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.
