in3
erty of these kinds — what ia already in use in industry and what ia not of use for industrial purposes— may be "coined into means of payment," and so may be made to serve as additional pecuniary (business) capital, but such property is mechanically incapable of serving as additional material (industrial) capital. To a very considerable extent the fimda involved in these loans, therefore, have only a pecuniary (business) existence, not a material (industrial) one ; and, so far aa that is true, they represent, in the aggregate, only fictitious industrial equipment. Even such inconsiderable portion of them, however, as represents metallic reserves also adds nothing to the effective material apparatus of industry ; since money as such, whether metallic or promissory, ia of no direct industrial effect ; as is evident from the well-known fact that the absolute quantity of the precious metals in use is a matter of no consequence to the conduct of either business or industry, so long as the quantity neither increases nor decreases by an appreciable amount. Nummus nummum. non pant.
So that all advances made by banking houses or by other creditors in a like case, — whether the advances are made on mortgage, collateral or personal notes, in the form of deposita, note issues, or what not ; whether they are taken to represent the Items of property covered by the collateral,