The Complete Works of Henry George volume 7

Cover The Complete Works of Henry George volume 7
The Complete Works of Henry George volume 7
Henry George
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491 more relation to intrinsic value than it has in the case of our paper money. And this is the case to-day all over the civilized world.
The fact is that neither the fiat of government nor the action of individuals nor the character or intrinsic value of the material used, nor anything else, can make money or mar money, raise or lessen its circulating value, except as it affects the disposition to receive it as a medium of exchange.
In different times and places all sorts of things capable of
... more or less easy transfer have been used as money. Thus in San Francisco in the early days, when the sudden outflow of gold from the mines brought a sudden demand for money which there was no ready means of supplying, bogus coins, known to be bogus, passed from hand to hand as money ; and in New York at the beginning of the Civil War, when there was a great scarcity of circulating medium, owing to the withdrawal of gold and silver from circulation, postage stamps, car tickets, bread tickets, and even counterfeit notes, known to be counterfeit, passed from hand to hand as money.

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