Commodity Money System
A commodity money system is a monetary system such as the gold standard in which a commodity such as gold is made the unit of value and physically used as money, any other money, such as paper notes, being theoretically convertible to it on demand. An historical alternative which was rejected in the Twentieth Century was bimetallism, also called the "double standard", under which both gold and silver were legal tender.
Read more about this topic: Monetary System
Famous quotes containing the words commodity, money and/or system:
“There used to be a thing or a commodity we put great store by. It was called the People. Find out where the People have gone. I don’t mean the square-eyed toothpaste-and-hair-dye people or the new-car-or-bust people, or the success-and-coronary people. Maybe they never existed, but if there ever were the People, that’s the commodity the Declaration was talking about, and Mr. Lincoln.”
—John Steinbeck (1902–1968)
“What is any respectable girl brought up to do but to catch some rich man’s fancy and get the benefit of his money by marrying him?—as if a marriage ceremony could make any difference in the right or wrong of the thing!”
—George Bernard Shaw (1856–1950)
“I am fearful that the paper system ... will ruin the state. Its demoralizing effects are already seen and spoken of everywhere ... I therefore protest against receiving any of that trash.”
—Andrew Jackson (1767–1845)