Money and Banks

A government which interferes with banking exposes itself to great danger of error, and such errors cost it popular confidence sooner than any others.

Men are always forced to choose between satisfaction in nearer and remoter periods of the future.

"The essence of 'immediate convertibility' is the difference between what Austrians call a claim transaction or warehouse receipt, like a demand deposit, and a credit transaction, like a time deposit."

Sound money even sounds heavier than unsound money. Gold and silver originated on the market and reigned as the preferred money because the metals were easily portable, homogeneous, highly divisible, highly durable, and naturally scarce. Paper has none of those attributes.

Interest is a homogeneous phenomenon. There are no different sources of interest. 

"We are in a frightening state of affairs, where the government feels the need to commit acts of aggression, through the use of tariffs and quotas, as means of 'economic defense'."

"Class interest led him almost always to the side of the smaller political unit against encroachment by the larger, because the greater the power of local self-government, as a rule, the better for the producer and the worse for the exploiter."

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank