 | United States. Congress - 1837 - 732 pages
...contrary. He then read the following extracts: "The substitution of paper in the room of gold and .silver money replaces a very expensive instrument of commerce...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... | |
 | 1841 - 210 pages
...illustrates its practical operation : ' " The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one." — Wealth of Nations, b. ii., chap. 2. " A particular banker lends... | |
 | Travers Twiss - 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...a new wheel, which it costs less both to erect and to maintain than the old one." Adam Smith then proceeds to explain the principles which should govern... | |
 | Sir Travers Twiss - 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...a new wheel, which it costs less both to erect and to maintain than the old one." Adam Smith then proceeds to explain the principles which should govern... | |
 | John Ramsay McCulloch - 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... | |
 | Freeman Hunt, Thomas Prentice Kettell, William Buck Dana - 1858 - 812 pages
...and here is his famous announcement: — "The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...less both to erect and maintain than the old one." This celebrated economist is as unfortunate in his illustration as in his argument with respect to... | |
 | 1858 - 784 pages
...and here is his famous announcement: — "The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...less both to erect and maintain than the old one." This celebrated economist is as unfortunate in his illustration as in his argument with respect to... | |
 | Henry Nicholas Sealy - 1858 - 488 pages
...money (b. ii. c. 2. v. ii. p. 25.) : — " The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one." P. 26. : — " There are several different sorts of paper money, but... | |
 | Charles Moran - 1863 - 232 pages
...services can be made. Adam Smith said : " The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one/' * Another eminent writer on money said : "In proportion as the instruments... | |
 | Charles Moran - 1863 - 240 pages
...services can be made. Adam Smith said : " The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one." * Another eminent writer on money said : "In proportion as the instruments... | |
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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... 
