Recent events in the world of government, money and banking have demonstrated an appalling ignorance by those charged with managing the nation’s money supply.
The media have been no better. The economic problems are assumed to hinge around monetary issues—but nobody now seems willing to be clear what money actually is and how it is created. The aim of this book is to present in clear form the simple principles of investment, and to afford the reader a working knowledge of the various classes of securities which are available as investments and their relative adaptability to different needs. Henry George addressed the money issue and his findings should be studied by anyone attempting to deal with it today. First, he was clear about the primary function of money, next he took the trouble to distinguish:
(a) between money and wealth
(b) between money and credit
(c) between money lending and credit, and
(d) between money creation and money circulation.
Having clarified these points he was able to identify the duty and role of government with regard to money, and the legitimate business of banking. George held, as he said any five-year-old would tell us, the purpose of money is to buy things with i.e. it is a medium of exchange.
Essentially the only value of money is ‘in exchange’—it need have no value ‘in use’.
The book is an outgrowth of the writer's personal experience as an investment banker. Most of the matter which is presented has appeared in the pages of "System" Magazine, through the courtesy of whose editors it is now rearranged and consolidated for publication in book form.
PREFACE I. GENERAL PRINCIPLES OF INVESTMENT II. RAILROAD MORTGAGE BONDS III. RAILROAD EQUIPMENT BONDS IV. REAL-ESTATE MORTGAGES V. INDUSTRIAL BONDS VI. PUBLIC-UTILITY BONDS VII. MUNICIPAL BONDS VIII. STOCKS IX. MARKET MOVEMENTS OF SECURITIES
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