Publisher's Synopsis
Excerpt from On Fluctuations in the Supply and Value of Money, and the Banking System of England
It results from these principles, that convertibility into gold and silver, at the pleasure of the holder, is not necessary to give value to paper money: And that, if perfect security could be obtained, that the power of issuing it would not be abused, or that it would always be issued in such quantities as would render a one pound note uniformly equivalent to the quantity of standard gold bullion contained in a sovereign, the precious metals might be entirely dispensed with as a. Medium of=bar ter, or used only to serve as small change.
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