By L. Randall Wray, A. Mitchell Innes
In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the simplest items written within the 20th century at the nature of cash. only in the near past rediscovered, those articles are reprinted right here for the 1st time. additionally, 5 new contributions learn and expand the strategy of Innes in a couple of instructions by way of together with ancient, anthropological, sociological, archeological, and financial analyses of the character of cash.
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Extra info for Credit and State Theories of Money: The Contributions of A. Mitchell Innes
There being, as he said, no formal What is Money? 27 regulation on the point it could only be inferred from usage; and he came to the conclusion that on the whole the coin best entitled to the character of the unit was the Spanish dollar. ’ Embarrassed by this  circumstance, and finding in fact that gold was the less fluctuating metal of the two, Hamilton had difficulty in deciding to which of the precious metals the monetary unit of the United States should in future be ‘annexed’ and he finally concluded to give the preference to neither, but to establish a bi-metallic system, which, however, in practice was found to be unsuccessful.
By no means. What has really happened is that the government has put upon the pieces of gold a stamp which conveys the promise that they will be received by the government in payment of taxes or other debts due to it. By issuing a coin, the government has incurred a liability towards its possessor just as it would have done had it made a purchase, – has incurred, that is to say, an obligation to provide a credit by taxation or 42 Credit and State Theories of Money otherwise for the redemption of the coin and thus enable its possessor to get value for his money.
We have the accounts of great merchant or banking firms taking part in state finance and state tax collection, just as the great Genoese and Florentine bankers did in the middle ages, and as our banks do to-day. In China, also, in times as remote as those of the Babylonian Empire, we find banks and instruments of credit long before any coins existed, and throughout practically the whole of Chinese history, so far as I have been able to learn, the coins have always been mere tokens. There is no question but that credit is far older than cash.
Credit and State Theories of Money: The Contributions of A. Mitchell Innes by L. Randall Wray, A. Mitchell Innes