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)
“Want of money and the distress of a thief can never be alleged as the cause of his thieving, for many honest people endure greater hardships with fortitude. We must therefore seek the cause elsewhere than in want of money, for that is the miser’s passion, not the thief’s.”
—William Blake (1757–1827)
“In nothing was slavery so savage and relentless as in its attempted destruction of the family instincts of the Negro race in America. Individuals, not families; shelters, not homes; herding, not marriages, were the cardinal sins in that system of horrors.”
—Fannie Barrier Williams (1855–1944)