"He says, "It has been shown over and over again that credit is the name of a species of property, commodity, or merchandise, of the same nature as, but inferior in degree to, money; that it fulfills exactly the same function as money as a medium of exchange and circulation. It is a property, commodity, or merchandise cumulative to money; and is in all its effects on prices and production exactly equivalent to an equal sum of money. Credit is in fact to money what steam is to water; and like that power, while its use within proper limits is one of the most beneficial inventions ever devised by the ingenuity of man, its misuse by unskillful and unscrupulous persons has produced the most fearful calamities. Credit, like steam, has its limits; and we have now to investigate the proper limits of credit; and to explain the various methods by which it is extinguished." These paragraphs contain the pith of the author's views on this subject. He declares that "credit is of the same nature as money, being the right or title to a future payment." Of course, many economists differ radically from him in these statements. In the first place, two kinds of money are here mingled—representative money, like bank notes, and specie. No doubt a bank note is a right or title to future payment in specie, but specie is not a right or title to future payment in anything. This is true, unless the author means to assert that every kind of merchandise, houses, lands, and goods, are also rights or titles to payment. It must be admitted that a few writers have given this broad meaning to the term. Thus defined, the author's statement may have a real meaning, but otherwise it is faulty. Gold money is desired, not simply because it can command other things in exchange, but because it can be transformed into articles of various kinds which have the power of satisfying human desire. The metal had these uses or utilities long before it was ever employed as money. In truth, the money function is a later one which has been superimposed on the metal. However, whether our criticisms are correct or not, the work displays abundant learning, a profound study of the opinions of others, and is deserving of the most careful reading by all who wish to inform themselves on this very important subject."