 | 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... | |
 | Travers Twiss - Business & Economics - 1847 - 358 pages
...substitution of paper in the room of gold and ^^g 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,... | |
 | 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,... | |
 | Commerce - 1855 - 800 pages
...collecting and supporting that part of the capital which consists in money is an improvement" — that " the substitution of paper in the room of gold and silver money replaces a very expensive instrument with one less uostly and equally convenient"- — that " by this operation 20,000/. in gold and silver... | |
 | John Ramsay McCulloch - Banks and banking - 1857 - 718 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 100,000/. in notes, keeping 20,000/. in " hand for his current... | |
 | Henry Nicholas Sealy - Banks and banking - 1858 - 488 pages
...or circulating. Adam Smith writes thus respecting paper money (b. ii. c. 2. v. ii. p. 25.) : — " The substitution of paper in the room of gold and...less both to erect and to maintain than the old one." P. 26. : — " There are several different sorts of paper money, but the circulating notes of banks... | |
 | Commerce - 1858 - 782 pages
...currency. A cheap currency is Adam Smith's great heresy, and here is his famous announcement : — " The substitution of paper in the room of gold and...a new wheel, which it costs less both to erect and maintain than the old one." This celebrated economist is as unfortunate in his illustration as in his... | |
 | Freeman Hunt, Thomas Prentice Kettell, William Buck Dana - Commerce - 1858 - 812 pages
...the currency. A cheap currency is Adam Smith's great heresy, and here is his famous announcement: — "The substitution of paper in the room of gold and...a new wheel, which it costs less both to erect and maintain than the old one." This celebrated economist is as unfortunate in his illustration as in his... | |
 | Charles Moran - Banks and banking - 1863 - 232 pages
...instrument to facilitate the exchaDges of commodities and services can be made. Adam Smith said : " The substitution of paper in the room of gold and...less both to erect and to maintain than the old one/' * Another eminent writer on money said : "In proportion as the instruments of commerce or the machinery... | |
 | Charles Moran - Banks and banking - 1863 - 240 pages
...instrument to facilitate the exchanges of commodities and services can be made. Adam Smith said : " The substitution of paper in the room of gold and...less both to erect and to maintain than the old one." * Another eminent writer on money said : "In proportion as the instruments of commerce or the machinery... | |
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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... 
