Excerpt from Banking: Banking Principles
1. Definition of money. - Money is any commodity which is universally accepted in a country in exchange for all other commodities and services. The person who receives money takes it without questioning the credit of the payer. He intends to use it only in exchange for other goods, or in the final payment of debt, or in storing it with these purposes in view.
The Spanish don purchased his armor with silver; the Czar of the Russias once had coins struck from platinum; the North American Indian exchanged his pelts for strings of wampum beads made from shells of the sea. Each of these commodities served the purposes of money in its own time and place. But there is only one thing - namely, gold - which the people of the whole civilized world are always willing to accept as a medium of exchange. Since gold is the only medium having universal acceptability, it is the only real money.
Ordinary checks or promissory notes are not money, since they are never received without questioning the credit of the payer. When a goldsmith buys gold intending to fashion it into rings, that gold ceases to be money.
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