They take the place of actual gold in settling exchanges, and thereby prevent the disturbances in the money market which always result from the moving of bullion.
John Sherman: “They take the place of actual gold in settling exchanges, and thereby prevent the disturbances in the money market which…”
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gutenberg.orgEditor's note · Context
Sherman explains the role of bonds in stabilizing the money market.
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The life of a civilian is in what he says or writes, that of a soldier in what he does.
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