 | Adam Smith - 1976 - 630 pages
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 | Pierre Vilar - 1976 - 368 pages
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 | Claus Vastrup - 1983 - 252 pages
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 | 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,... | |
 | Adam Smith - 1993 - 294 pages
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 | 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... | |
 | James Thompson - 1996 - 290 pages
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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... 
