"Being... acquainted with the Juridical Principles of Credit, I acquired a knowledge of their application in Commerce and Banking; from my own observation I then saw how utterly vague, contradictory, and inadequate the notions on the subject were in the works of literary Economists. Not an Economist... had the slightest idea of the fundamental distinction between a Bill of Exchange and a Bill of Lading, or of the distinction between the nature of the Funds and a Mortgage Deed, to which Mill and many others compare them. Moreover, Algebraists have for the last 150 years frequently given Debts as an example of Negative Quantities: but either they have given no explanation of the meaning of the term Negative as applied to Debts: or the few that have done so have given one which every jurist or man of business would tell them is quite erroneous."
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Theory and Practice of Banking
Theory and Practice of Banking, Volumes 1 & 2, by Scottish economist and historian , was published 1855-1856 by Longman, Brown, Green and Longmans, London. Quotes below, unless otherwise noted, are from the fourth edition, London, Green, Reader and Dyer, London.
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