Mutual Banking

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Excerpt from Mutual Banking: Showing the Radical Deficiency of the Present Circulating Medium and the Advantages of a Free Currency The long-standing feud between the hard-money advocates and the fiatists has been possible only because each has persisted in looking at only one side of the shield. The former demand a safe currency, the latter desire the benefits of paper money, and each party ignores the other's arguments. This feud the author brings to an end, by proposing a paper currency secured by real property, thus combining the safety of coin with the advantages of paper, and eliminating the evils of both. Whenever a theory of financial reform is broached that involves the issue of paper money, the failures of paper money experiments in the past are brought up as a warning. But the experiments that failed after a fair trial were characterized by one or more of three features which almost inevitably bring disaster, and which mutual banking excludes. 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.