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John Buchanan Robinson Quotes

American - Politician | May 23, 1846 - January 28, 1933

Sometimes, instead of purchasing a commodity out and out, people want to buy only the use of it, for a longer or shorter period. The price paid for such temporary use is commonly called hire.

John Buchanan Robinson

People Price Sometimes Want Out Buy

In precisely the same way money is often hired, and the hire paid for the use of it is called Interest.

John Buchanan Robinson

Money Way Same Hire Interest Paid

Large sums were paid for the use of money, because the available amount of gold and silver was far less than was needed to carry on the commercial transactions of the times.

John Buchanan Robinson

Money Gold Silver Carry Paid Far

Modern money is almost altogether credit money.

John Buchanan Robinson

Money Credit Modern Almost

The business of a bank is to lend money; which amounts, nowadays, to lending credit.

John Buchanan Robinson

Business Money Credit Bank Nowadays

In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.

John Buchanan Robinson

Community Tax Way Bank Notes Charge

Not an old woman that buys a paper of pins, without yielding a part of the price to the banks as interest!

John Buchanan Robinson

Woman Price Old Without Interest

At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.

John Buchanan Robinson

Gold Financial Present Paper Because

There is never enough gold to redeem all the currency in circulation.

John Buchanan Robinson

Gold Enough Never Currency Redeem

Accordingly, when the supply of gold runs short, the security behind the notes is diminished, the loaning of notes is restricted or suspended, and the panic follows.

John Buchanan Robinson

Gold Short Security Panic Notes

Paper currency has hitherto been regarded with suspicion, as insecure.

John Buchanan Robinson

Suspicion Paper Currency Been

When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.

John Buchanan Robinson

Value Gold Wealth Country Become Up

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