chapter  31
6 Pages


The method of pecuniary exchange, employed at first to exchange natural values one against the other, is later on used also to acquire or surrender capital-funds or the use of such in consideration of the payment of money. Anyone desiring to exchange money-capital against some other form or against natural values will likewise make use of money as the medium of exchange. He, too, will divide the entire transaction into the two acts of sale and acquisition. The idea of exchange under the institution of money is consequently very broad; it includes not only the contract of sale of chattels and real estate, the lease of real property and the wage contract, but also loans and the related agreements as to credits, the contract of sale of obligations, securities and international exchange.