chapter  47
8 Pages

THE MEANS OF PAYMENT BY CREDIT

Taking certain things for granted, men have become accustomed to accept money demands arising out of credit transactions as payment in lieu of money. This occurs on a large scale in highly developed commercial intercourse. Thus in addition to the fundamental significance of credit which it has attained in distinguishing ownership and wealth it has acquired a further and scarcely less important one. It has increased to an extraordinary extent the media of circulation of the social economy and in this connection has signally elaborated the methods and institutions of payment.