mitchell innes, a - what is money

8/12/2019 Mitchell Innes, A - What is Money

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WHAT IS MONEY?

By A. MITCHELL INNES

From The Banking Law Journal, May 1913.

The fu!ame"a# "heor$e% o &h$'h "he mo!er %'$e'e of (o#$"$'a# e'oomy $% )a%e! are "he%e*

Tha" u!er (r$m$"$+e 'o!$"$o% me #$+e! a! #$+e )y )ar"erTha" a% #$fe )e'ome% more 'om(#e- )ar"er o #oer %uff$'e% a% a me"ho! of e-'ha$'ommo!$"$e%, a! )y 'ommo 'o%e" oe (ar"$'u#ar 'ommo!$"y $% f$-e! o &h$'h $% eera##ya''e("a)#e a! &h$'h "herefore, e+eryoe &$## "a/e $ e-'hae for "he "h$% he (ro!u'e% or "he%er+$'e% he re!er% a! &h$'h ea'h $ "ur 'a e0ua##y (a%% o "o o"her% $ e-'hae for &ha"e+erhe may &a" Tha" "h$% 'ommo!$"y "hu% )e'ome% a me!$um of e-'hae a! mea%ure of +a#ue.

Tha" a %a#e $% "he e-'hae of a 'ommo!$"y for "h$% $"erme!$a"e 'ommo!$"y &h$'h $% 'a##e!moey

Tha" may !$ffere" 'ommo!$"$e% ha+e a" +ar$ou% "$me% a! (#a'e% %er+e! a% "h$% me!$um ofe-'hae2'a""#e, $ro, %a#", %he##%, !r$e! 'o!, "o)a''o, %uar, a$#%, e"'.

Tha" ra!ua##y "he me"a#%, o#!, %$#+er, 'o((er, a! more e%(e'$a##y "he f$r%" "&o, 'ame "o )erear!e! a% )e$ )y "he$r $here" 0ua#$"$e% more %u$"a)#e for "h$% (ur(o%e "ha ay o"her'ommo!$"$e% a! "he%e me"a#% ear#y )e'ame )y 'ommo 'o%e" "he o#y me!$um of e-'hae

Tha" a 'er"a$ f$-e! &e$h" of oe of "he%e me"a#% of a /o& f$ee%% )e'ame a %"a!ar! of +a#ue,a! "o uara"ee "h$% &e$h" a! 0ua#$"y $" )e'ame $'um)e" o o+erme"% "o $%%ue ($e'e% ofme"a# %"am(e! &$"h "he$r (e'u#$ar %$, "he for$ of &h$'h &a% (u$%ha)#e &$"h %e+ere (ea#"$e%

Tha" Em(eror%, $%, 4r$'e% a! "he$r a!+$%er% +$e! &$"h ea'h o"her $ "he m$!!#e ae% $%&$!#$ "he (eo(#e )y !e)a%$ "he$r 'o$%, %o "ha" "ho%e &ho "houh" "ha" "hey &ere o)"a$$ a'er"a$ &e$h" of o#! or %$#+er for "he$r (ro!u'e &ere, $ rea#$"y, e""$ #e%%, a! "ha" "h$% %$"ua"$o

(ro!u'e! %er$ou% e+$#% amo &h$'h &ere a !e(re'$a"$o of "he +a#ue of moey a! a 'o%e0ue"r$%e of (r$'e% $ (ro(or"$o a% "he 'o$ae )e'ame more a! more !e)a%e! $ 0ua#$"y or #$h" $&e$h" Tha" "o e'oom$5e "he u%e of "he me"a#% a! "o (re+e" "he$r 'o%"a" "ra%(or" a ma'h$ery'a##e! 're!$" ha% ro& u( $ mo!er !ay%, )y mea% of &h$'h, $%"ea! of ha!$ o+er a 'er"a$&e$h" of me"a# a" ea'h "ra%a'"$o, a (rom$%e "o !o %o $% $+e, &h$'h u!er fa+ora)#e'$r'um%"a'e% ha% "he %ame +a#ue a% "he me"a# $"%e#f. Cre!$" $% 'a##e! a %u)%"$"u"e for o#!.

So u$+er%a# $% "he )e#$ef $ "he%e "heor$e% amo e'oom$%"% "ha" "hey ha+e ro& "o )e 'o%$!ere!a#mo%" a% a-$om% &h$'h har!#y re0u$re (roof, a! o"h$ $% more o"$'ea)#e $ e'oom$' &or/%"ha "he %'a" h$%"or$'a# e+$!e'e o &h$'h "hey re%", a! "he a)%e'e of 'r$"$'a# e-am$a"$o of"he$r &or"h. Broa!#y %(ea/$ "he%e !o'"r$e% may )e %a$! "o re%" o "he &or! of A!am Sm$"h,

)a'/e! u( )y a fe& (a%%ae% from Homer a! Ar$%"o"#e a! "he &r$"$% of "ra+e#er% $ (r$m$"$+e#a!%. Bu" mo!er re%ear'h $ "he !oma$ of 'ommer'$a# h$%"ory a! um$%ma"$'%, a! e%(e'$a##yre'e" !$%'o+er$e% $ Ba)y#o$a, ha+e )rouh" "o #$h" a ma%% of e+$!e'e &h$'h &a% o" a+a$#a)#e"o "he ear#$er e'oom$%"%, a! $ "he #$h" of &h$'h $" may )e (o%$"$+e#y %"a"e! "ha" oe of "he%e"heor$e% re%" o a %o#$! )a%$% of h$%"or$'a# (roof2"ha" $ fa'" "hey are fa#%e.

To %"ar", &$"h A!am Sm$"h6% error a% "o "he "&o mo%" eera##y 0uo"e! $%"a'e% of "he u%e of'ommo!$"$e% a% moey $ mo!er "$me%, ame#y "ha" of a$#% $ a S'o"'h +$##ae a! "ha" of !r$e!'o! $ Ne&fou!#a!, ha+e a#rea!y )ee e-(o%e!, "he oe $ 4#ayfa$r6% e!$"$o of "he Wea#"h of

Na"$o% a% #o ao a% 178 a! "he o"her $ a E%%ay o Curre'y a! Ba/$ )y Thoma% Sm$"h,(u)#$%he! $ 4h$#a!e#(h$a $ 173: a! $" $% 'ur$ou% ho&, $ "he fa'e of "he e+$!e"#y 'orre'"e-(#aa"$o $+e )y "ho%e au"hor%, A!am Sm$"h6% m$%"a/e ha% )ee (er(e"ua"e!. I "he S'o"'h

+$##ae "he !ea#er% %o#! ma"er$a#% a! foo! "o "he a$# ma/er%, a! )ouh" from "hem "he f$$%he!a$#% "he +a#ue of &h$'h &a% 'hare! off aa$%" "he !e)". The u%e of moey &a% a% &e## /o& "o"he f$%her% &ho fre0ue"e! "he 'oa%"% a! )a/% of Ne&fou!#a! a% $" $% "o u%, )u" o me"a#


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'urre'y &a% u%e! %$m(#y )e'au%e $" &a% o" &a"e!. I "he ear#y !ay% of "he Ne&fou!#a! f$%h$$!u%"ry "here &a% o (ermae" Euro(ea (o(u#a"$o "he f$%her% &e" "here for "he f$%h$ %ea%oo#y, a! "ho%e &ho &ere o" f$%her% &ere "ra!er% &ho )ouh" "he !r$e! f$%h a! %o#! "o "he f$%her%"he$r !a$#y %u((#$e%. The #a""er %o#! "he$r 'a"'h "o "he "ra!er% a" "he mar/e" (r$'e $ (ou!%, %h$##$%a! (e'e, a! o)"a$e! $ re"ur a 're!$" o "he$r )oo/%, &$"h &h$'h "hey (a$! for "he$r %u((#$e%.Ba#a'e% !ue )y "he "ra!er% &ere (a$! for )y !raf"% o E#a! or Fra'e. A mome"6% ref#e'"$o

%ho&% "ha" a %"a(#e 'ommo!$"y 'ou#! o" )e u%e! a% moey, )e'au%e e- hy(o"he%$, "he me!$um ofe-'hae $% e0ua##y re'e$+a)#e )y a## mem)er% of "he 'ommu$"y. Thu% $f "he f$%her% (a$! for "he$r%u((#$e% $ 'o!, "he "ra!er% &ou#! e0ua##y ha+e "o (ay for "he$r 'o! $ 'o!, a o)+$ou% a)%ur!$"y. I

)o"h "he%e $%"a'e% $ &h$'h A!am Sm$"h )e#$e+e% "ha" he ha% !$%'o+ere! a "a$)#e 'urre'y, heha%, $ fa'", mere#y fou!2're!$".

The aa$ a% rear!% "he +ar$ou% 'o#o$a# #a&%, ma/$ 'or, "o)a''o, e"'., re'e$+a)#e $ (ayme"of !e)" a! "a-e%, "he%e 'ommo!$"$e% &ere e+er a me!$um of e-'hae $ "he e'oom$' %e%e of a'ommo!$"y, $ "erm% of &h$'h "he +a#ue of a## o"her "h$% $% mea%ure!. They &ere "o )e "a/e a""he$r mar/e" (r$'e $ moey. Nor $% "here, a% far a% I /o&, ay &arra" for "he a%%um("$o u%ua##yma!e "ha" "he 'ommo!$"$e% "hu% ma!e re'e$+a)#e &ere a eera# me!$um of e-'hae $ ay %e%e

of "he &or!%. The #a&% mere#y (u" $"o "he ha!% of !e)"or% a me"ho! of #$)era"$ "hem%e#+e% $'a%e of e'e%%$"y, $ "he a)%e'e of o"her more u%ua# mea%. Bu" $" $% o" "o )e %u((o%e! "ha" %u'h ae'e%%$"y &a% of fre0ue" o''urre'e, e-'e(", (erha(% $ 'ou"ry !$%"r$'"% far from a "o& a!&$"hou" ea%y mea% of 'ommu$'a"$o.

The m$%u!er%"a!$ "ha" ha% ar$%e o "h$% %u);e'" $% !ue "o "he !$ff$'u#"y of rea#$5$ "ha" "he u%eof moey !oe% o" e'e%%ar$#y $m(#y "he (hy%$'a# (re%e'e of a me"a##$' 'urre'y, or e+e "hee-$%"e'e of a me"a##$' %"a!ar! of +a#ue. We are %o a''u%"ome! "o a %y%"em $ &h$'h "he !o##ar or"he %o+ere$ of a !ef$$"e &e$h" of o#! 'orre%(o!% "o a !o##ar or a (ou! of moey "ha" &e'ao" ea%$#y )e#$e+e "ha" "here 'ou#! e-$%" a (ou! &$"hou" a %o+ere$ or a !o##ar &$"hou" a o#! or%$#+er !o##ar of a !ef$$"e /o& &e$h". Bu" "hrouhou" "he &ho#e rae of h$%"ory, o" o#y $% "hereo e+$!e'e of "he e-$%"e'e of a me"a##$' %"a!ar! of +a#ue "o &h$'h "he 'ommer'$a# moe"ary

!eom$a"$o, "he moey of a''ou" a% $" $% u%ua##y 'a##e!, 'orre%(o!%, )u" "here $%o+er&he#m$ e+$!e'e "ha" "here e+er &a% a moe"ary u$" &h$'h !e(e!e! o "he +a#ue of 'o$or o a &e$h" of me"a# "ha" "here e+er &a%, u"$# 0u$"e mo!er !ay%, ay f$-e! re#a"$o%h$(

)e"&ee "he moe"ary u$" a! ay me"a# "ha", $ fa'", "here e+er &a% %u'h a "h$ a% a me"a##$'%"a!ar! of +a#ue. I" $% $m(o%%$)#e &$"h$ "he 'om(a%% of a ar"$'#e #$/e "h$% "o (re%e" "he+o#um$ou% e+$!e'e o &h$'h "h$% %"a"eme" $% )a%e! a## "ha" 'a )e !oe $% "o offer a %ummary of"he &r$"er6% 'o'#u%$o% !ra& from a %"u!y e-"e!$ o+er %e+era# year%, referr$ "he rea!er &ho&$%he% "o (ur%ue "he %u);e'" fur"her "o "he !e"a$#e! &or/ &h$'h "he &r$"er ho(e% )efore #o "o

(u)#$%h. The ear#$e%" /o& 'o$% of "he &e%"er &or#! are "ho%e of a'$e"


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&e$h". A## "ha" $% !ef$$"e#y /o& $% "ha", &h$#e "he +ar$ou%


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&ere ma!e of a 'o((er 'ore )e"&ee "&o "h$ (#a"e% of %$#+er, or &ere mere 'o((er 'o$%!$%"$u$%ha)#e from "he o"her 'o((er 'o$% o#y )y "he !e+$'e% %"am(e! o "hem )u" "hey'o"$ue! "o )e 'a##e! %$#+er.

Whe"her or o" "he %$#+er ear$u% &a% $"r$%$'a##y &or"h $"% om$a# +a#ue or o" $% a ma""er of%(e'u#a"$o, )u" f$f"y year% #a"er, a''or!$ "o Mommee, "he #ea# +a#ue of "he 'o$ &a% oe"h$r!rea"er "ha $"% rea# +a#ue, a! a o#! 'o$ &a% for "he f$r%" "$me $"ro!u'e! ra"e! a" far a)o+e $"%

$"r$%$' +a#ue.

I %($"e of "he !era!a"$o of "he 'o$, ho&e+er, "he ear$u%, a% a moey of a''ou", ma$"a$e! $"%(r$m$"$+e re#a"$o "o "he Se%"er'e, a! $" rema$e! "he u$" #o af"er "he Se%"er'e ha! !$%a((eare!.


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)ee (u" for&ar! &h$'h &a% more 'om(#e"e#y #a'/$ $ fou!a"$o. If, $ "h$% ar"$'#e, I 'of$emy%e#f a#mo%" e-'#u%$+e#y "o Fre'h h$%"ory, $" $% o" "ha" o"her h$%"or$e% 'o"a$ ay"h$ &h$'h'ou#! !$%(ro+e my 'o"e"$o2$!ee! a## "ha" $% /o& "o me of E#$%h,


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ma%"er% of "he m$"% a% "o "he &e$h", a##oy a! !e%$ &ere ;u%" a% 'arefu#, a#"houh "he +a#ue of "he'o$ 'ou#! o" "here)y )e affe'"e!. A''ura'y &a% $m(or"a" more "o ea)#e "he (u)#$' "o !$%"$u$%h

)e"&ee a "rue a! a 'ou"erfe$" 'o$ "ha for ay o"her rea%o. From "he "$me of "he r$%e of "heCa(e"$a !ya%"y $ A. . 97, our /oe!e of "he 'o$ae a! of o"her me"ho!% em(#oye! $ma/$ (ayme"% )e'ome% 'o%"a"#y '#earer. The re%ear'he% of mo!er Fre'h h$%"or$a% ha+e (u"$"o our (o%%e%%$o a &ea#"h of $forma"$o, "he /oe!e of &h$'h $% a)%o#u"e#y e%%e"$a# "o a

(ro(er u!er%"a!$ of moe"ary (ro)#em%, )u" &h$'h ha% ufor"ua"e#y )ee $ore! )ye'oom$%"%, &$"h "he re%u#" "ha" "he$r %"a"eme"% are )a%e! o a fa#%e +$e& of "he h$%"or$'a# fa'"%, a!$" $% o#y )y a !$%"or"$o of "ho%e fa'"% "ha" "he )e#$ef $ "he e-$%"e'e of a me"a##$' %"a!ar! ha% )ee

(o%%$)#e. Throuhou" "he feu!a# (er$o! "he r$h" of 'o$ae )e#oe! o" a#oe "o "he /$ )u" &a%a#%o a a((aae of feu!a# o+er#or!%h$(, %o "ha" $ Fra'e "here &ere )e%$!e "he roya# mo$e%,e$h"y !$ffere" 'o$ae%, $%%ue! )y )aro% a! e''#e%$a%"$'%, ea'h e"$re#y $!e(e!e" of "he o"her,a! !$ffer$ a% "o &e$h"%, !eom$a"$o%, a##oy% a! "y(e%. There &ere, a" "he %ame "$me, more"ha "&e"y !$ffere" moe"ary %y%"em%. Ea'h %y%"em ha! a% $"% u$" "he #$+re, &$"h $"% %u)!$+$%$o%,"he %o# a! "he !e$er, )u" "he +a#ue of "he #$+re +ar$e! $ !$ffere" (ar"% of "he 'ou"ry a! ea'h!$ffere" #$+re ha! $"% !$%"$u$%h$ "$"#e, %u'h a% #$+re (ar$%$%, #$+re "ouro$%, #$+re e%"e+ea"e, e"'.A! o" o#y !$! "he +a#ue of ea'h oe of "he%e "&e"y or more #$+re% !$ffer from a## "he o"her%, )u"

"he re#a"$o%h$( )e"&ee "hem +ar$e! from "$me "o "$me. Thu% "he #$+re !e"er &a% $ "he f$r%" ha#f of"he "h$r"ee"h 'e"ury &or"h a((ro-$ma"e#y "he %ame a% "he #$+re "ouro$% )u" $ 1: $" &a% &or"h1. of "he "ouro$%, $ 189 $" &a% &or"h 1. of a "ouro$%, a! from 131 "$## $"% !$%a((eara'e, $"&a% &or"h "&o "ouro$%. A" "he )e$$ of "he "h$r"ee"h 'e"ury "he #$+re "ouro$% &a% &or"h 8.7of a #$+re (ar$%$%, &h$#e f$f"y year% #a"er $" &a% &or"h 8.7 of a (ar$%$% $.e., f$+e "ouro$% e0ua##e! four

(ar$%$%, a" &h$'h ra"e "hey a((ear "o ha+e rema$e! f$-e!. The%e "&o u$"% &ere )o"h $ 'ommo u%e$ off$'$a# a''ou"%.

From "he "$me of Huue% Ca(e" !o& "o "ha" of Lou$% I= 137D a#mo%" "he e"$re 'o$ae &a% of)a%e me"a# 'o"a$$ for "he mo%" (ar" #e%% "ha oeha#f of %$#+er, a! for a" #ea%" "&o 'e"ur$e%(re+$ou% "o "he a''e%%$o of Sa$" Lou$% $ A. . 1::, "here &a% (ro)a)#y o" a 'o$ of oo! %$#+er

$ "he &ho#e /$!om.We o& 'ome "o "he mo%" 'hara'"er$%"$' fea"ure of "he f$a'e or feu!a# Fra'e a! "he oe &h$'hha% a((are"#y $+e r$%e "o "he ufou!e! a''u%a"$o% of h$%"or$a% rear!$ "he !e)a%eme" of "he'o$ae. The 'o$% &ere o" mar/e! &$"h a fa'e +a#ue, a! &ere /o& )y +ar$ou% ame%, %u'h a%


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#$h"er for "he$r +a#ue "ha "he #o'a# moey "he )e#$ef "ha" "here &a% %ome %e're" e+$# ae'y a"&or/ "o 'ofou! "he oo! $"e"$o% of "he o+erme" a! "o 'au%e "he my%"er$ou% !$%a((eara'eof "he oo! 'o$% $%%ue! )y "he o+erme", %o "ha" "here &a% a#&ay% a !ear"h of moey "he fu"$#e%ear'h for "he e+$# !oer%, a! e0ua##y fu"$#e &a"'h /e(" o "he (or"% "o (re+e" "he e-(or" of 'o$% or

)u##$o, "he h$%"ory o" o#y of Fra'e, )u" of E#a!, "he


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"o "he (u)#$' %eem% "o ha+e )ee 0u$"e u/o& $ o#! !ay%. The me"a# &a% )ouh" )y "he M$" a!"he 'o$% &ere $%%ue! )y "he $ $ (ayme" of "he e-(e%e% of "he


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a! "he )a/er &ou#! ea'h of "hem )e &$##$ "o (ur'ha%e a (ar" of $". Bu" "hey ha+e o"h$ "o offer$ e-'hae, e-'e(" "he !$ffere" (ro!u'"$o% of "he$r re%(e'"$+e "ra!e%, a! "he )u"'her $% a#rea!y

(ro+$!e! &$"h a## "he )rea! a! )eer &h$'h he ha% $mme!$a"e o''a%$o for. No 'hae 'a $ "h$%'a%e )e ma!e )e"&ee "hem. He 'ao" offer "o )e "he$r mer'ha" or "hey h$% 'u%"omer% a! "heyare a## of "hem "hu% mu"ua##y #e%% %er+$'ea)#e "o oe ao"her. I or!er "o a+o$! "he $'o+e$e'e of%u'h %$"ua"$o%, e+ery (ru!e" ma $ e+ery (er$o! of %o'$e"y, af"er "he f$r%" e%"a)#$%hme" of "he

!$+$%$o of #a)or, mu%" a"ura##y ha+e e!ea+ore! "o maae h$% affa$r% $ %u'h a maer, a% "o ha+ea" a## "$me% )y h$m, )e%$!e% "he (e'u#$ar (ro!u'e of h$% o& $!u%"ry, a 'er"a$ 0ua"$"y of %ome oe'ommo!$"y or o"her, %u'h a%, he $ma$e! "ha" fe& (eo(#e &ou#! )e #$/e#y "o refu%e $ e-'hae for"he (ro!u'e of "he$r $!u%"ry.

May !$ffere" 'ommo!$"$e%, $" $% (ro)a)#e, &ere %u''e%%$+e#y )o"h "houh" of a! em(#oye! for"h$% (ur(o%e. I a## 'ou"r$e%, ho&e+er, me %eem a" #a%" "o ha+e )ee !e"erm$e! )y $rre%$%"$)#erea%o% "o $+e "he (refere'e, for "h$% em(#oyme", "o me"a#% a)o+e e+ery o"her 'ommo!$"y.

A!am Sm$"h6% (o%$"$o !e(e!% o "he "ru"h of "he (ro(o%$"$o "ha" $f "he )a/er or "he )re&er &a"%mea" from "he )u"'her, )u" ha% "he #a""er )e$ %uff$'$e"#y (ro+$!e! &$"h )rea! a! )eerD o"h$"o offer $ e-'hae, o e-'hae 'a )e ma!e )e"&ee "hem. If "h$% &ere "rue, "he !o'"r$e of a

me!$um of e-'hae &ou#!, (erha(%, )e 'orre'". Bu" $% $" "rue? A%%um$ "he )a/er a! "he )re&er"o )e hoe%" me, a! hoe%"y $% o mo!er +$r"ue, "he )u"'her 'ou#! "a/e from "hem aa'/oe!me" "ha" "hey ha! )ouh" from h$m %o mu'h mea", a! a## &e ha+e "o a%%ume $% "ha""he 'ommu$"y &ou#! re'o$5e "he o)#$a"$o of "he )a/er a! "he )re&er "o re!eem "he%ea'/oe!me"% $ )rea! or )eer a" "he re#a"$+e +a#ue% 'urre" $ "he +$##ae mar/e", &hee+er"hey m$h" )e (re%e"e! "o "hem, a! &e a" o'e ha+e a oo! a! %uff$'$e" 'urre'y. A %a#e,a''or!$ "o "h$% "heory, $% o" "he e-'hae of a 'ommo!$"y for %ome $"erme!$a"e 'ommo!$"y'a##e! "he me!$um of e-'hae, )u" "he e-'hae of a 'ommo!$"y for a 're!$".

There $% a)%o#u"e#y o rea%o for a%%um$ "he e-$%"e'e of %o '#um%y a !e+$'e a% a me!$um ofe-'hae &he %o %$m(#e a %y%"em &ou#! !o a## "ha" &a% re0u$re!. Wha" &e ha+e "o (ro+e $% o" a

%"rae eera# areeme" "o a''e(" o#! a! %$#+er, )u" a eera# %e%e of "he %a'"$"y of ao)#$a"$o. I o"her &or!%, "he (re%e" "heory $% )a%e! o "he a"$0u$"y of "he #a& of !e)".

We are here for"ua"e#y o %o#$! h$%"or$'a# rou!. From "he ear#$e%" !ay% of &h$'h &e ha+eh$%"or$'a# re'or!%, &e are $ "he (re%e'e of a #a& of !e)", a! &he &e %ha## f$!, a% &e %ure#y%ha##, re'or!% of ae% %"$## ear#$er "ha "ha" of "he rea" /$ Hamura)$, &ho 'om($#e! h$% 'o!e of "he#a&% of Ba)y#o$a :888 year% B. C., &e %ha##, I !ou)" o", %"$## f$! "ra'e% of "he %ame #a&. The%a'"$"y of a o)#$a"$o $%, $!ee!, "he fou!a"$o of a## %o'$e"$e% o" o#y $ a## "$me%, )u" a" a##%"ae% of '$+$#$5a"$o a! "he $!ea "ha" "o "ho%e &hom, &e are a''u%"ome! "o 'a## %a+ae%, 're!$" $%u/o& a! o#y )ar"er $% u%e!, $% &$"hou" fou!a"$o. From "he mer'ha" of Ch$a "o "he @e!%/$of Amer$'a from "he Ara) of "he !e%er" "o "he Ho""e"o" of Sou"h Afr$'a or "he Maor$ of Ne&ea#a!, !e)"% a! 're!$"% are e0ua##y fam$#$ar "o a##, a! "he )rea/$ of "he (#e!e! &or!, or "he

refu%a# "o 'arry (u" a o)#$a"$o $% he#! e0ua##y !$%ra'efu#.

I" $% here e'e%%ary "o e-(#a$ "he (r$m$"$+e a! "he o#y "rue 'ommer'$a# or e'oom$' mea$ of"he &or! 're!$". I" $% %$m(#y "he 'orre#a"$+e of !e)". Wha" A o&e% "o B $% A6% !e)" "o B a! B6%'re!$" o A. A $% B6% !e)"or a! B $% A6% 're!$"or. The &or!% 're!$" a! !e)" e-(re%% a #ea#re#a"$o%h$( )e"&ee "&o (ar"$e%, a! "hey e-(re%% "he %ame #ea# re#a"$o%h$( %ee from "&oo((o%$"e %$!e%. A &$## %(ea/ of "h$% re#a"$o%h$( a% a !e)", &h$#e B &$## %(ea/ of $" a% a 're!$". A% I%ha## ha+e fre0ue" o''a%$o "o u%e "he%e "&o &or!%, $" $% e'e%%ary "ha" "he rea!er %hou#!fam$#$ar$5e h$m%e#f &$"h "h$% 'o'e("$o &h$'h, "houh %$m(#e eouh "o "he )a/er or f$a'$a#e-(er", $% a(" "o )e 'ofu%$ "o "he or!$ary rea!er, o&$ "o "he may !er$+a"$+e mea$% &h$'hare &$"h "he &or! 're!$". Whe"her, "herefore, $ "he fo##o&$ (ae%, "he &or! 're!$" or !e)" $%

u%e!, "he "h$ %(o/e of $% (re'$%e#y "he %ame $ )o"h 'a%e%, "he oe or "he o"her &or! )e$ u%e!a''or!$ a% "he %$"ua"$o $% )e$ #oo/e! a" from "he (o$" of +$e& of "he 're!$"or or of "he !e)"or.

A f$r%" '#a%% 're!$" $% "he mo%" +a#ua)#e /$! of (ro(er"y. Ha+$ o 'or(orea# e-$%"e'e, $" ha% o


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&e$h" a! "a/e% o room. I" 'a ea%$#y )e "ra%ferre!, of"e &$"hou" ay forma#$"y &ha"e+er. I" $%mo+a)#e a" &$## from (#a'e "o (#a'e )y a %$m(#e or!er &$"h o"h$ )u" "he 'o%" of a #e""er or a"e#eram. I" 'a )e $mme!$a"e#y u%e! "o %u((#y ay ma"er$a# &a", a! $" 'a )e uar!e! aa$%"!e%"ru'"$o a! "hef" a" #$""#e e-(e%e. I" $% "he mo%" ea%$#y ha!#e! of a## form% of (ro(er"y a! $%oe of "he mo%" (ermae". I" #$+e% &$"h "he !e)"or a! %hare% h$% for"ue%, a! &he he !$e%, $"

(a%%e% "o "he he$r% of h$% e%"a"e. A% #o a% "he e%"a"e e-$%"%, "he o)#$a"$o 'o"$ue%, a! u!er

fa+ora)#e '$r'um%"a'e% a! $ a hea#"hy %"a"e of 'ommer'e "here %eem% "o )e o rea%o &hy $"%hou#! e+er %uffer !e"er$ora"$o.

Cre!$" $% "he (ur'ha%$ (o&er %o of"e me"$oe! $ e'oom$' &or/% a% )e$ oe of "he (r$'$(a#a""r$)u"e% of moey, a!, a% I %ha## "ry "o %ho&, 're!$" a! 're!$" a#oe $% moey. Cre!$" a! o" o#!or %$#+er $% "he oe (ro(er"y &h$'h a## me %ee/, "he a'0u$%$"$o of &h$'h $% "he a$m a! o);e'" of a##'ommer'e.

The &or! 're!$" $% eera##y "e'h$'a##y !ef$e! a% )e$ "he r$h" "o !ema! a! %ue for (ayme"of a !e)", a! "h$% o !ou)" $% "he #ea# a%(e'" of a 're!$" "o!ay &h$#e &e are %o a''u%"ome! "o

(ay$ a mu#"$"u!e of %ma## (ur'ha%e% $ 'o$ "ha" &e ha+e 'ome "o a!o(" "he $!ea, fo%"ere! )y "he#a&% of #ea# "e!er, "ha" "he r$h" "o (ayme" of a !e)" mea% "he r$h" "o (ayme" $ 'o$ or $"%

e0u$+a#e". A! fur"her, o&$ "o our mo!er %y%"em% of 'o$ae, &e ha+e )ee #e! "o "he o"$o"ha" (ayme" $ 'o$ mea% (ayme" $ a 'er"a$ &e$h" of o#!.

Before &e 'a u!er%"a! "he (r$'$(#e% of 'ommer'e &e mu%" &ho##y !$+e%" our m$!% of "h$% fa#%e$!ea. The roo" mea$ of "he +er) "o (ay $%* "ha" of "o a((ea%e, "o (a'$fy, "o %a"$%fy, a!&h$#e a !e)"or mu%" )e $ a (o%$"$o "o %a"$%fy h$% 're!$"or, "he rea##y $m(or"a" 'hara'"er$%"$' of a're!$" $% o" "he r$h" &h$'h $" $+e% "o (ayme" of a !e)", )u" "he r$h" "ha" $" 'ofer% o "he ho#!er"o #$)era"e h$m%e#f from !e)" )y $"% mea%2a r$h" re'o$5e! )y a## %o'$e"$e%. By )uy$ &e

)e'ome !e)"or% a! )y %e##$ &e )e'ome 're!$"or%, a! )e$ a## )o"h )uyer% a! %e##er% &e are a##!e)"or% a! 're!$"or%. A% !e)"or &e 'a 'om(e# our 're!$"or "o 'a'e# our o)#$a"$o "o h$m )yha!$ "o h$m h$% o& a'/oe!me" of a !e)" "o a e0u$+a#e" amou" &h$'h he, $ h$% "ur,

ha% $'urre!. For e-am(#e, A ha+$ )ouh" oo!% from B "o "he +a#ue of 188, $% B6% !e)"or for"ha" amou". A 'a r$! h$m%e#f of h$% o)#$a"$o "o B )y %e##$ "o C oo!% of a e0u$+a#e" +a#uea! "a/$ from h$m $ (ayme" a a'/oe!me" of !e)" &h$'h he C, "ha" $% "o %ayD ha%re'e$+e! from B. By (re%e"$ "h$% a'/oe!me" "o B, A 'a 'om(e# h$m "o 'a'e# "he !e)" !ue"o h$m. A ha% u%e! "he 're!$" &h$'h he ha% (ro'ure! "o re#ea%e h$m%e#f from h$% !e)". I" $% h$%

(r$+$#ee.

Th$% $% "he (r$m$"$+e #a& of 'ommer'e. The 'o%"a" 'rea"$o of 're!$"% a! !e)"%, a! "he$re-"$'"$o )y )e$ 'a'e##e! aa$%" oe ao"her, form% "he &ho#e me'ha$%m of 'ommer'e a! $"$% %o %$m(#e "ha" "here $% o oe &ho 'ao" u!er%"a! $". Cre!$" a! !e)" ha+e o"h$ a! e+erha+e ha! ay"h$ "o !o &$"h o#! a! %$#+er. There $% o" a! "here e+er ha% )ee, %o far a% I ama&are, a #a& 'om(e##$ a !e)"or "o (ay h$% !e)" $ o#! or %$#+er, or $ ay o"her 'ommo!$"y or %o

far a% I /o&, ha% "here e+er )ee a #a& 'om(e##$ a 're!$"or "o re'e$+e (ayme" of a !e)" $ o#!or %$#+er )u##$o, a! "he $%"a'e% $ 'o#o$a# !ay% of #e$%#a"$o 'om(e##$ 're!$"or% "o a''e("

(ayme" $ "o)a''o a! o"her 'ommo!$"$e% &ere e-'e("$oa# a! !ue "o "he %"re%% of (e'u#$ar'$r'um%"a'e%. Le$%#a"ure% may of 'our%e, a! !o, u%e "he$r %o+ere$ (o&er "o (re%'r$)e a

(ar"$'u#ar me"ho! )y &h$'h !e)"% may )e (a$!, )u" &e mu%" )e 'hary of a''e("$ %"a"u"e #a&% o'urre'y, 'o$ae or #ea# "e!er, a% $##u%"ra"$o% of "he (r$'$(#e% of 'ommer'e.

The +a#ue of a 're!$" !e(e!% o" o "he e-$%"e'e of ay o#! or %$#+er or o"her (ro(er"y )eh$! $",)u" %o#e#y o "he %o#+e'y of "he !e)"or, a! "ha" !e(e!% %o#e#y o &he"her, &he "he !e)")e'ome% !ue, he $ h$% "ur ha% %uff$'$e" 're!$"% o o"her% "o %e" off aa$%" h$% !e)"%. If "he !e)"ore$"her (o%%e%%e% or 'a a'0u$re 're!$"% &h$'h 'a )e off%e" aa$%" h$% !e)"%, "he "he (o%%e%%$o

of "ho%e !e)"% $% of o +a#ue "o "he 're!$"or% &ho o& "hem. I" $% )y %e##$, I re(ea", a! )y %e##$a#oe2&he"her $" )e )y "he %a#e of (ro(er"y or "he %a#e of "he u%e of our "a#e"% or of our #a!2"ha"&e a'0u$re "he 're!$"% )y &h$'h &e #$)era"e our%e#+e% from !e)", a! $" $% )y h$% %e##$ (o&er "ha" a


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(ru!e" )a/er e%"$ma"e% h$% '#$e"6% +a#ue a% a !e)"or. e)"% !ue a" a 'er"a$ mome" 'a o#y )e'a'e##e! )y )e$ off%e" aa$%" 're!$"% &h$'h )e'ome a+a$#a)#e a" "ha" mome" "ha" $% "o %ay "ha"a 're!$"or 'ao" )e 'om(e##e! "o a''e(" $ (ayme" of a !e)" !ue "o h$m a a'/oe!me" of$!e)"e!e%% &h$'h he h$m%e#f ha% $+e a! &h$'h o#y fa##% !ue a" a #a"er "$me. He'e $" fo##o&%"ha" a ma $% o#y %o#+e" $f he ha% $mme!$a"e#y a+a$#a)#e 're!$"% a" #ea%" e0ua# "o "he amou" of h$%!e)"% $mme!$a"e#y !ue a! (re%e"e! for (ayme". If, "herefore, "he %um of h$% $mme!$a"e !e)"%

e-'ee!% "he %um of h$% $mme!$a"e 're!$"%, "he rea# +a#ue of "he%e !e)"% "o h$% 're!$"or% &$## fa## "o aamou" &h$'h &$## ma/e "hem e0ua# "o "he amou" of h$% 're!$"%. Th$% $% oe of "he mo%" $m(or"a"

(r$'$(#e% of 'ommer'e. Ao"her $m(or"a" (o$" "o remem)er $% "ha" &he a %e##er ha% !e#$+ere! "he'ommo!$"y )ouh" a! ha% a''e("e! a a'/oe!me" of !e)" from "he (ur'ha%er, "he "ra%a'"$o$% 'om(#e"e, "he (ayme" of "he (ur'ha%e $% f$a# a! "he e& re#a"$o%h$( &h$'h ar$%e% )e"&ee "he%e##er a! "he (ur'ha%er, "he 're!$"or a! "he !e)"or, $% !$%"$'" from "he %a#e a! (ur'ha%e.

For may 'e"ur$e%, ho& may &e !o o" /o&, "he (r$'$(a# $%"rume" of 'ommer'e &a% e$"her"he 'o$ or "he (r$+a"e "o/e, )u" "he "a##y, La". "a#ea. Fr. "a$##e.


13/22

Amo re'e" !$%'o+er$e% $ a'$e" Ba)y#o$a, far "he mo%" 'ommo 'ommer'$a# !o'ume"%&h$'h ha+e )ee fou! are &ha" are 'a##e! 'o"ra'" "a)#e"% or %huha"$ "a)#e"%2"he &or! %hu)a"$,&h$'h $% (re%e" o ear#y a## of "hem, mea$ re'e$+e!. The%e "a)#e"%, "he o#!e%" of &h$'h &ere$ u%e from :888 "o 3888 year% B. C. are of )a/e! or %u!r$e! '#ay, re%em)#$ $ %ha(e a! %$5e"he or!$ary 'a/e of "o$#e" %oa(, a! +ery %$m$#ar "o "he I"a#$a 'o((er 'a/e%. The rea"er um)er are%$m(#e re'or!% of "ra%a'"$o% $ "erm% of %he, &h$'h $% u!er%"oo! )y ar'haeo#o$%"% "o )e ra$

of %ome %or".They )ear "he fo##o&$ $!$'a"$o%*2 The 0ua"$"y of ra$. The &or! %hu)a"$ or re'e$+e!. Theame of "he (er%o from &hom re'e$+e!. The ame of "he (er%o )y &hom re'e$+e!. The !a"e. The%ea# of "he re'e$+er or, &he "he $ $% "he re'e$+er, "ha" of h$% %'r$)e or %er+a".

From "he fre0ue'y &$"h &h$'h "he%e "a)#e"% ha+e )ee me" &$"h, from "he !ura)$#$"y of "he ma"er$a#of &h$'h "hey are ma!e, from "he 'are &$"h &h$'h "hey &ere (re%er+e! $ "em(#e% &h$'h are /o&"o ha+e %er+e! a% )a/%, a! more e%(e'$a##y from "he a"ure of "he $%'r$("$o%, $" may )e ;u!e!"ha" "hey 'orre%(o! "o "he me!$e+a# "a##y a! "o "he mo!er )$## of e-'hae "ha" $% "o %ay, "ha""hey are %$m(#e a'/oe!me"% of $!e)"e!e%% $+e "o "he %e##er )y "he )uyer $ (ayme" of a

(ur'ha%e, a! "ha" "hey &ere "he 'ommo $%"rume" of 'ommer'e. Bu" (erha(% a %"$## more

'o+$'$ (roof of "he$r a"ure $% "o )e fou! $ "he fa'" "ha" %ome of "he "a)#e"% are e"$re#ye'#o%e! $ "$h"f$""$ '#ay e+e#o(e% or 'a%e%, a% "hey are 'a##e!, &h$'h ha+e "o )e )ro/e off

)efore "he "a)#e" $"%e#f 'a )e $%(e'"e!. O "he%e 'a%e "a)#e"%, "hey are 'a##e!, "he $%'r$("$o $%fou! o "he 'a%e, a! $" $% re(ea"e! o "he e'#o%e! "a)#e", &$"h "&o o"a)#e om$%%$o%. The amea! %ea# of "he re'e$+er are o" fou! $%$!e. I" $% %e#fe+$!e" "ha" "he re(e"$"$o of "he e%%e"$a#fea"ure% of "he "ra%a'"$o o "he $er "a)#e" &h$'h 'ou#! o#y )e "ou'he! )y !e%"roy$ "he 'a%e,&a%, ;u%" a% $ "he o"her $%"a'e%, for "he (ro"e'"$o of "he !e)"or aa$%" "he !aer of h$% "a)#e"

)e$ frau!u#e"#y "am(ere! &$"h, $f $" fe## $"o !$%hoe%" ha!%. The (ar"$'u#ar %$$f$'a'e of "he%e'a%e "a)#e"% #$e% $ "he fa'" "ha" "hey &ere o)+$ou%#y o" $"e!e! a% mere re'or!% "o rema$ $ "he

(o%%e%%$o of "he !e)"or, )u" "ha" "hey &ere %$e! a! %ea#e! !o'ume"%, a! &ere $%%ue! "o "he're!$"or, a! o !ou)" (a%%e! from ha! "o ha! #$/e "a##$e% a! )$##% of e-'hae. Whe "he !e)"

&a% (a$!, &e are "o#! "ha" $" &a% 'u%"omary "o )rea/ "he "a)#e".

We /o&, of 'our%e, har!#y ay"h$ a)ou" "he 'ommer'e of "ho%e faroff !ay%, )u" &ha" &e !o/o& $% "ha" rea" 'ommer'e &a% 'arr$e! o a! "ha" "he "ra%fer of 're!$" from ha! "o ha! a!from (#a'e "o (#a'e &a% a% &e## /o& "o "he Ba)y#o$a% a% $" $% "o u%. We ha+e "he a''ou"% ofrea" mer'ha" or )a/$ f$rm% "a/$ (ar" $ %"a"e f$a'e a! %"a"e "a- 'o##e'"$o, ;u%" a% "he rea"


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15/22

We are a## eae! $ )uy$ a! %e##$, &e maufa'"ure 'ommo!$"$e% for %a#e, &e 'u#"$+a"e "herou! a! %e## "he (ro!u'e, &e %e## "he #a)or of our ha!% or "he &or/ of our $"e##$e'e or "he u%eof our (ro(er"y, a! "he o#y &ay $ &h$'h &e 'a )e (a$! for "he %er+$'e% &e "hu% re!er $% )yre'e$+$ )a'/ from our (ur'ha%er% "he "a##$e% &h$'h &e our%e#+e% ha+e $+e $ (ayme" of #$/e%er+$'e% &h$'h &e ha+e re'e$+e! from o"her%.

Bu" a o+erme" (ro!u'e% o"h$ for %a#e, a! o&% #$""#e or o (ro(er"y of &ha" +a#ue, "he, are

"he%e "a##$e% "o "he 're!$"or% of "he o+erme"? They a'0u$re "he$r +a#ue $ "h$% &ay. Theo+erme" )y #a& o)#$e% 'er"a$ %e#e'"e! (er%o% "o )e'ome $"% !e)"or%. I" !e'#are% "ha" %oa!%o,&ho $m(or"% oo!% from a)roa!, %ha## o&e "he o+erme" %o mu'h o a## "ha" he $m(or"%, or "ha"%oa!%o, &ho o&% #a!, %ha## o&e "o "he o+erme" %o mu'h (er a're. Th$% (ro'e!ure $% 'a##e!#e+y$ a "a-, a! "he (er%o% "hu% for'e! $"o "he (o%$"$o of !e)"or% "o "he o+erme" mu%" $"heory %ee/ ou" "he ho#!er% of "he "a##$e% or o"her $%"rume" a'/oe!$ a !e)" !ue )y "heo+erme", a! a'0u$re from "hem "he "a##$e% )y %e##$ "o "hem %ome 'ommo!$"y or $ !o$ "hem%ome %er+$'e, $ e-'hae for &h$'h "hey may )e $!u'e! "o (ar" &$"h "he$r "a##$e%. Whe "he%e arere"ure! "o "he o+erme" "rea%ury, "he "a-e% are (a$!. Ho& #$"era##y "rue "h$% $% 'a )e %ee )ye-am$$ "he a''ou"% of "he %her$ff% $ E#a! $ o#!e !ay%. They &ere "he 'o##e'"or% of $#a!

"a-e%, a! ha! "o )r$ "he$r re+eue% "o Lo!o (er$o!$'a##y. The )u#/ of "he$r 'o##e'"$o% a#&ay%'o%$%"e! of e-'he0uer "a##$e%, a! "houh, of 'our%e, "here &a% of"e a 'er"a$ 0ua"$"y of 'o$, ;u%"a% of"e "here &a% oe a" a##, "he &ho#e 'o%$%"$ of "a##$e%.

The eera# )e#$ef "ha" "he E-'he0uer &a% a (#a'e &here o#! or %$#+er &a% re'e$+e!, %"ore! a!(a$! ou" $% &ho##y fa#%e. 4ra'"$'a##y "he e"$re )u%$e%% of "he E#$%h E-'he0uer 'o%$%"e! $ "he$%%u$ a! re'e$+$ of "a##$e%, $ 'om(ar$ "he "a##$e% a! "he 'ou"er"a##$e%, "he %"o'/ a! "he%"u), a% "he "&o (ar"% of "he "a##y &ere (o(u#ar#y 'a##e!, $ /ee($ "he a''ou"% of "he o+erme"!e)"or% a! 're!$"or%, a! $ 'a'e#$ "he "a##$e% &he re"ure! "o "he E-'he0uer. I" &a%, $ fa'","he rea" '#ear$ hou%e for o+erme" 're!$"% a! !e)"%.

We 'a o& u!er%"a! "he effe'" of "he mu"a"$o% !e #a moa$e, &h$'h I ha+e me"$oe! a%

)e$ oe of "he f$a'$a# e-(e!$e"% of me!$e+a# Fre'h /$%. The 'o$% &h$'h "hey $%%ue! &ere"o/e% of $!e)"e!e%% &$"h &h$'h "hey ma!e %ma## (ayme"%, %u'h a% "he !a$#y &ae% of "he$r%o#!$er% a! %a$#or%. Whe "hey ar)$"rar$#y re!u'e! "he off$'$a# +a#ue of "he$r "o/e%, "hey re!u'e! )y%o mu'h "he +a#ue of "he 're!$"% o "he o+erme" &h$'h "he ho#!er% of "he 'o$% (o%%e%%e!. I" &a%%$m(#y a rouh a! rea!y me"ho! of "a-a"$o, &h$'h, )e$ %(rea! o+er a #are um)er of (eo(#e,&a% o" a ufa$r oe, (ro+$!e! "ha" $" &a% o" a)u%e!.

Ta-(ayer% $ o#!e !ay% !$! o", of 'our%e, ha+e $ fa'" "o %ear'h ou" "he o&er% of "he "a##$e% aymore "ha "o ha+e "o!ay "o %ee/ for "he ho#!er% of !raf"% o "he Ba/ of E#a!. Th$% &a% !oe"hrouh "he )a/er%, &ho from "he ear#$e%" !ay% of h$%"ory &ere a#&ay% "he f$a'$a# ae"% of "heo+erme"%. I Ba)y#o $" &a% "he So% of E$)$ a! "he So% of Mara%hu, $ me!$e+a# Euro(e $"&a% "he Je&$%h a! F#ore"$e a!


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"he u$" !$! o'e re(re%e" a 'ommo!$"y. Le" u% a%%ume, for e-am(#e, "ha" $ "he )e$$ of"h$%, %ome mer'ha" "houh" f$" "o /ee( h$% 'u%"omer%6 a''ou"% $ "erm% of a 'er"a$ &e$h" of%$#+er 'a##e! a %he/e#, a "erm mu'h u%e! $ a"$0u$"y. S$#+er &a%, of 'our%e, a 'ommo!$"y #$/e ayo"her "here &a% o #a& of #ea# "e!er, a! o oe &a% e"$"#e! "o (ay h$% !e)"% $ %$#+er, ay more"ha ay oe &a% o)#$e! "o a''e(" (ayme" of h$% 're!$"% $ %$#+er. e)"% a! 're!$"% &ere %e" offaa$%" oe ao"her a% "hey are "o!ay. Le" u% a%%ume "ha" a hu!re! )u%he#% of 'or a! a %he/e# of

%$#+er &ere of "he %ame +a#ue. The %o #o a% "he (r$'e of "he "&o !$! o" +ary, a## &ou#! )e &e## ama )r$$ "o "he mer'ha" a %he/e#6% &e$h" of %$#+er or a hu!re! )u%he#% of 'or &ou#! e0ua##yre'e$+e $ h$% )oo/% a 're!$" of oe %he/e#. Bu" %u((o%$ "ha" for %ome rea%o "he +a#ue of %$#+erfe##, %o "ha" a hu!re! )u%he#% of 'or &ou#! o& e-'hae o" for a %he/e# of %$#+er )u" for a%he/e# a! a "e"h. Wha" &ou#! "he ha((e? Wou#! a## "he 're!$"or% of "he mer'ha" %u!!e#y #o%e

)e'au%e "he$r 're!$" &a% &r$""e !o& a% %he/e#% of %$#+er, a! "he !e)"or% of "he mer'ha" a$ $"he %ame (ro(or"$o, a#"houh "he$r "ra%a'"$o% may ha+e ha! o"h$ &ha"e+er "o !o &$"h %$#+er?O)+$ou%#y o" $" $% har!#y #$/e#y "ha" "he 're!$"or% &ou#! aree "o #o%e a "e"h of "he$r moey mere#y

)e'au%e "he mer'ha" ha! fou! $" 'o+e$e" "o /ee( "he$r a''ou"% $ %he/e#. Th$% $% &ha" &ou#!ha((e* The o&er of a %he/e# of %$#+er, "he (r$'e of &h$'h ha! fa##e, &ou#! )e $forme! )y "hemer'ha" "ha" %$#+er ha! oe "o a !$%'ou", a! "ha" $ fu"ure he &ou#! o#y re'e$+e $e"e"h% of a

%he/e# of 're!$" for ea'h %he/e# of %$#+er. A %he/e# of 're!$" a! a %he/e# &e$h" of %$#+er &ou#! o#oer )e "he %ame a moe"ary u$" 'a##e! a %he/e# &ou#! ha+e ar$%e ha+$ o f$-e! re#a"$o "o"he &e$h" of "he me"a# "he ame of &h$'h $" )ore, a! "he !e)"% a! 're!$"% of "he mer'ha"% a! h$%'u%"omer% &ou#! )e uaffe'"e! )y "he 'hae of "he +a#ue of %$#+er. A re'e" au"hor $+e% ae-am(#e of "h$% &he he me"$o% a 'a%e of a''ou"% )e$ /e(" $ )ea+er%/$%. The )ea+er%/$ ofa''ou" rema$e! f$-e!, a! &a% e0u$+a#e" "o "&o %h$##$%, &h$#e "he rea# %/$ +ar$e! $ +a#ue, oerea# %/$ )e$ &or"h %e+era# $ma$ary %/$% of a''ou".

A## our mo!er #e$%#a"$o f$-$ "he (r$'e of o#! $% mere#y a %ur+$+a# of "he #a"eme!$e+a# "heory"ha" "he !$%a%"rou% +ar$a)$#$"y of "he moe"ary u$" ha! %ome my%"er$ou% 'oe'"$o &$"h "he (r$'e of"he (re'$ou% me"a#%, a! "ha", $f o#y "ha" (r$'e 'ou#! )e 'o"ro##e! a! ma!e $+ar$a)#e, "he

moe"ary u$" a#%o &ou#! rema$ f$-e!. I" $% har! for u% "o rea#$5e "he %$"ua"$o of "ho%e "$me%. The(eo(#e of"e %a& "he (r$'e% of "he e'e%%ar$e% of #$fe r$%e &$"h rea" ra($!$"y, %o "ha" from !ay "o !ayo oe /e& &ha" h$% $'ome m$h" )e &or"h $ 'ommo!$"$e%. A" "he %ame "$me, "hey %a& "he

(re'$ou% me"a#% r$%$, a! 'o$% ma!e of a h$h ra!e of o#! or %$#+er o$ "o a (rem$um, &h$#e"ho%e "ha" '$r'u#a"e! a" "he$r former +a#ue &ere re!u'e! $ &e$h" )y '#$(($. They %a& a e+$!e"'oe'"$o )e"&ee "he%e (heomea, a! +ery a"ura##y a""r$)u"e! "he fa## $ "he +a#ue of moey "o"he r$%e of "he +a#ue of "he me"a#% a! "he 'o%e0ue" !e(#ora)#e 'o!$"$o of "he 'o$ae. Theym$%"oo/ effe'" for 'au%e, a! &e ha+e $her$"e! "he$r error. May a""em("% &ere ma!e "o reu#a"e"he (r$'e of "he (re'$ou% me"a#%, )u" u"$# "he $e"ee"h 'e"ury, a#&ay% u%u''e%%fu##y.

The rea" 'au%e of "he moe"ary (er"ur)a"$o% of "he m$!!#e ae% &ere o" "he r$%e of "he (r$'e of"he (re'$ou% me"a#%, )u" "he fa## of "he +a#ue of "he 're!$" u$", o&$ "o "he ra+ae% of &ar,

(e%"$#e'e a! fam$e. We 'a har!#y rea#$5e "o!ay "he a((a##$ 'o!$"$o "o &h$'h "he%e "hree'au%e% re!u'e! Euro(e "$me af"er "$me. A h$%"or$a "hu% !e%'r$)e% "he 'o!$"$o of Fra'e $ "hefour"ee"h a! f$f"ee"h 'e"ur$e%*

The ra+ae% of a E#$%h army o a ho%"$#e %o$# &ere "err$)#e, "he ra+ae% of "he Fre'h "roo(% $"he$r o& 'ou"ry &ere o" #e%% "err$)#e, "he ra+ae% of ro+$ )a!% of ha#f!$%'$(#$e! %o#!$er%,&ho &ere a#mo%" ro))er% )y $%"$'", &ere %"$## more "err$)#e, a! )eh$! a## "he%e, more "err$)#e, $f

(o%%$)#e, "ha "he E#$%h or Fre'h arm$e%, or "he 6free 'om(a$e%,6 &ere "he a% of 'r$m$a#% #e"#oo%e from (r$%o "o !o a## /$!% of +$##a$y, a! "he )a!% of $fur$a"e! (ea%a"% ro))e! of "he$rhome%, &ho %a##$e! for"h from "he &oo!% or 'a+e% &h$'h ha! %he#"ere! "hem a! )ur" u( &ha" $"he$r ha%"y mar'he% "he "roo(% ha! #ef" u!e%"roye!. No rear! for %"a"$o, or ae, or %e- &a% "here

2o !$ffere'e &a% ma!e )e"&ee fr$e! or foe. A" o "$me $ "he &ho#e h$%"ory of Fra'e &a%m$%ery %o u$+er%a# a! (ro!$$ou%...From "he Somme "o "he fro"$er% of


17/22

a## (er$%he! or ha! f#e! for %he#"er "o "he "o& "o e%'a(e "he mer'$#e%% ou"rae% of arme! me. Theyhar!#y fou! "he %he#"er "hey %ouh" "he "o&% %uffere! a% "he 'ou"ry !$%"r$'"% %uffere!, "he her!%of &o#+e%, !r$+e, "hrouh #a'/ of foo! from "he fore%"%, %ouh" "he$r (rey $ "he %"ree"%...Warou"%$!e "he &a##% %"$mu#a"e! "he f$er'er &ar &$"h$ %"ar+a"$o '#u '#o%e "o "he foo"%"e(% of &ar%"rae form% of !$%ea%e &h$'h "he 'hro$'#er% of "ho%e "$me% %um u( $ "he ame% of 6)#a'/ !ea"h6or 6(#aue6 &ere )or of huer a! o+er#ea(" "he h$he%" )arr$er%, ($er'e! "he %"roe%" &a##% a!

ra r$o" $ "he o+er'ro&!e! '$"$e%. T&o"h$r!% of "he (o(u#a"$o of Fra'e, $" ha% )ee 'om(u"e!, fe##)efore "he "err$)#e %e#f$f#$'"$o of &ar, (e%"$#e'e a! fam$e. The %uffer$% of "he f$f"ee"h'e"ury &ere har!#y #e%% "err$)#e "ha "ho%e of "he four"ee"h a! "he ($'"ure $+e of E#a!!$ffer% )u" #$""#e from "ha" of Fra'e.

Wh$#%" "he or"her 'ou"r$e%, u( "o "he &a##% of La'a%"er a! "he )a/% of Mer%ey o oe %$!e ofE#a!, a! "o "he a"e% of Yor/ a! "he mou"h of "he Hum)er o "he o"her, &ere )e$ ra+ae! )y"he S'o"%, a! &h$#%" Fre'h, F#em$%h, S'o""$%h a! o"her ($ra"e% &ere )ur$ "he "o&% a! /$##$"he $ha)$"a"% of "he Ea%", "he We%" a! "he Sou"h 'oa%"% of E#a!, or 'arry$ "hem off a% %#a+e%,"&o o"her eem$e% &ere #e" #oo%e u(o "h$% 'ou"ry. Fam$e a! (e%"$#e'e, "he fru$"% of &ar,!e%"roye! &ha" ma fa$#e! "o rea'h.

Aa$ a! aa$ "he 'ou"ry &a% %&e(" )y fam$e% a! (#aue%, a! murra$ mo&e! !o& f#o'/%a! her!%. A! $" &a% o" o#y $ "ho%e ear#y !ay% "ha" %u'h "err$)#e ra+ae% o''urre!. The 'o!$"$oof


18/22

for a! "he $+er a'/oe!e% h$% o)#$a"$o "o "a/e $" )a'/ $ (ayme" of a !e)" !ue.

Moey, "he, $% 're!$" a! o"h$ )u" 're!$". A6% moey $% B6% !e)" "o h$m, a! &he B (ay% h$%!e)", A6% moey !$%a((ear%. Th$% $% "he &ho#e "heory of moey.

e)"% a! 're!$"% are (er(e"ua##y "ry$ "o e" $"o "ou'h &$"h oe ao"her, %o "ha" "hey may )e&r$""e off aa$%" ea'h o"her, a! $" $% "he )u%$e%% of "he )a/er "o )r$ "hem "oe"her. Th$% $%

!oe $ "&o &ay%* e$"her )y !$%'ou"$ )$##%, or )y ma/$ #oa%. The f$r%" $% "he more o#!fa%h$oe! me"ho! a! $ Euro(e "he )u#/ of "he )a/$ )u%$e%% 'o%$%"% $ !$%'ou"% &h$#e $ "heG$"e! S"a"e% "he more u%ua# (ro'e!ure $% )y &ay of #oa%.

The (ro'e%% of !$%'ou"$ )$##% $% a% fo##o&%* A %e##% oo!% "o B, C a! , &ho "here)y )e'ome A6%!e)"or% a! $+e h$m "he$r a'/oe!me"% of $!e)"e!e%%, &h$'h are "e'h$'a##y 'a##e! )$##% ofe-'hae, or more %hor"#y )$##%. Tha" $% "o %ay A a'0u$re% a 're!$" o B, C a! . A )uy% oo!% fromE, F a! < a! $+e% h$% )$## "o ea'h $ (ayme". Tha" $% "o %ay E, F a! < ha+e a'0u$re! 're!$"% oA. If B, C a! 'ou#! %e## oo!% "o E, F a! < a! "a/e $ (ayme" "he )$##% $+e )y A, "hey 'ou#!"he (re%e" "he%e )$##% "o A a! )y %o !o$ re#ea%e "hem%e#+e% from "he$r !e)". So #o a% "ra!e"a/e% (#a'e $ a %ma## '$r'#e, %ay $ oe +$##ae or $ a %ma## rou( of ear)y +$##ae%, B, C a! m$h" )e a)#e "o e" ho#! of "he )$##% $ "he (o%%e%%$o of E, F a!


19/22

of +ee"a)#e% $ "he mar/e" or "he $%%ue of a )$##$o !o##ar #oa )y a o+erme", &e f$! $ ea'h a!a## of "hem "he %ame (r$'$(#e $+o#+e! e$"her a o#! 're!$" $% "ra%ferre! or e& oe% are 'rea"e!,a! a S"a"e or a )a/er or a (ea%a" $% (ro%(erou% or )a/ru(" a''or!$ a% "he (r$'$(#e $% o)%er+e!or o", "ha" !e)"%, a% "hey fa## !ue, mu%" )e me" )y 're!$"% a+a$#a)#e, a" "he %ame mome".

The o);e'" of e+ery oo! )a/er $% "o %ee "ha" a" "he e! of ea'h !ay6% o(era"$o%, h$% !e)"% "o o"her)a/er% !o o" e-'ee! h$% 're!$"% o "ho%e )a/er%, a! $ a!!$"$o "he amou" of "he #a&fu#

moey or 're!$"% o "he o+erme" $ h$% (o%%e%%$o. Th$% re0u$reme" #$m$"% "he amou" ofmoey he ha% "o #e!. He /o&% )y e-(er$e'e (re""y a''ura"e#y "he amou" of "he 'he0ue% he&$## ha+e "o (re%e" for (ayme" "o o"her )a/er% a! "he amou" of "ho%e &h$'h &$## )e (re%e"e!for h$% (ayme", a! he &$## refu%e "o )uy )$##% or "o #e! moey2"ha" $% "o %ay, he &$## refu%e "o$'ur (re%e" o)#$a"$o% $ re"ur for fu"ure (ayme"%2$f )y %o !o$ he $% o$ "o r$%/ ha+$more !e)"% !ue )y h$m o a 'er"a$ !ay "ha he &$## ha+e 're!$"% o "ha" !ay "o %e" aa$%" "hem. I"mu%" )e remem)ere! "ha" a 're!$" !ue for (ayme" a" a fu"ure "$me 'ao" )e %e" off aa$%" a !e)"!ue "o ao"her )a/er $mme!$a"e#y. e)"% a! 're!$"% "o )e %e" off aa$%" ea'h o"her mu%" )e !uea" "he %ame "$me.

Too mu'h $m(or"a'e $% (o(u#ar#y a""a'he! "o &ha" $ E#a! $% 'a##e! "he 'a%h $ ha! a! $ "he

G$"e! S"a"e% "he re%er+e%, "ha" $% "o %ay "he amou" of #a&fu# moey $ "he (o%%e%%$o of "he )a/,a! $" $% eera##y %u((o%e! "ha" $ "he a"ura# or!er of "h$%, "he #e!$ (o&er a! "he %o#+e'yof "he )a/ !e(e!% o "he amou" of "he%e re%er+e%. I fa'", a! "h$% 'ao" )e "oo '#ear#y a!em(ha"$'a##y %"a"e!, "he%e re%er+e% of #a&fu# moey ha+e, from "he %'$e"$f$' (o$" of +$e&, o more$m(or"a'e "ha ay o"her of "he )a/ a%%e"%. They are mere#y 're!$"% #$/e ay o"her%, a! &he"her"hey are : (er 'e" or 18 (er 'e" or oe (er 'e" or a 0uar"er (er 'e" of "he amou" of "he!e(o%$"%, &ou#! o" $ "he #ea%" affe'" "he %o#+e'y of "he )a/, a! $" $% ufor"ua"e "ha" "he G$"e!S"a"e% ha% )y #e$%#a"$o $+e a $m(or"a'e "o "he%e re%er+e% &h$'h "hey %hou#! e+er ha+e

(o%%e%%e!. Su'h #e$%#a"$o &a%, o !ou)", !ue "o "he erroeou% +$e& "ha" ha% ro& u( $ mo!er!ay% "ha" a !e(o%$"or ha% "he r$h" "o ha+e h$% !e(o%$" (a$! $ o#! or $ #a&fu# moey. I am o"a&are of ay #a& e-(re%%#y $+$ h$m %u'h a r$h", a! u!er orma# 'o!$"$o%, a" ay ra"e, he

&ou#! o" ha+e $". A !e(o%$"or %e##% "o h$% )a/er h$% r$h" o %omeoe e#%e a!, (ro(er#y%(ea/$, h$% %o#e r$h" %o #o a% "he )a/er $% %o#+e", $% "o "ra%fer h$% 're!$" "o %omeoe e#%e,%hou#! "he #a""er 'hoo%e "o a''e(" $". Bu" "he #a&% of #ea# "e!er &h$'h mo%" 'ou"r$e% 7 ha+ea!o("e! ha+e (ro!u'e! $!$re'" 'o%e0ue'e% &h$'h &ere o" or$$a##y fore%ee or $"e!e!. The

(ur(o%e of %u'h #a&% &a% o" "o ma/e o#! or %$#+er a %"a!ar! of (ayme" )u" mere#y "o re0u$re"ha" 're!$"or% %hou#! o" refu%e (ayme" of "he$r 're!$" $ 'o$% $%%ue! )y "he o+erme" a" "he+a#ue off$'$a##y (u" u(o "hem, o ma""er of &ha" me"a# "hey &ere ma!e a! "he rea%o for "he%e#a&% &a% o" a" a## "o (ro+$!e a #ea# mea% of (ay$ a !e)", )u" "o /ee( u( "he +a#ue of "he 'o$%,&h$'h, a% I ha+e e-(#a$e!, &ere #$a)#e "o 'o%"a" f#u'"ua"$o e$"her )y rea%o of "he o+erme"%$%%u$ "hem a" oe +a#ue a! a''e("$ "hem a" ao"her, or )y rea%o of "he $%o#+e'y of "heo+erme" %o&$ "o "he$r e-'e%%$+e $!e)"e!e%%.

We may #ea+e "o #a&yer% "he !$%'u%%$o of &ha" may )e "he #ea# effe'" of %u'h #a&% "he (ra'"$'a#effe'" $ "he m$! of "he (u)#$' $% a## "ha" 'o'er% u%. I" $% )u" a"ura# "ha" $ 'ou"r$e% $ &h$'h,#$/e E#a! a! Amer$'a, "he %"a!ar! 'o$ $% a 'er"a$ &e$h" of o#!, a #a& (ro+$!$ "ha"'re!$"or% %ha## a''e(" "he%e 'o$% or "he e0u$+a#e" o"e% $ fu## %a"$%fa'"$o of "he$r !e)"%, a!me"$o$ o o"her me"ho! of %e""#$ a !e)", %hou#! )ree! $ "he (u)#$' m$! "he $!ea "ha" "ha" $%"he o#y #ea# &ay of %e""#$ a !e)" a! "ha", "herefore, "he 're!$"or $% e"$"#e! "o !ema! o#!'o$%.

The effe'" of "h$% $m(re%%$o $% (e'u#$ar#y ufor"ua"e. Whe %u%($'$o ar$%e% $ "he m$!% of!e(o%$"or%, "hey $mme!$a"e#y !ema! (ayme" of "he$r 're!$" $ 'o$% or "he$r e0u$+a#e" ame#y a

're!$" o "he S"a"e )a/, or #a&fu# moey,2a !ema! &h$'h 'ao" (o%%$)#y )e 'om(#$e! &$"h,a! "he re%u#" $% "o aume" "he (a$' )y "he $!ea e""$ a)roa! "ha" "he )a/ $% $%o#+e".

Co%e0ue"#y a" "he )e$$ of a %"r$e'y, e+ery )a/ "r$e% "o for'e $"% !e)"or% "o (ay "he$r !e)"%


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$ 'o$ or 're!$" o "he o+erme", a! "he%e !e)"or%, $ "he$r "ur, ha+e "o "ry "o e-"ra'" "he %ame(ayme" from "he$r !e)"or%, a! "o (ro"e'" "hem%e#+e%, are "hu% for'e! "o 'ur"a$# "he$r e-(e!$"ure a%mu'h a% (o%%$)#e. Whe "h$% %$"ua"$o )e'ome% eera#, )uy$ a! %e##$ are re%"r$'"e! &$"h$'om(ara"$+e#y arro& #$m$"%, a!, a% $" $% o#y )y )uy$ "ha" 're!$"% 'a )e re!u'e! a! )y %e##$"ha" !e)"% 'a )e (a$!, $" 'ome% "o (a%% "ha" e+ery)o!y $% '#amor$ for (ayme" of "he !e)"% !ue "o"hem a! o oe 'a (ay "hem, )e'au%e o oe 'a %e##. Thu% "he (a$' ru% $ a +$'$ou% '$r'#e. The

a)o#$"$o of "he #a& of #ea# "e!er &ou#! he#( "o m$"$a"e %u'h a %$"ua"$o )y ma/$ e+ery)o!yrea#$5e "ha", o'e he ha! )e'ome a !e(o%$"or $ a )a/, he ha! %o#! h$% 're!$" "o "ha" )a/ a! &a%o" e"$"#e! "o !ema! (ayme" $ 'o$ or o+erme" o)#$a"$o%. G!er orma# 'o!$"$o% a

)a/er &ou#! /ee( o#y eouh 'o$% or 're!$"% o "he o+erme" "o %a"$%fy "ho%e of h$% '#$e"%&ho &a" "hem, ;u%" a% a )oo"ma/er /ee(% a %"o'/ of )oo"% of !$ffere" +ar$e"$e%, %uff$'$e" for "heorma# 'o!$"$o% of h$% "ra!e a! "he )a/er 'a o more (ay a## h$% !e(o%$"or% $ 'a%h "ha "he

)oo"ma/er 'ou#! %u((#y )oo"% of oe +ar$e"y "o a## h$% 'u%"omer% $f %u'h a !ema! &ere %u!!e#y "o)e ma!e o h$m. If )a/er% /ee( a %u((#y of 'a%h more "ha $% orma##y re0u$re!, $" $% e$"her)e'au%e "here $% a #a& 'om(e##$ "hem "o !o %o, a% $ "he G$"e! S"a"e%, or )e'au%e a #are %u((#yof 'a%h $+e% 'of$!e'e "o "he (u)#$' $ "he %o#+e'y of "he )a/, o&$ "o "he $!ea "ha" ha% ro&u( rear!$ "he e'e%%$"y for a me"a##$' )a%$% for #oa% or aa$ )e'au%e, o&$ "o "he

(re+a#e'e of "h$% $!ea, "here may %u!!e#y o''ur a a)orma# !ema! for "he (ayme" of !e(o%$"%$ "h$% form.

I" &ou#! )e har!, (ro)a)#y, "o %ay "o &ha" e-"e" #a&% of #ea# "e!er 'a )e %u''e%%fu# $ma$"a$$ "he rea# or "he a((are" +a#ue of 'o$% or o"e%. They !o o" a((ear "o ha+e )ee %o $'o#o$a# !ay%, a! $!ee! Ch$ef ;u%"$'e Cha%e, $ h$% !$%%e"$ o($$o $ "he famou% #ea# "e!er'a%e% of 17:, e-(re%%e! "he +$e& "ha" "he$r effe'" &a% "he re+er%e of &ha" &a% $"e!e! "ha",$%"ea! of /ee($ u( "he +a#ue of "he o+erme" o"e%, "he #a& a'"ua##y "e!e! "o !e(re%% "hem.Ho&e+er "h$% may )e, a! I am o" $'#$e! "o aree &$"h Mr. Cha%e, $" %eem% "o me "o )e 'er"a$"ha" %u'h #a&% are ue'e%%ary for "he ma$"ea'e of "he moe"ary u$" $ a 'ou"ry &$"h (ro(er#y'o!u'"e! f$a'e%. @e'e$+a)$#$"y for !e)"% !ue "he o+erme", "o u%e Ch$ef ;u%"$'e Cha%e6%

e-(re%%$o, re#a"$+e "o $'o+er"$)#e o"e%, $% "he rea# %u((or" of "he 'urre'y, o" #a&% of #ea#"e!er. Bu" $" may )e arue! "ha" $" $% a" #ea%" e'e%%ary "ha" "he o+erme" %hou#! (ro+$!e %ome%"a!ar! moey &h$'h a 're!$"or $% )ou! "o a''e(" $ (ayme" of h$% !e)" $ or!er "o a+o$!!$%(u"e% a% "o "he a"ure of "he %a"$%fa'"$o &h$'h he %ha## re'e$+e for "he !e)". Bu" $ (ra'"$'e o!$ff$'u#"y &ou#! )e e-(er$e'e! o "h$% %'ore. Whe a 're!$"or &a"% h$% !e)" (a$!, he u%ua##ymea% "ha" he &a"% "o 'hae h$% !e)"or "ha" $% "o %ay he &a"% a 're!$" o a )a/er, %o "ha" he 'au%e $" ea%$#y, or /ee( $" uu%e! &$"h %afe"y. He, "herefore, $%$%"% "ha" e+ery (r$+a"e !e)"or %ha##,&he "he !e)" $% !ue, "ra%fer "o h$m a 're!$" o a re(u"a)#e )a/er a! e+ery %o#+e" !e)"or 'a%a"$%fy h$% 're!$"or $ "h$% maer. No #a& $% re0u$re! "he &ho#e )u%$e%% reu#a"e% $"%e#fau"oma"$'a##y.

ur$ "he %u%(e%$o of %(e'$e (ayme"% $ E#a! for more "ha "&e"y year%, from 19 $17:8, "here &a% o o#! 'o$ $ '$r'u#a"$o, $"% (#a'e )e$ "a/e )y Ba/ of E#a! o"e% &h$'h&ere o" #ea# "e!er, a! "he +a#ue of &h$'h 'o%"a"#y +ar$e! $ "erm% of o#!. Ye" oem)arra%%me" &a% o"$'e! o "h$% %'ore, a! 'ommer'e &e" o ;u%" a% )efore. Ch$a a! I

)e#$e+e o"her A%$a"$' 'ou"r$e%D 'ou#! har!#y ha+e 'o"$ue! $"% 'ommer'e &$"hou" %u'h a #a&, $f $"ha! )ee of ma"er$a# $m(or"a'e. O o )a/$ 0ue%"$o !oe% "here e-$%" more 'ofu%$o of $!ea%"ha o "he %u);e'" of "he a"ure of a )a/o"e. I" $% eera##y %u((o%e! "o )e a %u)%"$"u"e for o#!a!, "herefore, $" $% !eeme! "o )e e'e%%ary "o "he %afe"y of "he o"e% "ha" "he$r $%%ue %hou#! )e%"r$'"#y 'o"ro##e!. I "he G$"e! S"a"e% "he $%%ue of )a/ o"e% $% %a$! "o )e )a%e! o o+erme"!e)", a! $ E#a! "hey are %a$! "o )e )a%e! o o#!. The$r +a#ue $% )e#$e+e! "o !e(e! o "hefa'" "ha" "hey are 'o+er"$)#e $"o o#!, )u" here aa$ h$%"ory !$%(ro+e% "he "heory. Whe, !ur$

"he (er$o! ;u%" me"$oe!, "he (ayme" of Ba/ of E#a! o"e% $ o#! &a% %u%(e!e!, a! "hefamou% Bu##$o Comm$""ee &a% )ou! "o a'/oe!e "ha" a o#! %"a!ar! o #oer e-$%"e!, "he+a#ue of "he o"e $ "he 'ou"ry &a% o" affe'"e!, a% &a% "e%"$f$e! )y may &$"e%%e% of rea"


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)u%$e%% e-(er$e'e. If o#! &e" "o a (rem$um a! "he e-'hae +a#ue of "he E#$%h )a/o"e"oe"her &$"h "ha" of a## E#$%h moey fe##, $" &a% !ue, a% &a% am(#y (ro+e! )y Thoma% Too/e $h$% famou% H$%"ory of 4r$'e%. "o "he fa'" "ha"


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a! "he o)#$a"$o u!er"a/e )y "he

mitchell innes, a - what is money

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