The introduction of banks, which perform the function of lenders and loan-brokers, with or without that of issuers of paper-money, produces some further anomalies in the rate of interest, which have not, so far as we are aware, been hitherto brought within the pale of exact science.

When a banker, in addition to his other functions, is also an issuer of paper money, he gains an advantage similar to that which the London bankers derive from their deposits.

I reminded them that the enemy would immediately attack all our property in Courland, Dantzic, and Livonia, and that at the Russian headquarters they had threatened me that they would publish, us in all the open commercial marts as issuers of false bonds.

# Fiduciary money is that on which regularly the issuer makes a seigniorage charge.

Governmental paper money differs from bank notes in that its value does not necessarily depend on the promise of redemption by the issuer.

[Footnote 2: The faith (fides) is not always that the issuer of the money (whether it be a bank or the government) will redeem the money on demand at any future time; for fiduciary money may circulate while irredeemable, that is, either carrying no promise of redemption in the standard money or in fact not being redeemed.

Wordsworth as receiver of taxes, or issuer of licenses or whatever it was, would have increased the profits of his place if the mail coach had paid its dues, whether for taxes or license, at his end of the journey instead of at Kendal, as had been the practice.