Excerpt from Funds and Their Uses: Introduction to Finance Describing, the Methods, Instruments, and Institutions of Modern Financial Transactions
The wide recognition as a standard text accorded Professor Cleveland's Funds and Their Uses during the last two decades makes the work of revising it a privilege as well as a duty. Some features of the book deserve special notice. The practical point of view maintained throughout is one of these features; the subjects are presented as matters of actual occurrence, so that the reader is not detained in mere theorizing, but rather he is led simply and directly to an intimate and accurate knowledge of the financial instruments and institutions of modern business. At the outset, the title is explained; the term "funds" as used in the text has much the same meaning as "cash," but includes more - "any and all things which may be accumulated and which may be currently used in a community in exchange for goods or properties." Money and credit are treated as two different classes of "funds." Money is a form of funds which, when exchanged, completes the transaction; while credit is a form of funds which, when received in exchange or payment, is valued as a promise to deliver money in the future.
Part I deals with our money system; following which it is pointed out that in most purchases and sales credit instead of money is used. But how and why this occurs is explained in Parts II and III, which deal respectively with credit instruments and credit institutions.
In actual business practice funds are usually obtained by first having possessed one's self of something to sell - goods or services; although they may be obtained by gift or by inheritance.
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