1. an introduction to the economic nature of the united states

8/14/2019 1. an Introduction to the Economic Nature of the United States

1/16

An Introduction to the Economic Nature of

the United States

Ezra Pound

Wyndham Lewis, Portrait of Ezra Pound

7,875 words

This is not a SHORT History of the Economy of the nited States! "or forty years # ha$eschoo%ed myse%f, not to write the Economic History of the !S! or any other country, &ut to

write an e'ic 'oem which &e(ins )#n the *ar+ "orest, crosses the Pur(atory of human error,and ends in the %i(ht, )fra i maestri di co%or che sanno! "or this reason # ha$e had tounderstand the -.TRE of error! /ut # don0t thin+ it necessary to refer to each 'articu%arcase of error!

# do not &e%ie$e that the method of historio(ra'hy has 'ro(ressed much since the days when1onfucius se%ected the documents of the o%d +in(doms, and condensed his conc%usions in theTestament! .ristot%e toward the end of his %ife arri$ed at a simi%ar method, in his co%%ection of2ree+ State 1onstitutions! 3o%taire used the )human method which hin(es on chance andthe 'ersona% e%ement! . 'rince eats a 'uddin( and dies of acute indi(estion at a critica%moment! 1aesar /or(ia said4 )# had antici'ated e$erythin( ece't &ein( &edridden the day

my father died! 6iche%et ana%yzes the moti$es of different socia% (rou's and te%%s us that themanua% %a&orer wants to own a sho' &ecause he thin+s sho'+ee'ers don0t wor+! .nothermethod consists in ana%yzin( certain mechanisms in$ented to hum&u( the 'u&%ic! Perha's it isthe renewa% of an .ristote%ian tendency &ut, in any e$ent, it is suita&%e for the 'resentnarrati$e, and # am fo%%owin( it in this essay or definition, of the stru((%e &etween the 'eo'%eand the usurers, or financiers, in the co%onies, and then in the nited States of -orth .merica!

Towards the end of the Ei(hteenth 1entury the sett%ers, dri$en &y the desire for "reedom of1onscience, hardened &y 'ri$ations, fa$ored and &etrayed, reached a certain de(ree of

'ros'erity, than+s to their own hard wor+ and to a sane system of usin( 'a'er money as ameans of echan(e that freed them, tem'orari%y, from the 'incers of the /an+ of En(%and!
http://www.counter-currents.com/author/epound/http://www.counter-currents.com/wp-content/uploads/2011/10/Wyndham-Lewis-Ezra-Pound.jpghttp://www.counter-currents.com/author/epound/


2/16

The Sett%ers, or 1o%onizers, in Pennsy%$ania and in other co%onies, irritated &y thedisa''earance of meta% money, understood that any other document cou%d &e used for &oo++ee'in( and as a certificate of what the &earer was entit%ed to recei$e in the mar+et! Thea(ricu%turists who arri$ed in the new country, whi%e they c%eared the forests and 're'aredtheir cam's, %ac+ed the 'ower to &uy what was necessary to &ui%d houses, to &uy '%ows, and

to ma+e a %i$in(! So the (o$ernments of se$era% co%onies &e(an to %oan 'a'ermoney for these'ur'oses! Pennsy%$ania chose the &est method ada'ted to the conditions re'ayment in tenor twe%$e years, and %oanin( amounts u' to one ha%f of the $a%ue of the farm! Those who%oaned the money, %i$in( near to those who had recei$ed the %oan, cou%d 9ud(e the characterof the &orrower! This arcadian sim'%icity dis'%eased the London mono'o%ists and thesu''ression of this com'etition, to(ether with other irritants, 'ro$o+ed the :77;)Re$o%ution!

The c%earness of com'rehension on the 'art of the re$o%utionary %eaders is re(istered indiaries and )memoirs of the times, and 'articu%ar%y in the notes of


3/16

Phi%ade%'hia financiers, not entire%y se$ered from their friends in forei(n countries, saw the'ossi&i%ity of s'ecu%ation, and the mono'o%izers of money tried their usua% tric+s on a thic+headed 'u&%ic!

)"inanciers and 1on(ressmen &ou(ht a (reat =uantity of so%dier0s 'ay certificates which had

&een issued durin( the war! The certificates were sim'%y 'rintin( 'ress money withoutanythin( of $a%ue &ehind them! ?ears had 'assed since their date of issue and, as their ho'efor redem'tion went down, their $a%ue went down, and down! #n :78@ they cou%d &e &ou(htfor :A or :5 cents to the do%%ar! .%eander Hami%ton 'ro'osed that the 1ontinenta% certificates

&e redeemed at 'ar!B:C .nd then the nation )assumed the res'onsi&i%ity of 'ayin( them as'ro'osed! These were the famous certificates of 'ay due to the 3eterans! This constituted the)Scanda% of the .ssum'tion!

En(%and was tryin( di$erse methods of usury and sanctions! The %ac+ of caution on the 'artof the (reat 'ro'erty owners of the South, reduced them to inde&tedness! S%a$ery &ecame %ess

'rofita&%e than the new industria% system, in which the owner did not ha$e to ta+e care of his

em'%oyees!

Let us note that at the &e(innin( of the -ineteenth 1entury the )6ercanti%e conce't sti%%retained traces of decency! .dams 9ud(ed it )hard%y mercanti%e to do &usiness on &orrowedca'ita%! .t that time indi$idua%ism had its own 'ro&ity, a modest &ut secure income wasca%%ed an )inde'endence!

History ta+en as a %esson, and ta+in( into account the difference &etween certainty andsu''osition, wou%d &e an e'osition of the nature of e$ents, rather than a chronic%e of names!

Some e$ents can &e +nown on%y after centuries! We +now, for eam'%e, that Parisinad0EsteBDC incurred certain e'enditures which were 'aid from the *uca% Treasury of "errara,and we a%so +now the date of these 'ayments! Other deeds ne$er &ecome +nown and mustremain &uried with the 'artici'ants! . si(ned %etter 'ro$es what the writer wanted thereci'ient to &e%ie$e on such and such a day! /ut the c%arity of an idea remains amon( the.S1ERT.#-E* facts! The definition of an idea, as o&ser$ed &y someone who understandsthe e$ents of the day, may shed more %i(ht on the historica% 'rocess than many $o%umes!

SOURCES

The true history of the economy of the nited States, as # see it, is to &e found in the

corres'ondence &etween .dams and


4/16

2ou%d, "is+ and others a%most succeeded in mono'o%izin( the a$ai%a&%e (o%d in -ew ?or+!Roose$e%t fo%%owed


5/16

were &ein( de$e%o'ed! . man in 1onnecticut succeeded in manufacturin( imitation nutme(sout of '%ain wood and se%%in( them at a 'rofit! This tric+ sent the who%e country into 'ea%s of%au(hter! The 1entenary of this tric+ was commemorated at the St! Louis E'osition!#mitation nutme(s were made and so%d at 5 cents each! One day, when these sou$enirs wereehausted, the man in char(e, a true son of 1onnecticut, 'ure&%ooded yan+ee, did not

hesitate one instant to su&stitute rea% nutme(s for them, at the same 'rice! The 'u&%ic heard it,and roared a(ain!

Since the days of the 1a%ifornia 2o%d Rush there ha$e &een men who ha$e s'ecia%ized in)2o%d &ric+s, that is, a %ead &ric+ co$ered with a %ayer of (o%d, or e$en so%id (o%d in some

'arts so that the se%%er can &ore throu(h it at +nown 'oints and show it to &e so%id (o%d! .fterthe .%as+an 2o%d Rush the )(o%d &ric+ made its rea''earance! The ma9ority of those whohad &een du'ed &rou(ht their &ric+s to my father who was an assayer at the 6int! This wasthe 'eriod of free coinin( of (o%d, and any one had the ri(ht to ha$e his own meta% coined!So, the stories of these du'es ha$e &een fami%iar to me, throu(h 'ersona% e'erience, since #was fi$e years o%d! # shou%d %i+e to differentiate &etween two +inds of dishonesty4 :I that of

financia% frauds and &oo++ee'in(> and DI that arisin( from 'articu%ar materia% o''ortunities,as in the case of the -ORTHER- P.1#"#1!

Tradition

The usua% frauds of &oo++ee'in(, mono'o%y, etc!, ha$e &een +nown since the &e(innin( ofhistory, and it is 'recise%y for this reason that the usurers are o''osed to c%assica% studies!.ristot%e, in his POL#T#1S :! F5, re%ates how Tha%es, wishin( to show that a 'hi%oso'hercou%d easi%y )ma+e money if he had nothin( &etter to do, foreseein( a &um'er cro' of o%i$es,hired &y 'ayin( a sma%% de'osit, a%% the o%i$e 'resses on the is%ands of 6i%etus and 1hios!When the a&undant har$est arri$ed, e$ery&ody went to see Tha%es! .ristot%e remar+s that thisis a common &usiness 'ractice! .nd the Echan(e frauds are, near%y a%% of them, $ariants onthis theme artificia% scarcity of (rain and of merchandise, artificia% scarcity of money, thatis, scarcity of the +ey to a%% the other echan(es!

Proverbs and Wisdom

The stru((%e &etween the Producers and the "a%sifiers of /oo++ee'in( was c%ear%y seen andunderstood &y the "athers of the Re'u&%ic! Their wisdom was recorded in 'un(ent 'hrases4)The safest '%ace of de'osit is in the 'ants of the 'eo'%e! )E$ery /an+ of *iscount isdownri(ht ini=uity, ro&&in( the 'u&%ic for indi$idua%s0 (ain! .n insurance a(ent once as+ed

a &an+er why the rai%road com'anies, which are 'ri$ate%y owned, must run to him, a &an+er,in order to se%% their &onds! The &an+er, with ironic sadness, whis'ered4 )Hush!

The Substructure

To understand the .merican historica% 'rocess, it is necessary to consider the successi$ewa$es of immi(ration!

: J Those who came throu(h a s'irit of ad$enture or &ecause of re%i(ious con$ictions and thedesire for "reedom of 1onscience, and who were wi%%in( to face the difficu%ties of a sa$a(eand uncu%ti$ated country>

D J The s%a$es>


6/16

K J and those who arri$ed when the machinery was &ein( assem&%ed!

1%ass stru((%e in the nited States is a recent and an a%most eotic 'ro&%em, in the sense thatit does not deri$e from the "ounders! Let us ta+e a )ty'ica% .merican fami%y! TwoWadsworth &rothers, or two men of that name, arri$ed in 6assachusetts in :;KD! #n :88D

their descendants had a fami%y reunion and 'u&%ished the history of their fami%y! #n the ei(ht(enerations we find a%% sort and conditions rich and 'oor! One, at the a(e of siteen, so%d hishair for a shi%%in(, and )this was the first money he e$er did see! .nother fitted out a shi'with his own money, durin( the 1i$i% War! On the D5Ath .nni$ersary the 'artici'ants

'resented e=ua% $ariety and etremes amon( them mem&ers of the Stoc+ Echan(e,sa%esmen, doctors, a te%e(ra'h o'erator, and two o%d women for whom a co%%ection was ta+enu'! nder these conditions c%ass warfare, in the true sense of the word, does not eist, e$enthou(h the differences in wea%th and 'osition is undenia&%y $isi&%e!

Colonial Tendencies

The "athers of the Re'u&%ic re$o%ted a(ainst the En(%ish ru%in( c%ass, the youn(er &rothersa(ainst the first&orn! Po'u%ar hatred of the monarchist idea ham'ered .dams throu(hout his%ife! .nd a%% &ecause, at the a(e of se$enteen, he had written a %etter in which he foresaw the

'ossi&i%ity of an .merican in(dom ca'a&%e of resistin( any Euro'ean force! *ema(o(yseized this 'hrase to insist that .dams had ne$er &een antimonarchist, &ut 'referred theHouse of /raintree, that is, his own house, to that of the Hano$er! His father he%d the '%ow!His son,


7/16

"rom Euro'e a f%ood of wor+ers 'oured in! The nationa% ty'e was formed! "rom a simi%arityof tastes and tem'eraments and not on a racia% &asic! Those who wanted materia% (ainemi(rated to .merica! Those of a mi%der nature, the more contem'%ati$e, the sentimenta%,those more attached to their soi% and home, remained in Euro'e! The stron(, the rest%ess, thema%contents, the misfits went! The youn(er sons of the En(%ish went in the :;AAs, &ut after

:8AA emi(rants from En(%and diminished!

The Puritans were /i&%ecrazy, &ut they did not &rin( the He&rew Scri'tures on%y! Thecu%ture of .dams and


8/16

The )Economic history of the nited States is, on one side, the history of enormous wastesof the natura% resources, wastes that too+ '%ace &ecause no immediate need for thrift wasa''arent and, in many instances, did not eist!

Land was (i$en to whomsoe$er wished to sett%e on it, &ut no 'ro$isions were ta+en to 'rotect

the nation or the 'eo'%e from the dan(ers of resett%in( this %and! Often reso%d for a trif%e, itwent to form %ar(e %anded estates which for a %on( time, and 'erha's e$en today, ha$e notin9ured anyone!

The Treasure of a Nation is its onest!

The fo%%owin( 'hases fo%%ow one another4 "reeho%d! The need of craftsmen! S%a$es! *e&ts!)"ree craftsmanshi' in com'etition with the s%a$e system! #n the &e(innin( 'ersona%commerce without inde&tedness to finance! #n many cases direct su'erintendence &y theowners!

-o man cou%d &e a director of the Sa%em 6useum who had not sai%ed round &oth the 1a'e of

2ood Ho'e and the )Horn! The construction of fast c%i''ers was -ew En(%and0s (%ory acentury a(o! These c%i''ers had &rou(ht the +ind of wea%th that fo%%ows the echan(e of(oods with the orient and the entire wor%d! E$en if economic, the history of the nited Stateswas, u' to the year :8;A, romantic! "rom that 'eriod dates the cu%t of &usiness whichcontinues an #ta%ic tradition, the tradition of the (reat 1ity Re'u&%ics of 3enice and 2enoa,the Su'er&a and the *ominante! Economic affairs need not &e who%%y sordid! sury howe$eris a cancer, "inance a disease!

Paterson who in$ented the system of the /an+ of En(%and, that is, the system of %oanin('romissory notes, died 'oor, outcast &y his ear%y associates! 1a%ifornia (o%d was disco$eredon the %and of a man who did not 'rofit &y it! On the contrary, his farm was ruined and he (otno 'rotection from %aw!

The .merican tra(edy is a continuous history of wastewaste of the natura% a&undance first,then waste of the new a&undance offered &y the machine, and then &y machines, no %on(eriso%ated, &ut corre%ated and centu'%icatin( the creati$e 'ower of human %a&or!

The im'ro$ident .mericans +i%%ed &ison without thou(ht or consideration! "orests were cutdown without thou(ht of conser$ation! This had no immediate effect on the 'ros'erity of theinha&itants, &ecause of nature0s a&undance! The usurers, now ca%%ed financiers, '%otteda(ainst a&undance! To understand the effect of the .merican system, it is necessary to refer

to the mono'o%y of Tha%es and then ta+e u' the thread of the soca%%ed )reform, or 'rotestantschism, seen from the economic an(%e! The Protestants did not wish to 'ay ecc%esiastica%taes to Rome, and to the 'riests for their rites! The /i&%e was in$ented as a su&stitutePriest!The 1anonica% 'rohi&ition a(ainst usury disa''eared! Po%ite society did not consider usury as*ante did, that is, damned to the same circ%e of He%% as the sodomites, &oth actin( a(ainst the

'otentia% a&undance of nature!

The 1atho%ic economy had 'roc%aimed the doctrine of the 9ust 'rice! 6ono'o%y is a maneu$era(ainst the 9ust 'rice! One can s'ecu%ate on%y on condition of the mar+et osci%%ation!

The em'%oyers natura%%y tried to (et their wor+ done for the %east 'ossi&%e 'rice! The

wor+in(men, in se%fdefense, as+ed for the suffra(e! The 'eo'%e won the war a(ainst the/an+ of the !S! &etween :8KA and :8FA &ut, with the new wa$es of Euro'ean wor+ hands,


9/16

the =ua%ity of the e%ectorate dec%ined, and dema(o(y undertoo+ to corru't it! The Pressmis%ed, or distracted, the 'eo'%e from the nature of the economic 'ro&%em!

Toward the end of the Ei(hteenth 1entury the Re'u&%ic was in re$o%t a(ainst the 'ri$i%e(es of)&irth, and the who%e democratic mo$ement was in re$o%t a(ainst the mono'o%ies he%d &y

the (ui%ds> mono'o%ies of the o''ortunity of wor+in(! This e'%ains the &earin( of .damSmith0s 'hrase4 )6en of the same trade ne$er (ather to(ether without a cons'iracy a(ainstthe (enera% 'u&%ic!

/ut the mono'o%ies, the sanctions, the restrictions im'osed &y the (ui%ds were, at %east,mono'o%ies of 'roducers! The $arious mono'o%ies which cu%minate in the mono'o%y ofmoney itse%f, +ey to a%% the other mono'o%ies were, and are, mono'o%ies of e'%oiters! Thesituation is com'%icated when the same man has his hand &oth in the 'roduction and in thefinance! Henry "ord found himse%f forced into this situation in order to defend himse%fa(ainst Wa%% Street!

To understand the de$e%o'ment of economic ideas in .merica, it is usefu% to +now Euro'ean'recedents, e$en if these are %itt%e +nown in Euro'e itse%f!

The traces of the Leo'o%dine Reforms ha$e &een %ost, as far as # +now, &ut the ana%o(yremains! #t can &e said with certainty that the same current towards the %i&eration from theshac+%es of the (ui%ds made its a''earance in Tuscany and in the .merican 1o%onies! Thereturn to a contro%%ed economy in Tuscany was wrec+ed &y the -a'o%eonic Wars, andnothin( has &een heard of it in Euro'e for years! .s far as # can disco$er, it had no echo in.merica!

'rices of %and, or of shares, rise &eyond the 'ossi&i%ity ofmateria% re$enue! The &an+s that fa$or ea((erated %oans, in order to maneu$er the increase,restrict, reca%% their %oans, and 'resent%y 'anic o$erta+es the 'eo'%e!

Toward the end of the "irst Wor%d War, 1! H! *ou(%as insisted on the o''ortunity of'otentia% a&undance and demanded nationa% di$idends, that is, a distri&ution of fami%y or

indi$idua% a%%owances so as to 'ermit the 'u&%ic to &uy what the 'u&%ic had 'roduced!


10/16

-atura%%y a%% that was ca%%ed insane! TheLondon Times, and other news'a'ers, in the hands offinanciers o''osed this su((estion!

The 9ustice of 6a9or *ou(%as0s $iews was confirmed &y the Loe& Re'ort Re'ort of the-ationa% Sur$ey of Potentia% Product 1a'acity, -ew ?or+ 1ity Housin( .uthority, :@K5!I -o

one has &een wi%%in( to dis'ute these statistics! /efore enterin( this war e$ery fami%y of four'ersons in the nited States cou%d ha$e had a GF,AAA!AA to G5,AAA!AA StandardofLi$in(!On%y the ini=uity, the im&eci%ity of the monetary financia% system 're$ented the rea%izationof this materia% we%fare!

War was &rou(ht a&out to im'ede the uti%ization of this a&undance! Without scarcity,mono'o%y cannot im'ose un9ust 'rices!

.merican money was not socia%ized! .merican money had not &een democratic for ei(htyyears, as Linco%n had democratized it tem'orari%y, and as


11/16

# do not +now whether or not # shou%d cu%% %on( or &rief citations in re(ard to the financia%techni=ue! The former wou%d &e a &ore, the %atter may &e incom'rehensi&%e!

3an /uren was o''osed to im'risonin( de&tors! The maneu$ers of finance are re(istered in'hrases such as the fo%%owin( 4 )he increased the amount of the discounts ! #n the month

of Octo&er, :8KA, they were forty mi%%ions, and in 6ay, :8K7, 7A mi%%ions! 6r! We&stersaid4 )They must &e decreased &y thirty mi%%ion do%%ars in states a%on( the 6ississi''i!

)The /an+ recei$ed KF: mi%%ions and si mi%%ions from the 2o$ernment! The funds under thePresident of the Re'u&%ic


12/16

:8A::8D5

from :8;: War of Secession! Trium'h of "inance>

:8;@:877 2rant President! Scanda%s! 2o%d a(ainst the 'eo'%e>

:8@AThe si%$er =uestion! Trusts>

:@:F#ndustria% de$e%o'ment! Technocracy! The menace of .&undance!

:@K51hart of Potentia% Product 1a'acity>

:@K@)War is his on%y way out, 'hrase 'ronounced &y a 1on(ressman to si(nify thatRoose$e%t had made such a mess of thin(s that war was his on%y way of esca'e! #n otherwords, the on%y way to hide his 'ast and to maintain his 'o%itica% 'ower!

Rottenness

"rom the ).nnua% Re'orts of the Secretary of the Treasury, &e(innin( with


13/16

Remedies

Words &ecome 'a%e! "acts re'eat themse%$es! Truth ma+es an a''earance at times, &ut it ismisunderstood and e'osed to ridicu%e! Economists do not see what stands ri(ht in front oftheir own eyes! -ine years a(o a we%%+nown and a&%e #ta%ian socio%o(ist had not %oo+ed at

the inscri'tions on either #ta%ian /an+ or State &i%%s! These are the economists of the morethanathousandyearo%d tradition!

Peo'%e do not %oo+ at '%ain common o&9ects! . 'rofessor from the London Schoo% ofEconomics once sent me three satirica% 'ost cards! One of these was furnished with a sort of

&e%%ows so that when the card was 'ressed &etween the fin(ers it s=uea+ed! He had &ou(htthese cards with a meta% )&on issued &y the "rench 1ham&ers of 1ommerce that had no$a%ue outside of "rance! He sent me these cards, ne$erthe%ess, to deny the 'ossi&i%ity ofha$in( one +ind of money $a%id e$erywhere and, at the same time, another +ind $a%id on%ywithin the country of ori(in!

The di$erse (rou's of monetary re&e%s and reformers, %ac+in( a +now%ed(e of tradition and'ossessin( on%y a 'art of the truth, contradict one another and do not understand theirdifferent termino%o(ies!

"ernando Ritter is 'erfect%y ri(ht in insistin( that the farmer who consi(ns his wheat to thecommon (ranary must &e (uaranteed the 'rice of ferti%izers etc!, necessary for futurecu%ti$ation! He echoes the statement of Qu&%ay at the time of the formation of the nitedStates4 )#t is necessary to ha$e the 'u&%ic &e%ie$e that this 'a'er is (ood for somethin(! Thatis, echan(ea&%e for a(ricu%tura% 'roducts or other (oods!I #t is necessary that money &e a(uarantee of future echan(e! This is in %ine with the commodity do%%ar fi(ht, and for a 9ust

'riceinde!

.(ainst this 9ust 'ro'osition Wa%% Street roared4 )Ru&&er *o%%ar! The usurers, natura%%y,o''ose any contro% on the 'art of the 'u&%ic or of a state that 'retends to re'resent the

'u&%ic0s interests! The usurers want the contro% to remain entire%y in their hands!

The who%e history of the nited States osci%%ates &etween these two cam's! The 'eo'%ere&e%%ed a(ainst the London usurers and instituted a (o$ernment in .merica! This(o$ernment fe%% 'rey to the resident usurers who +e't in touch with the archusurers in themothercountry! /e%mont used to re'resent the Rothschi%d, etc! Today the 6ain Office is in

-ew ?or+, the /ranch Office is in London! The u&icity of the $ictims does not matter, and

the Head Office maintains a hi(h de(ree of mo&i%ity!

The usurers act throu(h fraud, fa%sification, su'erstitions, ha&its and, when these methods donot function, they %et %oose a war! E$erythin( hin(es on mono'o%y, and the 'articu%armono'o%ies hin(e round the (reat i%%usionistic monetary mono'o%y!

"ibliogra$h!

-o $ast readin( is needed to understand this 'hase of history, if the reader &e(ins from the&e(innin(, that is, with the POL#T#1S and E1O-O6#1S of .ristot%e, and the Orations of*emosthenes, that a(ainst *ionysius, for eam'%e! The case of the nited States, in

'articu%ar, has &een e'osed in the &oo+s here &e%ow %isted! .s a &e(innin( read the writin(sof


14/16

1! /owers4


15/16

:;8F En(%and su''resses the 6int of 6assachusetts which had coined a %itt%e si%$er!

:8:F 1a%houn o''osed the 'rocess in which the (o$ernment was forced to (et its owncredit on %oan!

:8:@ 1rawford issued Treasury &i%%s &earin( no interest!

:8D5 The industria% crisis in En(%and %ed to dum'in( on the .merican mar+et, (%uttin( itwith merchandise of &an+ru't 'rices!

:8KD


16/16

'atrons as chan(e! # found Si(nor /affico indi(nant &ecause other merchants had &e(un toacce't his ta(s as money and he had to ha$e another su''%y 'rinted!

.ny form of Transfera&%e memoryaid ser$es, and has ser$ed, to sim'%ify &oo++ee'in(, andto %i&erate us from the necessity of +ee'in( e$ery de&it and e$ery credit written in a %ed(er!

#n order that money, admonitions, sym&o%s, or certificates of de&t &ecome $a%id means ofechan(e, a%% that is necessary is that whoe$er issues them ha$e the means to honor them!

"! Ritter, in a recent artic%e, insists on the con$erti&i%ity of money! His 'essimism does not%ean at a%% on the 'ossi&i%ity, or ad$isa&i%ity of usin( %a&or as a 6E.SRE O" THE3.LES of the (oods to &e de%i$ered!

Notes

:! Muotation from . -EW .6ER#1.- H#STOR? &y W!E! Woodward!

D! Parisina d0Este was the wife of -icco%o ### of "errara! She was eecuted after the disco$eryof her adu%tery with -icco%o0s son (o! Editor!

K! Thomas

1. an introduction to the economic nature of the united states

Documents