Category: Money

Effects on Credit

In a rising country, sound credit is of equal importance with a sound currency. Through its operation, the advantages of capital are more equally diffused than would otherwise be possible. The man who has more capital than he wishes to employ...

Banks of Discount.

Let us suppose that all the Banks in the country were destroyed and that our circulating medium consisted exclusively of gold and silver coin. In such a state of affairs, every merchant would keep about his person, or in his house,...