 | Henry Thornton - Credit - 1802 - 332 pages
...to observe, that the substitution of paper, in the room of gold and silver coin, serves to replace a very expensive instrument of commerce with one much less costly, and sometimes equally convenient. " Thus," he says, " a banker, by issuing 100,OOO/. ** in notes, keeping 20,000/. in hand for his cur"... | |
 | James Wilson, Bird Wilson - Law - 1804 - 456 pages
...produce of its land and labour." , . The same sensible writer informs us, in another place, that " the i substitution of paper in the room of gold and silver...less both to erect and to maintain than the old one. — There are several sorts of paper money; but the circulating notes of banks and bankers is the species... | |
 | Adam Smith - Economics - 1812 - 520 pages
...filver money, replaces a very expenfive inftrument of commerce with one much lefs coftly. and fometimes equally convenient. Circulation comes to be carried on by a new wheel, which it cofts lefs both to erect and to maintain than the old one. But in what manner this operation is performed,... | |
 | Adam Smith - Economics - 1812 - 582 pages
...iilver money, replaces a very expenfive inftrument of commerce with one much lei's coftly, and fometimes equally convenient. Circulation comes to be carried on by a new wheel, which it cofts lefs both to erect and to maintain than the old one. But in what manner this operation is performed,... | |
 | Alexander Mundell - 1825 - 244 pages
...is added to the goods which are circulated and distributed by means of it*. Circulation comes thus to be carried on by a new wheel, which it costs less...both to erect and to maintain than the old one."* While, by means of a paper currency, the * Wealth of Nations, Vol. I. p. 434, 441. value of the gold... | |
 | Sir John Sinclair - Coinage - 1829 - 154 pages
...a certain quantity of the precious metals, is considered equivalent to their actual delivery. This substitution of paper, in the room of gold and silver...•instrument of commerce, with one much less costly ; and circulation comes to be carried on by a new wheel, which costs less, both to erect and to maintain,... | |
 | United States. Congress - Law - 1837 - 732 pages
...RIVES] had thought him mistaken, and maintained the contrary. He then read the following extracts: "The substitution of paper in the room of gold and...be carried on by a new wheel, which, it costs less to erect and maintain than the old one. There are several different sorts of paper money; but the circulating... | |
 | 1838 - 1014 pages
...the highest deference by practical men. " The substitution of paper in the room of gold and tftvcr money replaces a very expensive instrument of commerce...new -wheel, which it costs less both to erect and maintain than the old one. "When the people of any particular country have such confidence in the fortune,... | |
 | Comparative government - 1841 - 210 pages
...pp. 72, 73. Adam Smith thus announces his proposition, and illustrates its practical operation : ' " The substitution of paper in the room of gold and...less both to erect and to maintain than the old one." — Wealth of Nations, b. ii., chap. 2. " A particular banker lends among his customers his own promissory... | |
 | Sir Travers Twiss - Economics - 1847 - 356 pages
...paper in the room of gold and * r ^[ in silver money, replaces a very expensive instrument medium, of commerce, with one much less costly, and sometimes...less both to erect and to maintain than the old one." Adam Smith then proceeds to explain the principles which should govern the operations of banks of circulation,... | |
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The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce with one much less costly, and sometimes equally convenient. Circulation comes to be carried on by a new wheel, which it costs less both to... 
