Salem on 1 June 1790 with a cargo of tea and silk. While at Canton Magee encountered Captain Robert Gray of the Columbia Rediviva and John Kendrick of the Lady Washington, who inspired Magee and T.H. Perkins to enter the maritime fur trade themselves.
|
|
As Ahl al-Kitab, lit. "The People of the Scriptures," the Jews were assured freedom of religion only in exchange for payment of a poll-tax (Arabic: jizya), imposed on certain non-Muslim monotheists (people of the Book). Their feudal overlords imposed the annual poll-tax upon Jews, which, under Islamic law, was to ensure their status as protected persons of the state. This tax (tribute) was assessed against every male thirteen years and older, and its remittance varied between the wealthy and the poor.Page 15 in: In the early 20th-century, this amounted to one Maria Theresa thaler (riyal) for a poor man, two of the same coins in specie for the middle classes, and four or more thalers for the rich.
|
|
Sherman understood that "a radical change in existing laws relating to our currency must be made, or ... the destruction of the Union would be unavoidable ..." Secretary Chase agreed and proposed that the Treasury Department issue United States Notes that were redeemable not in specie but in 6% government bonds. The bills would be "lawful money and a legal tender in the payment of all debts". Nothing but gold and silver coin had ever been legal tender in the United States, but Congress yielded to the wartime necessities, and the resulting First Legal Tender Act passed both the House and the Senate. The Act limited the notes (later known as "greenbacks") to $150 million, but two subsequent Legal Tender Acts that year expanded the limit to $450 million.
|
|
However, the mint ratio (the fixed exchange rate between gold and silver at the mint) continued to overvalue gold. In 1853, the U.S. reduced the silver weight of coins to keep them in circulation and in 1857 removed legal tender status from foreign coinage. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system. Due to the inflationary finance measures undertaken to help pay for the U.S. Civil War, the government found it difficult to pay its obligations in gold or silver and suspended payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie.
|
|
The Bank of England gained a monopoly over the issue of banknotes with the Bank Charter Act of 1844. Originally, the banknote was simply a promise to the bearer that they could redeem it for its value in specie, but in 1833 the second in a series of Bank Charter Acts established that banknotes would be considered as legal tender during peacetime. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were the common form of currency throughout England, outside London. The Bank Charter Act of 1844, which established the modern central bank, restricted authorisation to issue new banknotes to the Bank of England, which would henceforth have sole control of the money supply in 1921.
|
|
Allenson edited the following works of his old tutor Dr. Whitaker: Prælectiones (1599), Prælectiones, in quibus tractatur controversia de conciliis contra pontificios, imprimis Rob. Bellarminum (1600), and De Peccato Originali contra Stapletonum (1600). It appears that Allenson took notes of Whitaker's lectures and prepared them for the press. In 1624 John Ward edited at Frankfort Whitaker's Prælectiones de Sacramentis in Genere et in Specie de SS. Baptismo et Eucharistia, and in the dedication to Dr. Tobie Mathew, Archbishop of York, informed him that Dr. Whitaker had not himself published these lectures: quæ tamen de Sacramentis adversus Bellarminum in Scholis Academiæ publicis prælegit, vir diligentissimus D. Allensonius, collegii D. Joannis Evangelistæ socius, fideli calamo ex ore dictantis excepit et post authoris mortem, cum ipsius D. Whitakeri concisis annotiunculis in memoriæ subsidium scriptis, accurate contulit præloque destinabat.
|
|
The bank was established by the Governor-General of Korea in 1910 as the Kankoku Ginkō, taking the place of the privately held Korean branch of Daiichi Kokuritsu Ginkō (First National Bank), which had established a branch in 1878. The Bank of Korea assumed responsibility for the banknotes issued by the Dai- Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to a loan of 20 years without interest to the Dai-Ichi Bank. After the annexation of Korean Empire by Japan in 1910, the bank was reorganized and its name was changed to reflect the official name for Korea.
|
|
Lulianos and Paphos (alt. sp. Julianus and Pappus) (2nd-century CE) were two wealthy Jewish brothers who lived in Laodicea in Asia Minor, contemporaries with Rabbi Yehoshua ben Hananiah,Midrash Rabba (Genesis Rabba, P. Toldot § 64:8) and who suffered martyrdom at the hands of the Roman legate. An anecdote about the lives of these two illustrious Grecian-Jewish citizens has come down in the Midrashic literature stating that, during the days of Hadrian, the emperor mulled over the thought of rebuilding Israel's Temple. When the news reached Lulianos and Paphos who were very wealthy, they set-up tables from Acco to Antioch, hoping thereby to allow Jewish pilgrims to exchange their local currency for coins in specie, or else provide other basic needs for the people before proceeding on to Jerusalem.
|
|
The political use of the grain supply along with gladiatorial games and other entertainments gave rise to the saying "Bread and circuses" from one of the bitter satires of Juvenal (60-140 A.D) as if the population of the city did nothing but live off free grain and go to entertainments (circus races were actually held on average only 17 days a year and gladiatorial shows 5–7 days in a year). The machinery of the Annona civilis became more complex over time.Southern, Pat, The Roman Empire from Severus to Constantine (2004), pg. 326 With the devaluation of currency in the course of the third century, the army was paid in rationed supplies (annonae) as well as in specie from the later third century, through a cumbrous administration of collection and redistribution.
|
|
The government argued that this action was to defend against an invasion; the courts held that for the prerogative to be exercised, the government must demonstrate that a threat of invasion exists. This was backed up by The Zamora (1916),Privy Council, The Zamora, On Appeal from the High Court, Probate, Divorce, and Admiralty Division. (In Prize.) Powers of King in Council – Royal Prerogative – Extent to which Orders in Council are binding – Inherent Powers of the Court – Preservation of Property in Specie – Neutral Cargo – Contraband – Seizure as Prize – Requisition before Adjudication – Validity – Prize Court Rules. where the Privy Council, on appeal from the Prize Court, held generally that to exercise a power not granted by statute (such as a prerogative power) the government must prove to the court that the exercise is justified.
|
|
A Demand Note (top) and a United States Note (bottom) The Civil War expenditures quickly strained the government's already fragile financial situation and Sherman, assigned to the Senate Finance Committee, was involved in the process of increasing the revenue. In July 1861, Congress authorized the government to issue Demand Notes, the first form of paper money issued directly by the United States government. The notes were redeemable in specie (i.e., gold or silver coin) but, as Sherman would note in his memoirs, they did not solve the revenue problem, as the government did not have the coin to redeem the notes should they all be presented for payment. To solve this problem, Chase asked for and Congress authorized the issuance of $150 million in bonds, which (as banks purchased them with gold) replenished the treasury.
|
|
In January 1844, Green established in New York City a short-lived journal, The Republic, to combat the spoils system and to advocate free trade. In September 1844, Calhoun, now secretary of state, sent Green to Texas ostensibly as consul at Galveston but actually, it appears, to report to the administration, which was then considering the question of the annexation of Texas, on the political situation in Texas and Mexico. After the close of the Mexican–American War, Green was sent to Mexico in 1849 by President Zachary Taylor to negotiate concerning the money that in the treaty of Guadalupe Hidalgo, the United States had agreed to pay, and he saved his country a considerable sum by arranging for payment in exchange instead of in specie. Subsequently, Green was engaged in railway building in Georgia and Alabama.
|
|
Critics who supported paper money in their memorials to the Qing throne stated that the Ministry of Revenue was too undecided on their monetary policies and that they came too late. Many critics demanded that government-issued banknotes would be made fully convertible in specie and that they should be treated as legal tender in 100% of all government transactions and could circulate throughout the Qing Empire without the restrictions that were currently set on them by the Ministry of Revenue. Some critics suggested that the Hubu Guanpiao should be forcefully introduced to the people as tax bonds, which would be repayable by the Chinese government over a few years in the form of discounts on the land tax. Many of these officials also stated their disapproval of the circulation of private cash shop notes and that this practice must cease to prevent the general over-circulation of paper currency.
|
|
Then in Government of Zanzibar v British Aerospace (Lancaster House) Ltd [2000] 1 WLR 2333 the High Court held that a contract for sale of a luxury jet could not be rescinded, despite misrepresentations about the plane's airworthiness, because the plane had already been repossessed by the Government of Zanzibar's finance company. Because they could not give the plane back, in specie rescission was barred, and the court went on to consider whether damages were available under MA 1967 s 2(2) given rescission was barred and held they were not. A statement of opinion by an expert, which proves false, will be taken as a factual misrepresentation, as in Esso Petroleum Co Ltd v Mardon.[1976] EWCA Civ 4 Depending on how a court construes negotiations, a representation could become a term of the contract, as well as one giving rise to the right to rescind.
|
|
According to Sidney Buxton, On Financial Reform exercised a considerable influence on public opinion and "laid before the country the financial and fiscal policy that Peel and Gladstone afterwards carried through". He was one of the main representatives of the so-called "Free Banking School," which argued that the best way to achieve monetary stability was to revoke the Bank of England's monopoly on the issue of banknotes. These ideas were defended by Parnell and others in opposition to those of the "Currency School" (which advocated legal restrictions on the amount of notes that could be issued, with respect to their deposits in specie) and the "Banking School," which advocated discretionary policy by the banks in monetary matters. The influence of the "Free Banking School" declined significantly after Parnell's death in 1842, and the Bank Charter Act 1844 eliminated the right of new banks in England and Wales to issue notes, thus consolidating the Bank of England's monopoly, which Parnell had opposed.
|
|
An amicable arrangement was made between these two groups: that each should pay half the £20,000 in specie demanded by Governor Grey, that the surveyed area should be divided in two, which was done on 20 September 1845, and by some means it was resolved that the Association should have the northern moiety and the Princess Royal Company the southern. The Association wasted little time; they despatched ten Cornish miners, a blacksmith and a captain to the site and began blasting on 29 September, and soon bullock drays loaded with the red copper oxide ore were inching their way to Port Adelaide. Within seven months the Association had made a profit of £20,000; and £90,000 in the first eighteen months. Some shareholders sold up and returned to England with their new-found wealth; Emanuel Solomon realised £200 for every £5 share and went on to other projects, others held on and reaped enormous dividends every year until 1860.
|
|
Charles III of Spain (afterwards the emperor Charles VI) then had his court at Barcelona, and Norris stationed some ships off the coast of Catalonia, the command of which was assigned to Forbes, who was directed to co-operate as much as possible with the Spanish court, and was permitted to reside on shore. Two Genoese ships of war, of 50 and 70 guns respectively, were at Cadiz taking in specie, alleged to be for the use of the French faction in Italy. The Spanish king proposed that Forbes should put out to sea and seize the vessels on their return voyage. Forbes explained that England was at peace with the Genoese republic; but being pressed by the king, and the queen offering him her sign-manual for his indemnification, he started with his own ship, the Grafton of 70 guns, and the Chatham of 50 guns, Captain Nicholas Haddock, took the Genoese ships into Port Mahon, discharged the officers and crews to shore, landed the specie, amounting to 1,600,000 dollars, and returned with the ships to Barcelona.
|
|
Articles of a treaty made and concluded at camp in Turkey Creek Prairie, in the State of Indiana, between Abel C. Pepper, commissioner of the United States, and Mes-quaw-buck, a chief of the Pottawatamy tribe of Indians and his band, on twenty-sixth day of March, in the year eighteen hundred and thirty-six. :ART. 1. The above named chief and his band hereby cede to the United States the four sections of land reserved for them by the second article of the treaty between the United States and the Pottawatamy Indians, on Tippecanoe river on the twenty-seventh day of October 1832. :ART. 2. In consideration of the cession aforesaid the United States stipulate to pay the above named chief and his band the sum of twenty-five hundred and sixty dollars in specie at the next payment of annuity after the ratification of this treaty. :ART. 3. The United States stipulate to provide for the payment of the necessary expenses attending the making and concluding this treaty. :ART. 4.
|
|
The ratio was bound to be imperfect, as the amount of gold and silver mined and the demand for it around the world fluctuated from year to year; as a metal's market price exceeded its legal price, coins of that metal would disappear from circulation (a phenomenon known as Gresham's law). Before the Civil War, gold circulated freely and silver disappeared, and while silver dollars were legal tender, Sherman wrote that "[a]lthough I was quite active in business ... I do not remember at that time to have ever seen a silver dollar". The issuance of greenbacks had pushed debate over gold-silver ratios to the background as coins of both metals disappeared from the nation's commerce in favor of the new paper notes, but as the dollar became stronger in peacetime and the national debt payments were guaranteed to be paid in specie, Congress saw the need to update the coinage laws. Grant's Treasury Secretary, George S. Boutwell, sent Sherman (who was by now Senate Finance Committee Chairman) a draft of what would become the Coinage Act of 1873.
|
|
Dusii are among the supernatural influences and magical practices that threaten marriages, as noted by Hincmar in his 9th- century treatise De divortio Lotharii ("On Lothar's divorce"): "Certain women have even been found to have submitted to sleeping with Dusii in the form of men who were burning with love."Quaedam etiam faeminae a Dusis in specie virorum, quorum amore ardebant, concubitum pertulisse inventae sunt: De divortio, XV Interrogatio, MGH Concilia 4 Supplementum, 205, as cited by Filotas, Pagan Survivals, p. 305. In the same passage, Hincmar warns of sorceresses (sorciariae), witches (strigae), female vampires (lamiae), and magic in the form of "objects bewitched by spells, compounded from the bones of the dead, ashes and dead embers, hair taken from the head and pubic area of men and women, multicoloured little threads, various herbs, snails' shell and snake bits."Filotas, Pagan Survivals, p. 305. 19th-century Prussian coat of arms depicting woodland "wild men" The form Dusiolus, a diminutive, appears in a sermon with the beings aquatiquus (from aqua, "water") and Geniscus, possibly a form of the Roman Genius or the Gallic Genius Cucullatus whose hooded form suggested or represented a phallus.
|
|