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In the opinion of the Fathers of the Republic coin was the only money that the people needed; paper was but an incident, a make-shift that might be used to bridge over periods of scarcity of coin; it was in no sense regarded as a permanent medium of exchange. ~ William Brough, Chapter VII: Mandatory Money and Free Money 'Here we see how money first came into use in the world.it becomes money only when it is used as the common medium of exchange.' First published in 1896, The Natural Law of Money is a fascinating look into the mind of the man who played a pivotal role in world of economic thinking. William Brough argues forcefully that privately supplied money offers benefits not offered by government-supplied money. Contents include. · The Beginning of Money · Bi-Metallism and Mono-Metallism · Paper-Money and Banking · Paper-Money in Colonial Times · Monetary System of Canada as Contrasted with that of The United States · Money, Capital, and Interest · Mandatory Money and Free Money · The Hoarding Panic of July 1893 WILLIAM BROUGH (b.1826) began to study medicine as a young man but abandoned it to join the world of business. He moved to New York in the mid-19th century and then to Pennsylvania, where he was a pioneer in the development of the oil industry. Upon his retirement, he devoted his time to the study of economics that resulted in a tenured professorship in his name at Williams College.
