The Science of Money

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G. Bell and Sons, 1885 - Money - 122 pages

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Page 44 - I must state, at the outset, that in using the word money, I mean to designate by that word the coin of the Realm, and promissory notes payable to bearer on demand.
Page 54 - The units of capacity measure are the gallon for liquid, and the bushel for dry measure. The gallon is a vessel containing 58372.2 grains (8.3389 pounds avoirdupois) of the standard pound of distilled water, at the temperature of maximum density of water, the vessel being weighed in air in which the barometer is 30 inches at 62 Fahrenheit.
Page 45 - There is a material distinction, in my opinion, between the character of a promissory note payable to bearer on demand, and other forms of paper credit, and between the effects which they respectively produce upon the prices of commodities and upon the exchanges. The one answers all the purposes of money, passes from hand to hand without endorsement, without examination, if there be no suspicion of forgery : and it is in fact, what its designations imply it to be, currency or circulating medium.
Page 49 - Greek), and not by nature ; so that a change of convention between those who use it is sufficient to deprive it of all its value and power to satisfy all our wants. — (Politico,.} " In virtue of a voluntary convention, money (nomisma) has become the medium of exchange. We say 'nomisma...
Page 71 - I soon found the book was of no — whatever, and I have now discontinued referring to it." Value— Worth. Value has an active ; worth, a passive meaning. The quality " worth" is what a thing has in itself.
Page 14 - Alexander Delmar, in Science of Money, says: Moneys are of great varieties. The palpable characteristic which distinguishes money from the numerous objects that resemble it, but which are not money, is its mark of authority, signifying that it is issued, circulated, and made payable for debts, services, fines, taxes, and commodities by virtue of law.
Page 49 - ... (nomisma) by itself is but a mere device which has value only by law (nomos) and not by nature, so that a change of convention between those who use it is sufficient to deprive it of value and its power to satisfy our wants.
Page 15 - While the state alone coins, there can be no limit to this charge of seignorage; for by limiting the quantity of coin, it can be raised to any conceivable value.
Page 53 - It is to be remarked that this ratio would be precisely that in which the quantity of money had been increased. If the whole money in circulation was doubled, prices would be doubled. If it was only increased one-fourth, prices would rise one-fourth.
Page 2 - Abraham weighed to Ephron the silver which he had named in the audience of the sons of Heth, four hundred shekels of silver, current money with the merchant

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