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In the following pages the subject of Money has been treated as coming within the range of the exact sciences; the conclusions being assumed to be in the nature of demonstrations. That they wholly contradict those laid down in the books, which have been accepted as fundamental truths for more than two thousand years, is due to the fact that a subject which could only be made to yield to rigid analysis has been treated after the manner of Aristotle and the Schools. Although the laws of Money are assumed to be sufficiently laid down in the first part of the work, the writer, from the universal prevalence of erroneous opinions, has lost no opportunity of illustrating them in the discussions which follow. If he have not in all cases clearly established the connection between his conclusions and premises, the reason will, he believes, be found in the fact that he has not, with all his efforts, yet been able entirely to emancipate himself from the methods of the Economists and Schoolmen.

BROOKLINE, Mass., 1877.


The desire to possess gold and silver an original instinct stronger than
that felt for any other kind of property. . .

This universal desire renders them the universal equivalent - -MONEY

The grounds of this preference, their beauty and the uses to which they

can be applied. . . .

Other qualities fitting them to serve as money.

Illustration of the uniformity of their value (note)

From their durability they become the reserves of society

Illustrations of their value as reserves (note)

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Necessity to social and material progress of some article or articles for
which a supreme preference is felt

Demanded in exchange for all other articles, and in discharge of all

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Provision for the future to be made only by contracts payable in them, with
interest payable in kind

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Such currencies required to be of every denomination, and payable presently,
as they do not secure to their holder specific articles of merchandise.

Cannot, like bills of exchange, be issued by producers.

To be issued by parties possessing capital, and not subject to the risks of

production and trade

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Banks do not pay out capital in making their loans

These are made by an exchange of their notes, presently due, for the bills of
their customers, due at a future day. . .

Retired in the payment of the bills in the discount of which they are issued

Makers of bills virtually undertake to retire the notes issued in their dis-

count . .

All these operations based upon merchandise

The instruments by which they are conducted paper money - -CURRENCY
So long as they represent merchandise their movement regular and au-
tomatic, and they are retired without the intervention of coin.

No distinction made by the public between currencies where there are

several issuers

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