, 1874-02-20

might hayo boon compared to M ax, or n llaul-
NOR, or shovel, just ~ woll for, aa hfr. Price
Bavs, II is only tool to do certain work with.
Whcn enough OF these golden toois havo boon
manufactured to do tho lslnl of work they aro
needed for, mud Witch III not done by tho groator
mnohinory of balks and clcarit,g-houscB,-
Instruments which aooompliaA, according to a1r.
prico, nt lcAst IT.
Of all tho exchanges made Id Eng'and, ali fur.
thor manufacture and isco;naoqueut iucroaso
ot their number ts,s 'akin to tito ma,lsi.
faotu'o Of hats when all hoads aro covered,
or Of shoyols, when n sufficient number l,avo
been rnado to do all tho digsiug md other work
which Hliovcla aro called upon to do. This point
rcaci,od in tho manufacture Of hnts or s!lovcH,
II moro aro mado, they must to stored up or
exported. or thoy will dopreciato III valuo. And
10 tue coin or gold must go into tho chosts of
bul1ion-doulcrs or le in tho ya,tlts Of banks,
as ,lHcloas to tho country III All over
production Of lata in tho Bhop Of
hattor. As already remarked, tho storing
up OF limitol number Of hats, AS hattera ro-
goryo,-is desirable, and 10 il tho storing up Of
limitod amount of coin a8 currency resoryo,
mud whore bank notcs arc issuad, to inHura COL
vortibility. Tho making Of hats out OF propor-
tion to tho number demanded would hayo tho
olfoot Of lowering tho prco Of hats. Tho coming
Of gold beyond tue do1nniid for coin would di-
1ninish the value OF tho coin; but the choanon-
| Ing In tho case Of gold would bo no gain, and
| might 10 sefious lhcohVonlohce lot, "tlo "
| Is specific portions OF all otllor commodities
that nro neodod, Of gold 1t H only specific values.
FROM tnl6 IL III eaHY u sco no" upsuso IN 'no
| doctrtno OF "a''fasofaolo escnanso, no" "n7
reeaonhole III Wv oIchslLoSs eio"sc" os 'l.o oA
portatloh OF eolo' OF tne 3ool1atlon o'o3 'es al"
rival IN q country. An -.....,.
| EXPLORATION on IMPORTATION
OF gola s no no moro 10 po uesleea or 'eateu iof
ita own saAe .hah III 'a'porta''oh oe o1po,.a9lon
OF mats. 4olo naay con'e 'hto q eoahsis ! ~ s"u'
not pe 1ep1 III elFcuas'on 'noto, uuaosa suo nu a,
oet u lAsu.on.a n'"''o ~ eo'u A.ei e7.D' ~ ~
'"'uo =, ss'N w. ~. N.",,,:..
nhca Goli III 6olu "nscn 1ts o"lleEb Aio ui4"ai'"R
,o1,1 roma;ninc lin anne. its va1uo tluctun tos
tv,lv Lor.,so lin ,unmhor of aoIoa and n,r,hnsos
| Il ;a cal|cl uno, ia rnnfo iluc.untog.
| 'soAnn,ry nv an1n
l.; ,,o,r,,a +o In ,o.rod Tim, n uc,rct, of tata -
mt hal, ma nnoh ns tin .carelty of n hundred
ot,,or th;,ga ao1J ar co,n or ,nonav IN always
for aoto iust m other commo)ttes ara for eaio.
.1r,t co,,,,trv v,,,c Ina ,yoptth NJ anv Kind with
,.,,;o,, T., Inv oo1d can hovo II in o,chappo for
i,a wo,,t, W1on ooh1 or coin cannot In ind II
!, a;,nnlv 1,ooauao tho nation baa mt whercvith
.a 10 o'A4pi. r.. '00"1'o '9o A'"'0.
~ p oayi",, t,,o oneat;on If n,ctal,io ourronov
| s1r pr;ca +o1.oa IN
TIFF aun,Hcr or nAnKs
This part of his book is full OF instruction
full OF surprises, too. to those who havo given
rtlo t,,ourht to tho subject, Banks. our author
A'sio t.oa6'1' ~ .'Ao e"o'e~'' A.o' ~ '"0 .
donoait Mt 1east do not Comna.ed with tho
amount OF business it transacss, ) bunk handles
very little monov aud Inns very little capital. Its
staple ia not cash. it is lobts. A bunk deals III
of s1a, nm. am mid into Sir John Lubbock's
bank, and representing, Of COURSE exchanges to
TINT amount Here 1t is;
cl,ecfa aud Hills. Els. .ao5. 600
@ Notea 1saS5' 1H'SSS
anna of Tim ann, Of 9i i oo onlv nor
cent was cash. only one-half Of nor cont col,,,
,o,' ;s oanarrnntor ~ A. pr;ce,, .a,va ~
money. aud shows how largo number Of OK
ch.nree ia mado without its intervention.
Nuoty-seven per cent, at least, Of bankcrs
etaples arc tlsreforc. checks and ls-lebts. il,
other v orls We make place for an estrao. lore
from Prof. Prico's book, illustrative Of hiB
v;o,ra and of lin mct1,oi, oY roasoninp Ho in
'ao"e, "Au " LAO 4''..1o" - Ao"7onAnS' - 10
showing that nearly all buying and selling, bor-
rowing aud lending, takes place by
| rrctrlynIS'. nrnr tn11ysr nrnr
hAeI"Na4Nu , D1n1 nN'" naNot "'... DADA,
not by actual payment. Iho raftios TO an OK
change are merchant and farmer. Hc pro-
.1'
ceeas: :, ,.
- dlVc Me your o1l.caAe, sasH !atmer, ana WI!
tcll my oaiiksr to lss Son Doss 40 ahe IN acsnal a.
ayment2 No te cakalnareaaas eassa Iae cneex H. 10
hla p"n 9an5el; @ IN am ~ psuessus ~ Iii pty y IN M
iuIcr to rav Sn, Ana so It Tnec nm N avery trail,
Inc resources Of bank nl come from salea ot com
~ "n,G n @ snS ,soes IVY w. n9s E"s ~ ~
power Of obtaining lilo difference. IT farmer'a
wagon lrlnaa 1aek 70 the farm commodities of e2na!
nonu for bsnk: tut IT, o., tlo co,trsry. tho farm.
cr who 1as brought eco worth of whea: into the town
II M o. 9o9 9 =" ~ an
this power s fcu:y OF purchasing, lie deposits ut
te bank and these aso the funds OF which the bank
|