Money and trade considered

by John Law

The other qualities necessary in money, are,

1. Easy of delivery.

2. Of the same value in one place to what it is in another.

3. To be kept without loss or expence.

4. To be divided without loss.

5. To be capable of a stamp.

Paper money has these qualities in a greater degree than silver.

1. It is easier of delivery: 500 lib. in paper may be payed in less time, than 5 lib. in silver.

2. It is nearer the value in one place to what it is in another, being of easier carriage.

3. It can be easier kept; taking up less room. and without loss; because it may be exchanged at the office. the consumption of paper is not of so much value as the consumption of silver: the consumption of the paper is a loss to the office, the consumption of silver is a loss to the owner.