By William M. Gouge
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Additional resources for A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System
There is no legal disability to carrying on conlmerce in the oldfashioned safe way: but the customs of Banking have introduced a practical disability. It is no longer possible for the merchant to buy and sell for ready money only, or for real money. He mllst give and take credit, and give and take paper money, or give up business. Bank paper is not a legal tender in the discharge of private debts: but it has become, in point of fact, the only actual tender, and the sudden refusal of creditors to receive it would put it out of the power of debtors to comply with their engagements.
Supposing the whole trade of France carried on in this way, the amount of money continually on the road would be equal to the whole amount of goods in passage. The amount of money to be annually transferred from one country to another would be equal to the whole amount of trade between different countries, except when the business of importing and ex" porting was carried on by the same merchant. By the use of bills of exchange, the merchant receives the money for which the manufacturer's goods were sold at Paris, and the manufacturer receives the money for which the merchant's goods were sold at Alsace.
The amount of transactions between two traders may be ,·ery great, and yet, if, in all their dealings, they have strict reference to the specie price of goods, the commerce may throughout be an interchange of equivalent, though not an ounce of gold or of silver may have passed from one merchant to the other. By promissory notes, the use of real money is deferred, and in some cases superseded. ] f A gives a promissory note to B, and B gives it to C, in exchange for goods, and C passes it to D, the use of money is in two cases superseded, and in one deferred.
A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System by William M. Gouge