elementsofbankin025161mbp

i
Ig
THE ELEMENTS OF BANKING.
elsewhere, but effective Titles on the general mass of useful ant!
agreeable enjoyments which cause the well being and propagm*
tion of the human race.
" It is a kind of a Bill of Exchange, or Order payable
at the
will of the bearer.
" Instead of taking
his share in kind of all matters of subsistence,
and all raw produce annually growing, the sovereign
demands it in Money, the effective Title, the Order, the Bill of
I
Exchange."
So Smith says
:
"
A guinea may
be considered as a Bill for a
certain quantity of necessaries and conveniences upon
all the
tradesmen in the neighbourhood.'*
So Henry Thornton "
says : Money of every kind is an Ordor
for goods.
It is so considered by the
labourer when ho rcceivcn
it,
and is almost instantly
turned into money'** worth. It Is
merely the instrument by which the purchasable atock of the
country is distributed with convenience and advantage*, among
the several members of the community."
This great fundamental truth was also
vwy clearly expounded
by Bastiat "
he
; says This is now the time to analyse tho true
function of Money, leaving out of consideration th miners and
importation.
"You have a crown piece. What does it moan in ytwr
hands ? It is, as it were, the witness and tho proof, that you
have at some time done some work which instead of profiting byr
youhave allowed society to enjoy,in the person of your client;, Tht&
crown piece witnesses that you have rendered a service to Hoeit'ty,
and moreover states the Value of it. It witnesses bcwidiw that
you have not received back from society a real equivalent service
as was your right. To put;
it in your power to exercise tills
Right when and how you please, society by the hand* of your
client has given you an ACKNOWLEDGMENT, a TITLK, an QRDKR
of the state, a TOKEN, a CROWN-PIECE, in short, which does nofc
differ from TITLES of CREDIT, except that it carries its Value in
"
itself (?)
and if you can read with the eye of the mind, the inscription
it bears you can distinctly Bee these wortlH $
toti&y.
which he has