...labor, the real revenue of every society. The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one. But in what manner this operation is performed, and in what manner it...

...labour, the real revenue of every society. The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...a new wheel, which it costs less both to erect and to maintain than the old one. But in what manner this operation is performed, and in what manner it...

...economist once said that " the substitution of paper in the place of gold and silver money replaced a very expensive instrument of commerce with one much...a new wheel, which it costs less both to erect and to maintain than the old one." Now, sir, I shall use that quotation as a sort of text to what I am...

...an improvement of exactly the same kind " The substitution of paper in the room of gold and silver money, replaces a very expensive instrument of commerce...Circulation comes to be carried on by a new wheel, which costs less both to erect and to maintain than the old one." — Adam Smith, "Wealth of Nations," Book...

...He therefore considered the replacement of metallic currency by bank notes as desirable because "it replaces a very expensive instrument of commerce with...much less costly, and sometimes equally convenient", or, as he expressed it by an often-quoted simile, "the gold and silver money which circulates in any...