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.

Modern money is almost altogether credit money.

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.

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

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.

It is often said by reformers that government should be conducted upon business principles.