[356] "Agricultural Credit in the United States," Quart. Jour. of Econ., Aug., 1914, p. 708, n.
[357] Iowa farm lands are exceedingly active, 18% of the farms being sold annually. The Mississippi lands are much less active. I am indebted to Dr. Pope for information regarding Iowa on this point.
[358] The Single Taxer could at least retort that this need not protect landlords in countries, like England, which lend surplus capital abroad.
[359] Cf. Trosien, Der landwirtschaftliche Kredit und seine durchgreifende Verbesserung, p. 29, cited by J. E. Pope, loc. cit., p. 705, n.
[360] This was seen by Mill, (Principles, Bk. III, ch. viii, par. 4), and has been especially emphasized by Laughlin, Principles of Money, ch. 10. Cf. A. C. Whitaker's discussion in the Quart. Jour. of Econ., Feb. 1904.
[361] Supra, p. 124, and ch. on "Dodo-Bones."
[362] Comptroller of the Currency estimates the State bank-notes in 1861 at 202 millions; in 1862, at 183 millions. Report of the Comptroller of the Currency, 1915, vol. II, p. 37.
[363] W. C. Mitchell, History of the Greenbacks, ch. on "The Circulating Medium," and passim.
[364] See Conant, Modern Banks of Issue, New York, 1896, p. 114. An interesting analysis of the course of the gold premium and of prices during the period of the Bank Restriction in England, and of the controversies relating thereto, will be found in Knies, Der Credit (vol. II of Geld und Credit), pp. 247 et seq. The same period is studied in detail by Thos. Tooke in his History of Prices.
[365] Money and Monetary Problems, p. 105, and preceding.