when, rises above mint price, it proves the depreciation of the

of gold, before and after recoinage of 1774

with currency paper, a rise of, above mint price proves
depreciation of the paper.

i., 433

bill extinguished by

includes acquired capacities as wealth

sees the true nature of money.

calls credit purchasing power

classes transport as one species of production

dogma on the issue of paper

MINT PRICE

meaning of, of gold and silver.

of gold, fixed at £3 17s. 10d. in 1727
see also Market Price

MIS-SPELLING

does not avoid indorsement

MISTAKE

bill may be altered to correct a .
cancelling cheque by

cancelling indorsement by

MISTAKE

accepting or paying a bill under, of facts.

MONEY

VOL. PAGE

ii., 535

called general credit by Burke

represents the debts which arises from an unequal exchange
different substances used as

metal the best substance for

.

i., 20

true nature of, seen by Aristotle, Baudeau, Smith, Thornton
by Bastiat.

by Mill

all mathematicians since Maclaurin say that debts are
explanation of this by Euler and Peacock.

their explanation erroneous

application of the theory of algebraical signs to Economics
different applications of the signs and in natural
philosophy.

if the products which the land has produced in time past are
called positive, those which it will produce in time future
may be called negative

a merchant who has earned profits in time past and has the
capacity to earn profits in future is analogous to land

he may trade with money which represents his past earnings,
or he may trade with credit which represents his future
earnings

money and credit both purchasing power but inverse or opposite
to each other

when he trades with credit an obligation is created.

if money called positive capital, credit may be termed negative
capital

VOL. PAGE

NEGATIVE QUANTITIES

this obligation contains two quantities, the creditor's right to
demand and the debtor's duty to pay

i., 166

if the right to demand is positive the duty to pay is negative .
the creditor's right to demand may be sold any number of
times

i., 166

i., 167

hence it is called merx, rex, bonum, “goods and chattels
when+£100 will extinguish

- £100

i., 168

when not

i., 168

NEWTON

Report on the coinage

i., 419

NORMAN, Mr. G. W.

on currency

admits that the rate of discount is sufficient to control credit
NOTICE OF DISHONOUR

ii., 346

points out the fallacy of the Bank principle of 1832.

VOL. PAGE

PANIC

two theories of Bank's proper action in

may be called the expansive and restrictive theories
examples of their application

the restrictive theory has always failed

the expansive theory has always succeeded

PAPER CURRENCY

true principle of controlling

fallacy of basing a, on the discount of mercantile bills

effect of inconvertible, on the exchanges

test of the depreciation of

must be a person capable of being ascertained at the time the
bill or note is made

if uncertain at that time instrument void.

i., 205, 207; ii., 478

ii., 512

ii., 512