ABSTRACT
The growing use of paper money for commercial and industrial purposes added to the glamour and popularity of gold and silver as stores of value. The growing use of paper money for commercial and industrial purposes added to the glamour and popularity of gold and silver as stores of value. The mass of the people in all countries had no other method for the storage of their savings, beyond those incorporated in their own personal businesses, than the hoarding of gold and silver. The commercial storage of value is affected by many modern monetary devices, the principal of which are bank notes, deposits and various forms of short-term money. The growing appreciation of the storage functions of representative money is accompanied by a growing feeling that representative money requires a far stronger gold backing as a guarantee of its future value, than has been considered adequate in the past.
