Large sums were paid for the use of money, because the available amount of gold and silver was … - John Buchanan Robinson

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The improvisational ability to lead adaptively relies on responding to the present situation rather than importing the past into the present and laying it on the current situation like an imperfect template.

John Buchanan Robinson

Large sums were paid for the use of money, because the available amount of gold and silver was far less than was needed to carry on the commercial transactions of the times.

Available, Gold, Paid, Silver, Times, Use

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It was the king's army, the king's people, the king's taxes; and he who questioned the propriety of the royal prerogative of taking from his people without return or accounting, was reckoned, and felt himself to be, a criminal, guilty of the highest crime of disloyalty.

Army, Disloyalty, Felt, Guilty, Kings, People

Modern money is almost altogether credit money.

Altogether, Credit, Modern, Money

Accordingly, when the supply of gold runs short, the security behind the notes is diminished, the loaning of notes is restricted or suspended, and the panic follows.

Gold, Loaning, Panic, Running, Security, Supply

At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.

Currency, Financial, Gold, Paper, Present

But egoism is more than this. It is the realization by the individual that he is above all institutions and all formulas; that they exist only so far as he chooses to make them his own by accepting them.

Accepting, Chooses, Individual, Make, Realization