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actual allow amount appears authority Bank bank-notes become bills bullion called capital carried cause cent circulation classes coin coinage commodities condition considerable continued convertible cost currency debts demand depreciation economical economists effect England English equal excess exchange existing export extent fact force France further give given gold and silver greater hand important increase industry interest issues Italy labor less loss means measure medium ment mines nature necessary never notes operations paid paper money passed payment period persons pieces political practical precious metals present principle production Prof proportion purchasing quantity question reason receive relation respect result rise says secure seen shillings specie standard supply taken term things tion Tooke trade true United whole worth writers
Página 411 - 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 80 - ... 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 210 - Yet it may well be doubted whether all the misery which had been inflicted on the English nation in a quarter of a century by bad Kings, bad Ministers, bad Parliaments, and bad Judges, was equal to the misery caused in a single year by bad crowns and bad shillings.
Página 385 - It has been asserted by one of our profound and most gifted statesmen, that "of all the contrivances for cheating the laboring classes of mankind none has been more effectual than that which deludes them with paper money.
Página 463 - 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 211 - No merchant would contract to deliver goods without making some stipulation about the quality of the coin in which he was to be paid. Even men of business were often bewildered by the confusion into which all pecuniary transactions were thrown. The simple and the careless were pillaged without mercy by extortioners whose demands grew even more rapidly than the money shrank. The price of the necessaries of life, of shoes, of ale, of oatmeal rose fast.
Página 382 - The circulating medium of a commercial community must be that which is also the circulating medium of other commercial communities, or must be capable of being converted into that medium without loss. It must be able, not only to pass in payments and receipts among individuals of the same society and nation, but to adjust and discharge the balance of exchanges between different nations. It must be something which has a value abroad, as well as at home, and by which foreign as well as domestic debts...
Página 282 - If a tailor had only coats, and wanted to buy bread or a horse, it would be very troublesome to ascertain how much bread he ought to obtain for a coat, or how many coats he should give for a horse.
Página 4 - It is a machine for doing quickly and commodiously, what would be done, though less quickly and commodiously, without it: and like many other kinds of machinery, it only exerts a distinct and independent influence of its own when it gets out of order.
Página 14 - 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.