Appleton's Cyclopedia of American Biography, edited by James
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KELLOGG, Edward, economist, born in Norwalk, Connecticut, 18 October, 1790; died in New York city, 29 April, 1858. He had little early education, and soon after coming of age engaged in business on his own account in Norwalk. In 1820 he removed to New York city, and established the firm of Edward Kellogg and Co. In the financial crisis of 1837 his attention was turned to the evils that resulted from the existing monetary system. After much thought he concluded that all money should be issued by the government, and so managed that usury could not be exacted nor losses be incurred in exchange between foreign countries. To effect this he proposed to establish a National safety fund, and issue notes bearing interest at the rate of two per cent per annum, payable half-yearly in gold or silver. In 1843, with the encouragement of Horace Greeley, he published his views in news-paper-form under the title of "Usury, the Evil and Remedy," a few months later printing them in a pamphlet, with some additions, under the title of "Currency, the Evil and the Remedy, by Godek Gardwell" (New York, 1844). He subsequently retired from active business and devoted himself to the study of finance. He also published "Labor and Other Capital " (1849; new ed., by his daughter, Mary Kellogg Putnam, entitled "A New Monetary System," 1861).
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