In the opinion of the Fathers of the Republic coin was the only
money that the people needed; paper was but an incident, a
make-shift that might be used to bridge over periods of scarcity of
coin; it was in no sense regarded as a permanent medium of
exchange. William Brough, Chapter VII: Mandatory Money and Free
Money"Here we see how money first came into use in the world.it
becomes money only when it is used as the common medium of
exchange." First published in 1896, The Natural Law of Money is a
fascinating look into the mind of the man who played a pivotal role
in world of economic thinking. William Brough argues forcefully
that privately supplied money offers benefits not offered by
government-supplied money.Contents include. The Beginning of Money
Bi-Metallism and Mono-Metallism Paper-Money and Banking Paper-Money
in Colonial Times Monetary System of Canada as Contrasted with that
of The United States Money, Capital, and Interest Mandatory Money
and Free Money The Hoarding Panic of July 1893 WILLIAM BROUGH
(b.1826) began to study medicine as a young man but abandoned it to
join the world of business. He moved to New York in the mid-19th
century and then to Pennsylvania, where he was a pioneer in the
development of the oil industry. Upon his retirement, he devoted
his time to the study of economics that resulted in a tenured
professorship in his name at Williams College.
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