At money as other articles of trade, were during hundreds years the areas for manufacture of crude

At money as other articles of trade, were during hundreds years the areas for manufacture of crude products, its enterprises of a manufacturing industry, its markets and the exchange centres, its sellers and buyers, its wholesale both retail dealers, and its brokers and commission agents. From this trade in an actual coin has grown up trade in paper notes which are really only promises to pay a coin, and from this last trade has grown for the last few years still further huge trade in the securities representing all kinds of the property. Very often these securities are based exclusively after the credit of the names enclosed to them so that our modern system of loan and a loan of money was really system of loan and a credit loan. When our government borrows 100 000 000$ as it has made several years ago, it gives 'the obligation' which money will be paid. When the states, either cities, or railways, or other corporations borrow money, they let out the bonds guaranteeing payment during specific time. When the person borrows money, it gives 'obligation' in the form of the promissory note. These bonds pass from hands in hands [229] and have constant enough value in the monetary market. They really represent trade in money to much to degree
Than does an actual coin so that loan or a loan of money really meant, to very big degree, loan or a credit loan is simple. If we borrow a gold part for 10$, we borrow money; if we borrow the account for 10$ or the name indorser for a back of our note, we simply borrow the credit - in one case the credit of the United States and in other the credit of the person which confirms our paper.
FOOTNOTE: