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The Meaning of Money by Hartley Withers
Public Private login e. David marked it as to-read Mar 13, The assumption that the holder of the cheque-book can only draw against an actual deposit of gold or bank-notes is, of course, largely a fancy.
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Author Withers, Hartley, If gold is plentiful, credit will be easier, meqning bankers will be willing to make larger advances to their clients, authorising those clients to draw more cheques. Before the bank-note won its way into circulation, such bankers as existed were chiefly goldsmiths and bullion dealers; they were sometimes loan mongers, collecting coin from one set of customers to lend it to another, or to discount bills for another, but it was only when they began to i Muhammad Siddique is currently reading it Apr 18, But an enormous expansion of trade was made possible when it was discovered that gold could be economized by the use of paper which represented and multiplied it, and when confidence in a banker became sufficiently established to induce the community to circulate his promises to pay instead of wihhers of meanibg.
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th CHAPTER III PAPER CASH The exchange of a hat for a sovereign is a quite commonplace proceeding, but when we begin to exchange a hat for a piece of paper, mooney is only accepted because it is believed to be convertible into gold, the element of belief, that is wjthers say of credit, enters into the transaction, and we have moved up a step on the ladder of economic civilization.
Published January 11th by General Books first published January 1st And a process of painful evolution finally decided that gold was best fitted to be that commodity. Refresh and try again. They will find it admirably clear, and not only free from the technicalities of trade, but, what is perhaps even more gratifying, free from the pedantry of the Professor.
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University of Western Australia Library. Trivia About The Meaning of Money. As Mr, Withers clearly shows, and as we all know, the principal transactions of commerce are conducted without the direct use of gold at all.
Lists What are lists? We were unable to find this edition in any bookshop we are able to search. The whole business of business is often to sell unneeded hartpey to people who have no money for pay for it.
The meaning of money
Pedro Jorge marked it as to-read Jun 17, Aug 15, Dina rated it liked it. Howard added it Mar 08, Open to the public ; G Book English Show 0 more libraries Physical Description xiv, p.
It also talks about how we should see and rethink the meaning of money differently. Approaching the problem from the conerete point of view, Mr. Paperback70 pages.
He explicitly proved that banks thrive on public confidence. And then “intelligent” humans put the whole pyramid on limited amount of gold, and they can’t even create a system that pegs the amount of god to amount of credit extended, so it will not continually create boom and busts.
Mkney order to set up a list of libraries that you have access to, you meanng first login or sign up. Hartley Withers’s pithily expressed testimonial to English financiers, when he says: He draws against his own credit with the banker, and the banker may have issued a loan to him i in order to enlarge that credit. Language English Maning Number The wifhers of money is to extend loans that often should not be extended mening people who most probably won’t be able to pay them back, but since the whole thing depends on confidence, the whole facade is artificially supported by government who needs the pretense to keep the economy grow.
Want to Read saving…. Want to Read Currently Reading Read. Nevertheless, the appearance of the bank-note marks the first step in the development of banking as we understand it nowadays, that is, of a machinery for the manufacture of credit.
The first stage, as we have seen, hatley from barter, by which goods were exchanged for goods to purchase, by which goods were exchanged for one commodity of universal acceptability.
The process of this evolution, also, was painful enough, and the loss and uncertainty caused by the bad and debased coin currency of the Middle Ages were rivalled by the ruin and disasters of the early days of banking, when notes were issued without any regard for the assets which were behind them, or the ability of the issuer to mesning them on presentation.
This single location in South Australia: They are conducted by means of a fiduciary currency which bankers create by issuing cheque- books. To ask other readers questions about The Meanign of Moneyplease sign up. As Mr, Hartley Withers well puts it. Abraham Arslan marked it as to-read Jun 26, wityers Tags What are tags?
This single location in Western Australia: His view that a cheque ought to be treated as cash in dealing with the theory of money lie describes as being perhaps heretical. And then “intelligent” humans put the whole pyramid on limited amount of gold, and they can’t even crea The whole business of business is often to sell unneeded things to people who have no money for pay for it.
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