Money in Its Relations to Trade and Industry

H. Holt, 1879 - 339 páginas
"Lectures delivered before a popular audience in the Lowell institute of Boston."--Preface.

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Página 269 - The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either.
Página 84 - ... the whole state, and makes its effect be felt on all ranks of people. At first, no alteration is perceived ; by degrees the price rises, first of one commodity, then of another ; till the whole at last reaches a just proportion with the new quantity of specie which is in the kingdom.
Página 80 - Accordingly we find that in every kingdom into which money begins to flow in greater abundance than formerly, everything takes a new face; labour and industry gain life; the merchant becomes more enterprising, the manufacturer more diligent and skilful, and even the farmer follows his plough with greater alacrity and attention.
Página 84 - To account, then, for this phenomenon' we must consider, that though the high price of commodities be a necessary consequence of the increase of gold and silver, yet it follows not immediately upon that increase ; but some time is required before the money circulates through the whole state, and makes its effect be felt on all ranks of people.
Página 20 - The value of money has been settled by general consent to express our wants and our property, as letters were invented to express our ideas; and both these institutions, by giving a more active energy to the powers and passions of human nature, have contributed to multiply the objects they were designed to represent.
Página 269 - The judicious operations of banking, by providing, if I may be allowed so violent a metaphor, a sort of...
Página 302 - When prices are at a certain level, and trade in a quiescent state, a single banker is, no doubt, unable to put into circulation more than a certain quantity of banknotes. He cannot produce a greater effect upon the whole currency than a single purchaser can by his sales or purchases produce upon the market for corn or cotton. But a number of bankers, all trying to issue additional notes, resemble a number of merchants offering to sell corn for future delivery, and the value of gold will be affected...
Página 248 - In order to remedy these inconveniences, a bank was established in 1609 under the guarantee of the City. This bank received both foreign coin, and the light and worn coin of the country at its real intrinsic value in the good standard money of the country, deducting only so much as was necessary for defraying the expense of coinage, and the other necessary expense of management. For the value which remained, after this small deduction was made, it gave a credit in its books. This credit was called...
Página 249 - This credit was called bank money, which, as it represented money exactly according to the standard of the mint, was always of the same real value, and intrinsically worth more than current money.
Página 246 - Sir, the very man, of all others, who has the deepest interest in a sound currency, and who suffers most by mischievous legislation in money matters, is the man who earns his daily bread by his daily toil.

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