"Medium of exchange" Quotes from Famous Books
 ... bushels of corn for a plow, where it would be necessary to go to the great trouble of finding a man who had a plow, and also wanted your corn, you sell it for so much money, and with this money you buy a plow. Money is thus but a medium of exchange ...
— Government and Administration of the United States • Westel W. Willoughby and William F. Willoughby
... given to pieces of metal, on which the public authority has impressed different marks to indicate their weight and value, to make them a convenient medium of exchange. By the word medals, when used in reference to modern times, is understood pieces of metal similar to coins but not intended as a medium of exchange, but struck and distributed to commemorate some important event, or in memory of some distinguished personage. ...
— Anecdotes of Painters, Engravers, Sculptors and Architects and Curiosities of Art (Vol. 3 of 3) • S. Spooner
... backwoodsman—sometimes even with a flintlock and called by some pet feminine name. Once he saw the hominy block that the mountaineers had borrowed from the Indians, and once a handmill like the one from which the one woman was taken and the other left in biblical days. He struck communities where the medium of exchange was still barter, and he found mountaineers drinking metheglin still as well as moonshine. Moreover, there were still log-rollings, house-warmings, corn-shuckings, and quilting parties, and sports were the same as in pioneer days—wrestling, racing, jumping, ...
— The Trail of the Lonesome Pine • John Fox, Jr.
... no English, yet they must needs find a medium of exchange for their valuable views, she tried to teach him to speak Cherokee. He was a bird, her little bird, she told him by signs, and his name was Tsiskwa. This she repeated again and again in the velvet-soft fluting of her voice. But no! he revolted. His name was Archie ...
— The Ordeal - A Mountain Romance of Tennessee • Charles Egbert Craddock
... was that of finance. Since the amount of money in circulation was not sufficient to meet the demands of the increasing population, a system of state banks was instituted. State bonds were issued and public lands were sold to secure capital, and the notes of the banks, loaned on security, became a medium of exchange. Prospects of an income from the banks led the legislature of 1836 to abolish all taxation for state purposes. This was hardly done, however, before the panic of 1837 wiped out a large portion of the banks' assets; next came revelations of grossly careless and even of corrupt management, ...
— Project Gutenberg Encyclopedia
... 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 |
