...place, or which, the commerce being the same, would circulate there if there were no paper money. That the substitution of paper in the room of gold and...money replaces a very expensive instrument of commerce for one much less costly, and sometimes equally convenient; and that when such substitution is effected,...

...S'JS'f^ costly, and sometimes equally convenient. Circulation comes to be po!dmon«» " 1 J f, ,n im. carried on by a new wheel, which it costs less both to erect and to provemem. maintain than the old one. But in what manner this operation is performed, and in what manner...

...spring of industry. In this line of deduction you come to the result in practice, and say, 23 that 'the substitution of paper, in the room of gold and...less both to erect and to maintain than the old one.' As my reasoning hath many years ago impressed it strongly on my mind, that money is a COMMON MEASURE,...

...expresses the opinion that money, in its most perfect state, is paper money ; and Adam Smith said : " The substitution of paper in the room of gold and...much less costly and sometimes equally convenient." (Wealth of Nations, Vol. 1, page 447.) Professor Colton argues that money, in all its forms and substances,...

...run than the old models, so can the same be argued in relation to the introduction of paper currency: The substitution of paper in the room of gold and...replaces a very expensive instrument of commerce with one less costly, and sometimes equally convenient. Circulation comes to be carried on by a new wheel, which...

...paper in the room of gold and silver money, replaces a very expensive instrument of commerce with one less costly, and sometimes equally convenient. Circulation...comes to be carried on by a new wheel, which it costs both less to erect and to maintain than the old one.23 The images of the new age of canals, highways,...

...eighteenth-century Britain. For Smith, 'the substitution of a paper in the room of gold and silvermoney, replaces a very expensive instrument of commerce with...less both to erect and to maintain than the old one' (292). Thus the analogy with fixed capital is carried forward yet another step, and the introduction...

...The Wealth of Nations, noted that the issue of paper money tends to divert gold and silver abroad: "The substitution of paper in the room of gold and silver money, replaces a very expedient instrument of commerce with one much less costly, and sometimes equally convenient" (1:292)....

...considerably the annual produce of its land and labour.", vgl. auch Smith (1776/1976), S. 292 (II. ii. 26): „The substitution of paper in the room of gold and...less both to erect and to maintain than the old one." '4 Vgl. C1aassen (1980), S. 82-83. eher Wandel in der Ausgestaltung der monetären Beziehung zwischen...

...room of gold and A. . it. « * circulating 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,...