 | Archibald Weir - 1886 - 644 pages
...produce only the same effects." The substitution of paper, however, " 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." * Pursuing this line of argument, Adam Smith concluded that the proper... | |
 | Van Buren Denslow - 1888 - 846 pages
...its whole volume. Hence Adam Smith says : " 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. " Yet we must not fall into the common error of supposing that the actual... | |
 | VAN BUREN DENSLOW - 1888 - 826 pages
...its whole volume. Hence Adam Smith says : " 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." Yet we must not fall into the common error of supposing that the actual... | |
 | Phineas Taylor Barnum - 1890 - 500 pages
...economist once said that " the substitution of paper in the place of gold and silver money replaced a very expensive instrument of commerce with one much...a new wheel, which it costs less both to erect and to maintain than the old one." Now, sir, I shall use that quotation as a sort of text to what I am... | |
 | Henry Varnum Poor - 1896 - 218 pages
...great treatise, "Wealth of Nations," he said: 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. But in what manner this operation is performed, and in what manner it tends to increase either the... | |
 | Henry V. Poor - 1898 - 360 pages
...great treatise, "Wealth of Nations," he said: 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. But in what manner this operation is performed, and in what manner it tends to increase either the... | |
 | Charles Assheton Whately Pownall - 1805 - 620 pages
...a measure of this value ; he wrote that " the substitution of paper in the room of gold and silver money replaces a very expensive instrument of commerce...much less costly and sometimes equally convenient" In another passage he maintained that " a paper money consisting in bank notes, issued by people of... | |
 | Charles Assheton Whately Pownall - 1908 - 622 pages
...a measure of this value ; he wrote that " the substitution of paper in the room of gold and silver money replaces a very expensive instrument of commerce...much less costly and sometimes equally convenient" In another passage he maintained that "a paper money consisting in bank notes, issued by people of... | |
 | Harry Edward Miller - 1927 - 268 pages
...America as in England. JThe substitution of paper in the room of gold and silver money [Smith explained] replaces a very expensive instrument of commerce with...much less costly, and sometimes equally convenient. . . . Let us suppose, for example, that the whole circulating money of some particular country amounted,... | |
 | Adam Smith - 1987 - 500 pages
...the result in practice, and say, 23 that '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.' As my reasoning hath many years ago impressed it strongly on my mind,... | |
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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... 
