A New Monetary System: The Only Means of Securing the Respective Rights of Labor and Property: And of Protecting the Public From Financial Revulsions
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Labor and Capital: A new Monetary System : the Only Means of Securing the Respective Rights of Labor and Property and of Protecting the Public From Financial Revulsions
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This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.
As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Remarks Upon Usury and Its Effects: A National Bank a Remedy; in a Letter, &c
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As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Edward Kellogg was an American businessman and author of books on financial reform. He was the founder of the firm of Edward Kellogg & Company.
Background
Edward Kellogg was born on October 18, 1790 in Norwalk, Connecticut, United States, a descendant of Daniel Kellogg who was settled there in 1656, and the son of James Kellogg, a substantial farmer, and Lydia (Nash) Kellogg. In 1793 the family moved to Dutchess County, New York.
Education
Kellogg received the little early education in Dutchess County, New York.
Career
For some time Kellogg was engaged in business in Norwalk and in 1820 he removed to New York City and established the firm of Edward Kellogg & Company, acting as a wholesale dry-goods merchant. In the financial panic of 1837 he was unable to make collections and though his assets were ample he was forced to suspend business. This failure caused him to turn his attention to the evils resulting from the existing monetary system and he became convinced that money, being a public medium of exchange, should not be under the control of private corporations, but should be issued by the government. He was particularly indignant at the extortions of usurers. In 1838 he removed to Brooklyn where he became interested in real estate and about 1843 he accumulated enough property to retire from active business and devote himself to the study of finance, retaining an office in New York.
He was assisted in his writings by his daughter. He published in 1843 at his own expense, in newspaper form, Currency, the Evil and the Remedy, which was circulated by the aid of Horace Greeley and the New York Tribune. This appeared in 1849, after much further work, as Labor and Other Capital: The Rights of Each Secured and the Wrongs of Both Eradicated, copies of which Kellogg sent to Proudhon and the prominent members of the French Assembly and other statesmen in foreign countries, but his book failed to attract much notice at that time. He urged the abolition of interest by means of government notes issued on the security of land or other "real values" and loaned at one percent. interest. These notes could be exchanged for government bonds bearing also one percent interest. When, during the Civil War, the government actually issued bonds at 3. 65 percent, in order that they might serve as money, his scheme, known as the "interconvertible bond plan of financial reform, " had actually come into practice. Kellogg died in Brooklyn, New York, in 1858, being at work on a new edition of his book till the end.
Pamphlet editions of his original work, brought out during the sixties by his daughter, Mary Kellogg Putnam, under the title A New Monetary System, entitled the author to be called the father of Greenbackism, a doctrine which appealed to laborers, farmers, and small business men because it was supposed to bring about a lower rate of interest even if it did not entirely abolish it. Kellogg's theory had many adherents in the National Labor Union. His New Monetary System made him the American contemporary and counterpart, during the decade of the forties, of the anarchist and communist philosophers of Europe. Each of these doctrines was formulated in that decade on the same labor theory of value, and each was caught up in the sixties on a similar movement. Although more fanciful than its European contemporaries, Greenbackism was more successful, for it left its permanent contribution to American political economy in the legal-tender paper currency. Greenbackism as proposed by Kellogg, however, was more than currency--it was industrial revolution.