CHAPTER III.
COIN-KEEPING.
68. It will be seen by reference to the last chapter that our present task is to examine the relation of holders of store to holders of currency; and of both to those who hold neither. In order to do this, we must determine on which side we are to place substances such as gold, commonly known as bases of currency. By aid of previous definitions the reader will now be able to understand closer statements than have yet been possible.
69. The currency of any country consists of every document acknowledging debt, which is transferable in the country.[1]
This transferableness depends upon its intelligibility and credit. Its intelligibility
- ↑ [Remember this definition: it is of great importance as opposed to the imperfect ones usually given. When first these essays were published, I remember one of their
