Explore "The War and Our Financial Fabric" by Walter William Wall on Textopian. Read with annotations and highlights.
This is because of the character of legal tender currency, and a legal tender currency, however desirable and however great its merits, must necessarily have its shortcomings in a progressive state.
The loanable fund is restricted, or controlled, not by the growth of the country's wealth, but by the production of gold. To control it by so artificial and arbitrary a circumstance as the output of gold may seem absurd, and from a strictly logical and economic standpoint it is absurd. The loanable fund ought to be governed entirely by the production of wealth, and not by something entirely independent of wealth and having no natural or economic connection with it.