Credit and State Theories of Money: The Contributions of A. by L. Randall Wray, A. Mitchell Innes

By L. Randall Wray, A. Mitchell Innes

In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the easiest items written within the 20th century at the nature of cash. just recently rediscovered, those articles are reprinted right here for the 1st time. additionally, 5 new contributions study and expand the procedure of Innes in a couple of instructions by means of together with old, anthropological, sociological, archeological, and financial analyses of the character of cash.

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Extra resources for Credit and State Theories of Money: The Contributions of A. Mitchell Innes

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If this is true, the connection between religion and the payment of debts is an additional indication if any were needed, of the extreme antiquity of credit. The method by which governments carry on their finance by means of debts and credits is particularly interesting. Just like any private What is Money? 37 individual, the government pays by giving acknowledgments of indebtedness [398] drafts on the Royal Treasury, or on some other branch of the government or on the government bank. This is well seen in mediaeval England, where the regular method used by the government for paying a creditor was by ‘raising a tally’ on the Customs or on some other revenue-getting department, that is to say by giving to the creditor as an acknowledgment of indebtedness a wooden tally.

Each What is Money? 23 system had as its unit the livre, with its subdivisions, the sol and the denier, but the value of the livre varied in different parts of the country and each different livre had its distinguishing title, such as livre parisis, livre tournois, livre estevenante, etc. And not only did the value of each one of these twenty or more livres differ from all the others, but the relationship between them varied from time to time. 5 of a tournois, and from 1531 till its disappearance, it was worth two tournois.

The condition of the early Roman coinage shows that the practice of breaking off a piece of the coins – thus amply proving their token character – was common down to the time when the casting of the coins was superseded by the more perfect method of striking them. In Taranto, the ancient Greek colony of Tarentum, a hoard has lately been found in which were a number of cakes of silver (whether pure or base metal is not stated), stamped with a mark similar to that found on 34 Credit and State Theories of Money early Greek coins.

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