 | California. Supreme Court - 1906 - 774 pages
...state, is paper money ; and Adam Smith said : " 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." (Wealth of Nations, Vol. 1, page 447.) Professor Colton argues that money, in all its forms and substances,... | |
 | Pierre Guillet de Monthoux - 1993 - 332 pages
...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,... | |
 | John Cunningham Wood - 1993 - 664 pages
...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...a new wheel, which it costs less both to erect and to maintain than the old one' (292). Thus the analogy with fixed capital is carried forward yet another... | |
 | Steven Blakemore - 1997 - 268 pages
...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). Although Smith considers both the advantages and disadvantages of paper money, Paine rewrites... | |
 | Paul Terres - 1999 - 420 pages
...Smith (1776/1976), S. 292 (II. ii. 26): „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." '4 Vgl. C1aassen (1980), S. 82-83. eher Wandel in der Ausgestaltung... | |
 | 2000 - 326 pages
...room of gold and A. . it. « * circulating 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... | |
 | James Bowen, Margarita Bowen - 2011 - 746 pages
...created money to begin with. "The substitution of paper in the room of gold and silver money," he writes, "replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one" (WN 292). Paper notes can accomplish this. Smith argues, by taking the... | |
 | Gordon Bigelow - 2003 - 246 pages
...created money to begin with. "The substitution of paper in the room of gold and silver money," he writes, "replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one" (WN 292). Paper notes can accomplish this, Smith argues, by taking the... | |
 | Glyn Lloyd-Hughes - 2005 - 412 pages
...labour, the real revenue of every society. The substitution of paper in the room of gold and silver money replaces a very expensive instrument of commerce with one much less costly. Circulation comes to be carried on by a new wheel, which it costs less both to erect and to maintain... | |
 | Adam Smith - 2007 - 513 pages
...filver money, replaces a very expenfive inflrument of commerce with one much lefs coftly,. and ibmetimes equally convenient. Circulation comes to be carried on by a new wheel, which it cofts lefs both to ereft and to maintain than the old one. But in what manner this operation is performed,... | |
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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... 
