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The historical examples of boom and bust show that the paper and credit of banks, whether public or private, may have extraordinary effects in everything which does not concern ordinary, everyday expenditures on necessities. Conversely, in the regular course of economic activity, banks tend to operate upon a much smaller and less solid base than is generally supposed. Only good, hard cash is the True Sinews of the circulation.
Richard Cantillon, “Essai sur la Nature du Commerce”, c.1755