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- The Theory of Credit, Vol. 1 of 2 (Classic Reprint)
The Theory of Credit, Vol. 1 of 2 (Classic Reprint)
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Excerpt from The Theory of Credit, Vol. 1 of 2
Previous writers have bestowed much attention to the Com merce of Material Commodities and the Commerce of Labor: but as regards the Commerce in Rights and Rights of action they are lamentably defective. Smith classes Bank Notes, Bills of Exchange, &c., - which are Credit - as Circulating Capital Mill acknowledges that Bank Notes, Bills of Exchange, and Cheques have the same effect on prices as Money: and perform all the functions of it: and observes that Bank Notes are Productive Capital: Say has many observations on the part which Bank Notes and Bills of Exchange perform as substitutes for Money.
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