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More "Medium of exchange" Quotes from Famous Books
 ... primitive mode of payment is even yet practised in many rural districts, perhaps, in both the east and west. To counter-balance its inconvenience of bulk, this "currency" possessed a double advantage over the more refined "medium of exchange" now in use: it was not liable to counterfeits, and the bank from which it issued was ...
— Western Characters - or Types of Border Life in the Western States • J. L. McConnel
... Royal debtor—and others—discharging their obligations by what was practically a payment of a few shillings in the pound. Also as a matter of course, the better coins, with each fresh debasement, passed out of the country or at any rate out of circulation, the base coins becoming the medium of exchange. Thus the foundations of commercial stability were sapped, while foreign trading operations were thrown ...
— England Under the Tudors • Arthur D. Innes
... cultivator each of these artisans receives his traditional share of grain. Thus almost all the economic transactions are carried on without the use of money. To the villagers money is only a store of value, not a medium of exchange. When they happen to be rich in money, they hoard it either in coins or make ornaments made of gold ...
— The Case For India • Annie Besant
... the constitutional competency of the Government in order to correct the unsoundness of the one and, as far as practicable, the inequalities of the other. No country can be in the enjoyment of its full measure of prosperity without the presence of a medium of exchange approximating to uniformity of value. What is necessary as between the different nations of the earth is also important as between the inhabitants of different parts of the same country. With the first the precious metals constitute the chief medium ...
— A Compilation of the Messages and Papers of the Presidents: Tyler - Section 2 (of 3) of Volume 4: John Tyler • Compiled by James D. Richardson
... enduring the severities of the winter season at Valley Forge, when the enemy was in possession of the fairest part of the country together with the two most important cities, when Congress could not pay its bills, nor meet the national debt which alone exceeded forty million dollars,—when the medium of exchange would not circulate because of its worthlessness, when private debts could not be collected and when credit was generally prostrated, the Alliance proved a benefit of incalculable value to the struggling nation, not only in the enormous resources which it supplied to the army ...
— The Loyalist - A Story of the American Revolution • James Francis Barrett
... and transportation went hand in hand in their development, very slowly and surely. After trade had become pretty well established, it became necessary to have a medium of exchange. Some well-known article whose value was very well recognized among the people who were trading became the standard for fixing prices in exchange. Thus, in early Anglo-Saxon times the cow was the unit of the ...
— History of Human Society • Frank W. Blackmar
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