The Ways And Means Of Payment An Analysis Of The Credit System

Author : Stephen Colwell
Publisher : Forgotten Books
ISBN 13 : 9780265166789
Total Pages : 664 pages
Book Rating : 4.1/5 (667 download)

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Download or read book The Ways and Means of Payment written by Stephen Colwell and published by Forgotten Books. This book was released on 2017-10-11 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Ways and Means of Payment: A Full Analysis of the Credit System, With Its Various Modes of Adjustment Money, by which we intend coins of gold or silver, is neither a standard of value, a measure of value, nor a representative of value. The precious metals are commodities of value, and do not, of course, lose that quality, though they gain another, by being coined. They become, by coinage and the law of legal tender, a standard of pay ment. Every man may, by law, claim payment in coins; that is, for any commodity previously sold, for any debt due, every person may exact the expressed equivalent in the commodity of gold and silver assayed and coined at the mint in denominations agreeing with the money of account. All debts are thus payable; and it is only be cause the parties agree to other modes of payment, that all debts are not thus paid. There are many obstacles to the use of coins in large transactions, besides their great cost; among these, the risks of theft and robbery, and the care and anxiety which these hazards impose, the danger of counterfeits, the rapid wear and deterioration of coins, the frauds of clipping, punching, sweating, and many others, which are regarded as severe grievances and trials in all countries where an exclusively metallic currency has long prevailed. All these combined have pro duced a constant effort to escape the employment of coins in large transactions. Gold and silver coins have not lost their interest in the eyes of men; they are still the standard of payment, and universally an acceptable medium of exchange; but they are far from being the universally employed medium of exchange. The men of trade and industry, who but receive money in large amounts to pass it off in the same way, are more concerned to escape trouble, risk and expense in the matter of payment, than anxious to employ only gold and silver which have passed through the mint. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.