By William Gouge (1835)
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Extra info for A Short History of Paper Money and Banking
Rhey would then have seen that there is no essential difference in these transactions-that trade by barter, is exchanging wheat for one meta], and that trade with money, is only exchanging wheat for another metal. rbitrary name of "a dollar," that the subject has been rendered obscure to many minus. As whatever is extended may be made the standard of length, in like manner, whatever is valuable may be made the standard of value. Instead of sayulg, this tract of land , or this bale of cloth, is worth so many ounces, or so many pieces of sih'er, men might say, it is \vorth so many horsed or cows, or so many pounds of lead or of iron.
An Inquiry into the Principles of the American Banking System, with considerations of its Effects on Morals and Happiness. CHAPTER I. Money, " II. 7 Of Barter, Leger Entries, Bills of Ex" III. change and Promissory Notes, - 18 IV. Of Banks of Discount, • - 21 " V. Of Banks of Circulation, -23 " VI. General Effects of this System, - 26 " VII. Effects on Credit, - 34 " VIII. The same Subject continued, - 37 IX. Of Banks as Corporations, - 41 X. Ofthe Popular Arguments in favor of " Banking, - 45 XI.
That the amount of notes which the country reO' quired was an amount equal to the sum of metallic money which would circulate if there were no paper. "4. That this amount could not be exceeded without producing an immediate demand for gold to be sent abroad previous to its passing into general circulation: by which, of course, no derangement of prices, from excess of issues, vi PREFACE could at any time be produced: the evils of over-issues being confined to the Banks upon which the demand for gold would arise.