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. t 2 THE ELEMENTS OF BANKING. general conception of Wealth is it is anything whatever its nature be, which is exchangeable which may be bought and soldeverything which can be exchanged Beparately and independently of anything else. The only criterion, then, of anything being Wealth is can it be valued? Can it be bought and sold ? Can it bo exchangee! separately and independently of anything else? This criterion may seem very simple, and It Is now generally adopted as the true one but in fact to ; apply it properly, to discern what is and what is not, separate and hulepozvlont exchangeable property, requires a thorough knowledge of 4 of the most abstruse branches of Law and Commerce. 1 fyV%W
TBTTEE SPECIES WEALTH. 3 may be bought and sold, such as Copyrights, Patents, the Goodwill of a business, an Advowson, etc. All these are mere abstract Rights, quite separate and distinct from any particular money, and yet they are all valuable Property they may all be bought and sold and, therefore, they all satisfy Aristotle's definition of Wealth. We have therefore found three distinct orders, or species, oi Quantities which satisfy Aristotle T s definition of Wealth; and reflection will show that there is nothing whatever which may be bought and sold which does not fall under one of these three orders of Quantities : either it is material : or it is some kind of Labour : or it is an abstract Right. Hence there are three ordera of quantities, and only three, which satisfy Aristotle's definition of Wealth, which may be symbolised by the words MONEY, LABOUR, and CREDIT MONEY being taken as the type ol all "material and corporeal things; LABOUR us the type of services of all sorts ; and CREDIT as the type of Rights of all sorts ; and all exchanges, that is all commerce, consist of the exchanges of these three orders of Quantities. That all material things which can bo bought and sold are now admitted, to be Wealth is so well known that we ixeed not waste time in proving it. All modern Economists since Adam Smith admit that the abilities, skill, energy, capacity, character, and personal qualities of the people of a country are Wealth because they can buy and neli their use, and make an income by their exertion. Smith enumerates as part of the Wealth or fixed Capital of a country, a the acquired and useful abilities of all the inhabitants or members of the society. The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a real expense, which is a Capital fixed and realised, as it were, in his person. These talents, aa they make a part of his fortune, so do they likewise of that of the society to which he belongs.'* So also Buy Bays " Ho who has : acquired a talent at the price of an annual sacrifice, enjoys an accumulated Capital, and this Wealth, though immaterial, is nevertheless BO little fictitious, that he daily exchanges thu exorcise of his art ibr gold aad * 2
Page 1 and 2: ' THE ELEMENTS OF BANKING BY HKNIIY
Page 3 and 4: CONTENTS. Oil AFTER L DKI'MNITIUWB
Page 5 and 6: SHOT. 5. Second ambiguity in the Th
Page 7 and 8: MOT. PAO* 8. Private bankon In Lond
Page 9 and 10: ffi. mar. CHAPTER IX. 0$" THE BUSIN
Page 11 and 12: * CONTENTS. IT? PAGE err. 42. Non-a
Page 13: THE ELEMENTS OF CHAPTER I. NOMICS,
Page 17 and 18: U.* ^ V.4 ABEALTM, , 7 ^J,^'^ Now A
Page 19 and 20: MEANING OF PROPERTY. 7 1. The excha
Page 21 and 22: PBOPBRTT IS A BI0HT* 9 law, " 1 is
Page 23 and 24: OF VALUE, 11 mints at definite futu
Page 25 and 26: OH MONEY AND CKBDIT. IS On MONET an
Page 27 and 28: NATURE OF MONEY. 15 The wine- deale
Page 29 and 30: NATURE OF MONET* 17 *' After that y
Page 31 and 32: ! DEFINITION OF CREDIT. 19 14. Now
Page 33 and 34: OH SALE OK CIBC1JLA.TIOH. its simpl
Page 35 and 36: MEANING- OF OtJRRENOT. 23 commoditi
Page 37 and 38: liable. MEANING 01 CTOBENOT. 25 Thu
Page 39 and 40: ' " PEIOI f DISCOUNT, AND IHTBRXHT.
Page 41 and 42: ON SECURITIES OR MONEY. 29 When a p
Page 43 and 44: DEFINITION OF CAPITAL, 31 bondo, te
Page 45 and 46: ON CAPITAL. 33 Thus Smith says " Tr
Page 47 and 48: OBBBIT MAY BE CAPITAL. 35 against h
Page 49 and 50: DEFINITION OF VALUE. 37 On the Defi
Page 51 and 52: ON VALUB. 39 each other: for Things
Page 53 and 54: 01 INTRINSIC! VALUE. 41 In some of
Page 55 and 56: BREOB OF INTRINSIC) VALUE. 43 Value
Page 57 and 58: DEPHEGIATION AND DIMINUTION OF VALU
Page 59 and 60: DEMAND THE SOLB CAUSE t OF VALUE, 4
Page 61 and 62: THE GENEBAL LAW OF VALUE. 49 person
Page 63 and 64: ON THE OOBUtiffl. 61 GHAPTBE IIL ON
Page 65 and 66:
MINT AND MAEKBT PRICE OF GOLD. 63 e
Page 67 and 68:
2USE Otf MABKBT ABOYIS MINT PRICE O
Page 69 and 70:
WHAT 18 A POUNJD? , 57 gold becomes
Page 71 and 72:
' MINT PBICE OF GOLD. 82 shilling**
Page 73 and 74:
THE THBOET OIF QBKDII* 61 CHAPTER I
Page 75 and 76:
MUNITION OF CREDIT. 6S Thus Demosth
Page 77 and 78:
MKANINO OF DEBT* 6fi against anothe
Page 79 and 80:
' DOUBLE MEAHINQ OF , 67 5. Having
Page 81 and 82:
AMBiaiTOUS MEANING OF LOAN* 69 mean
Page 83 and 84:
MUTUUM AND OOMMODATU&L 71 the Eight
Page 85 and 86:
fc DEBT AND BAILMENT. 73 rise to a
Page 87 and 88:
BILLS OF LADING AND DOCK WARRANTS,
Page 89 and 90:
DEBTS ARE GOODS AND CHATTELS. 77 de
Page 91 and 92:
ERRONEOUS IDEAS ON CREDIT- 7H that
Page 93 and 94:
DEBTS AS NEGATIVE QUANTITIES. 1 in
Page 95 and 96:
THEORY OF SIGNS IN ECONOMICS,. 83 c
Page 97 and 98:
THEORY OF SiaNS IN ECONOMICS. gfi e
Page 99 and 100:
* THEORY Of SIGNS IN ECONOMICS* 87
Page 101 and 102:
THEORY Of SIMS IN ECONOHIO& 89 -f X
Page 103 and 104:
THEORY 0? SIGNS IN ECONOMICS. 01 fo
Page 105 and 106:
A DUTY IS A NEGATIVE BIOTT. 93 17.
Page 107 and 108:
CREDIT IS WEALTH, 95 The Creditor's
Page 109 and 110:
OUBBIT IS NEGATIVE CAPITAL. 97 flie
Page 111 and 112:
TRANSFER OF CREDIT OR DEBTfc* 99 Jr
Page 113 and 114:
TBANSEEB OF CREDIT OB DEBTS. 101 no
Page 115 and 116:
Credit, : The ' INSTRUMENTS OF CBED
Page 117 and 118:
BILLS OF EXCHANGE. 105 Bills of Lad
Page 119 and 120:
EFFECT
Page 121 and 122:
ON THE EXTINCTION OF CREDIT. 109 re
Page 123 and 124:
THE LIMITS OF OREBIT. Ill a. Presen
Page 125 and 126:
THE RELEASE OF A DEBT IS A GIFT. 11
Page 127 and 128:
WHEN + 50 CANCELS ~50. 115 Let us n
Page 129 and 130:
ON NOVATION* 117 On RENEWAL or TRAN
Page 131 and 132:
ON COMPENSATION. 119 into bis posse
Page 133 and 134:
OH COMMERCIAL CREDIT. CHAPTBK V, ON
Page 135 and 136:
ON COMMERCIAL CREDIT. 123 to the am
Page 137 and 138:
ON COMMEKOIAL CREDIT* 125 bought on
Page 139 and 140:
ON OOMMBBOIAL CREDIT. 127 Now all t
Page 141 and 142:
ON COMMEKCIAL CREDIT. 129 between B
Page 143 and 144:
OVEK-TBADING. 131 existence, than b
Page 145 and 146:
SEAL BILLS. 133 cause they always h
Page 147 and 148:
CREDIT USED FOB IORMIN& NEW PRODUCT
Page 149 and 150:
CREDIT USED FOE FORMING- A NEW KtOB
Page 151 and 152:
ACCOMMODATION BILLS. 139 accept a b
Page 153 and 154:
ACCOMMODATION BILLS. it is a safe a
Page 155 and 156:
' MERCANTILE CREDIT IS MERCANTILE C
Page 157 and 158:
MEANING- 0* BANK, 14& 13th century
Page 159 and 160:
MEANING OF BANKER, 147 as are all h
Page 161 and 162:
THE CURRENCY PRINCIPLE. 149 especia
Page 163 and 164:
MECHANISM OF BANKITO, 151 has 10,00
Page 165 and 166:
MECHANISM OF BANKING 153 it merely
Page 167 and 168:
COMMON ERROR AS TO THE NATURE OF DE
Page 169 and 170:
ME.CHANISM OF BACKING. 157 2. The C
Page 171 and 172:
ON CASH CHEDIT8. 159 flow of bullio
Page 173 and 174:
ON CASH CKEDITS. 161 M.P. told the
Page 175 and 176:
ON CASH CREDITS. 1 63 The advantage
Page 177 and 178:
ON ACCOMMODATION BILLS, . 165 lent,
Page 179 and 180:
ON ACCOMMODATION BILLS. * 167 numbe
Page 181 and 182:
ON ACCOMMODATION BILLS. 169 affair;
Page 183 and 184:
OH ACCOMMODATION BILLg. 171 the los
Page 185 and 186:
ON ACCOMMODATION BILLS. 17 S draws
Page 187 and 188:
EOW JOINT-STOCK BAKES INCBEASE THEI
Page 189 and 190:
THEORY OF THE EXCHAffG&S. 177 CHAPT
Page 191 and 192:
EFFECT OF DEPRECIATED COIN ON THE E
Page 193 and 194:
NATURE OP AN EXCHANGE. 181 foreign
Page 195 and 196:
ON EXCHANGE* 183 moneys, the money
Page 197 and 198:
LIMITS OF THE EXCHANGES. 185 that i
Page 199 and 200:
INCONVERTIBLE PAPEB CURRENCY. 187 i
Page 201 and 202:
INCONVERTIBLE PAPER CURRENCY. 189 W
Page 203 and 204:
" OR UXCHAKGE OPEBATIOKFS* 1 #1 at
Page 205 and 206:
THE KJPAL OE COMMERCIAL EXCHANGE. 1
Page 207 and 208:
THE SEVEN CAUSES WHICH AFFECT THE E
Page 209 and 210:
COMMERCIAL OPERATIONS* * 197 quired
Page 211 and 212:
CAUSES AFFECTING- THE FLOW OF BULLI
Page 213 and 214:
' VOBEIGH LOANS AND BEHITTANCES. of
Page 215 and 216:
MEANS OF CORBECTINa AN ABVBBSB EXOT
Page 217 and 218:
OW THE BANK ACT OE 1844. 205 CHAPTE
Page 219 and 220:
DOCTKINES m isis. 2O7 of tMs was th
Page 221 and 222:
BAHK ACT OT 1844. 809 7. In the mea
Page 223 and 224:
ABITHMETICAL BUBOES OF THE BA1TK AC
Page 225 and 226:
CAUSE OF THE FAILURE OF THE ACT* 21
Page 227 and 228:
MEW PRINCIPLE OF THE CURRENCY* * Cu
Page 229 and 230:
NIW PBINOIPJUB OF TM CUEBBNCY. f 21
Page 231 and 232:
' SUSPENSIONS OF THE BANK ACT. 219
Page 233 and 234:
SUSPENSIONS 01 THIS BANK ACT. 221 l
Page 235 and 236:
SUSPENSIONS OF THE BANK ACT. 223 Th
Page 237 and 238:
THE CKIBIS OF 1825. A consideration
Page 239 and 240:
I Tim GUISES OF 1847 AND 1857- 227
Page 241 and 242:
THE HESTRICTIVE THEO&Y ALWAYS FAILS
Page 243 and 244:
" FOB MAINTAIHINa THE BAHK ACT. 231
Page 245 and 246:
THE BANK ACT MUST BE SUSPENDED IN A
Page 247 and 248:
THE BAJO: ACT CAUSES PANICS. 235 ti
Page 249 and 250:
' " '"' '''' " " ' THE DIRECTORATE
Page 251 and 252:
THE BAWK ACT NO LONGER NECESSAKY. 2
Page 253 and 254:
BELATIOH 01 A BANKER TO HIS CUSTOME
Page 255 and 256:
THE BUSINESS OF BAKKIN. 243 of the
Page 257 and 258:
AS TO'fBAUDS BY BANKERS. 245 The te
Page 259 and 260:
AS BAWKEE Of BAHKOKJ 247 lias a lie
Page 261 and 262:
BANKEB AS WAREHOUSEMAN OF JEWELS, &
Page 263 and 264:
BANKING INSTRUMENTS OF CREDIT, 251
Page 265 and 266:
debt Ḣ a customer pays into his a
Page 267 and 268:
ON CHEQITES, 255 If a banker pays a
Page 269 and 270:
ON BANKING INYESTMENTS, On Eamkmg I
Page 271 and 272:
ON DISCOUNTING BELLS Of EXCHANGE, 2
Page 273 and 274:
ON DISCOUNTING BILLS OF EXCHANGE. o
Page 275 and 276:
BANKING- AOTANCE3. 263 to employ th
Page 277 and 278:
ADVANCES* 265 possible, making them
Page 279 and 280:
CLEARING SYSTEM. right to draw bill
Page 281 and 282:
THB CLEARING SYSTEM. 269 clearing h
Page 283 and 284:
BILLS OP EXCHANGE ACT, 1882. 271 f*
Page 285 and 286:
BILLS OF EXCHANGE ACT, 1882. 273 (3
Page 287 and 288:
BILLS OS1 EXCHANGE ACT, 1882. 275 i
Page 289 and 290:
'' BILLS OF EXCHANGE AOT 5 '-1882.
Page 291 and 292:
BILLS Of EXCHANGE AJT S 1882. 279 (
Page 293 and 294:
BILLS OF EXOHAN&l ACT 9 1882, 281 (
Page 295 and 296:
BILLS OF EXCHANGE AOT 9 1882}. 283
Page 297 and 298:
BILLS OF nOHANfflB ACT, 1882. 285 a
Page 299 and 300:
BILLS OF EXCHANGE ACT, 1882. 287 wi
Page 301 and 302:
BILLS OF EXCHANGE ACT, 1882. 289 In
Page 303 and 304:
' BILLS OF EXCHANOB ACT, 1882. 201
Page 305 and 306:
BILLS OF EXCHANGE ACT, 1882. 293 ho
Page 307 and 308:
BILLS OF EXCHANGE ACT, 1882. 295 (b
Page 309 and 310:
" BILLS OF EXCHANGE AOT 5 1882. 297
Page 311 and 312:
SILLS OF EXCHANGE ACT, 1882. 299 (2
Page 313 and 314:
BILLS OF EXCHANGE ACT ? 1882. 301 7
Page 315 and 316:
BILLS 03? KXOHANOT AOT ? 1882 BOS o
Page 317 and 318:
BILLS OF EXCHANGE ACT, 1882. 305 (2
Page 319 and 320:
BILLS OF EXCHANGE ACT, 1882. 30? (2
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