Excerpt from The Drain of Silver to the East: And the Currency of India
It is a common error to suppose that Money is capital; and though it is now tolerably well understood by all persons accustomed to reflect on these subjects, that such is not the case, - it is, nevertheless, impossible, in discussing questions of capital, altogether to exclude money; and this is more true of India and Oriental countries generally, than of any part of the world. For, as all capital is the result of saving, and, in India, saving and hoarding, are, for the most part, synonymous terms, any discussion on the subject necessarily opens up the very much larger question of the distribution of the precious metals.
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