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单词 money
释义

money


mon·ey

M0384100 (mŭn′ē)n. pl. mon·eys or mon·ies 1. A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.2. The official currency, coins, and negotiable paper notes issued by a government.3. Assets and property considered in terms of monetary value; wealth.4. a. Pecuniary profit or loss: He made money on the sale of his properties.b. One's salary; pay: It was a terrible job, but the money was good.5. An amount of cash or credit: raised the money for the new playground.6. often moneys, monies Sums of money, especially of a specified nature: state tax moneys; monies set aside for research and development.7. A wealthy person, family, or group: to come from old money; to marry into money.Idioms: for (one's) money According to one's opinion, choice, or preference: For my money, it's not worth the trouble. in the money1. Slang Rich; affluent.2. Sports & Games Taking first, second, or third place in a contest on which a bet has been placed, such as a horserace. on the money Exact; precise. put money on Sports & Games To place a bet on. put (one's) money where (one's) mouth is Slang To live up to one's words; act according to one's own advice.
[Middle English moneie, from Old French, from Latin monēta, mint, coinage, from Monēta, epithet of Juno, temple of Juno of Rome where money was coined.]

money

(ˈmʌnɪ) npl moneys or monies1. (Banking & Finance) a medium of exchange that functions as legal tender2. (Banking & Finance) the official currency, in the form of banknotes, coins, etc, issued by a government or other authority3. (Banking & Finance) a particular denomination or form of currency: silver money. 4. (Banking & Finance) property or assets with reference to their realizable value5. (Banking & Finance) formal a pecuniary sum or income6. (Law) formal a pecuniary sum or income7. (Banking & Finance) an unspecified amount of paper currency or coins: money to lend. 8. for one's money in one's opinion9. (Banking & Finance) in the money informal well-off; rich10. money for old rope informal profit obtained by little or no effort11. money to burn more money than one needs12. one's money's worth full value for the money one has paid for something13. on the money informal exactly; precisely14. (Banking & Finance) put money into to invest money in15. (Gambling, except Cards) put money on to place a bet on16. put one's money where one's mouth is See mouth19adjbest, most valuable, or most eagerly anticipated: the money shot; the money note. [C13: from Old French moneie, from Latin monēta coinage; see mint2]

mon•ey

(ˈmʌn i)

n., pl. mon•eys, mon•ies,
adj. n. 1. any circulating medium of exchange, including coins, paper money, and demand deposits. 2. paper money. 3. gold, silver, or other metal in pieces of convenient form stamped by public authority and issued as a medium of exchange and measure of value. 4. any article or substance used as a medium of exchange, means of payment, or measure of wealth. 5. a particular form or denomination of currency. 6. money of account. 7. capital to be borrowed, loaned, or invested: mortgage money. 8. an amount or sum of money. 9. moneys or monies,Chiefly Law. pecuniary sums. adj. 10. of or pertaining to money. 11. used for holding or handling money: a money drawer. 12. of or pertaining to capital or finance: the money business. Idioms: 1. for my money, according to my opinion: For my money, she'd make a perfect president. 2. in the money, Informal. a. financially successful; affluent. b. finishing among the top winners, as of a race. 3. (right) on the money, Informal. a. at just the exact spot or time; on target. b. exhibiting or done with great accuracy or expertise. [1250–1300; Middle English moneie < Middle French < Latin monēta; see mint2] mon′ey•less, adj.

Money

See also dues and payment; economics; finance; poverty; trade.
agiotagethe business of buying and selling the curreneies of various countries by taking advantage of differences in rates of exchange. — agio, n.anatocismthe act of lending with interest.aphnologyRare. the science of wealth.arbitragethe business of buying and selling securities, curreneies, and commodities on an international scale so as to take advantage of differences in rates of exchange and prices. — arbitrager, arbitrageur, n.bimetallismthe use of two metals jointly as a monetary Standard with fixed values in relation to one another. — bimetallist, n. — bimetallistic, adj.bullionismthe doctrine that paper money should at all times be convertible into bullion. — bullionist, n.cambism, cambistrythe theory and practice of money exchange as an item of commerce, especially in its international features. — cambist, n.chrematista person whose chief goal in life is the gaining of wealth. — chrematistic, adj.chrematistics1. the study of wealth.
2. any theory of wealth as measured in money. — chrematistic, adj.
chrematomaniaa mania for money.chrematophobiaan abnormal fear or dislike of money.cresomaniaa mania for great wealth.gombeenismIrish. the lending of money at usurious interest. — gombeen, gombeenman, n.mammonismthe greedy pursuit of riches.metallisma doctrine advocating the use of metal money instead of paper. — metallist, metalist, n.monetarisman economie theory maintaining that stability and growth in the economy are dependent on a steady growth rate in the supply of money. — monetarist, n., adj.moneyocracygovernment or domination of society by the rich.monometallism1. the use of only one metal, usually gold or silver, as a monetary Standard.
2. the use of only one metal for coinage. — monometallist, n.
nabobismthe lifestyle of a nabob, i.e., of one possessing considerable wealth.plutolatryan excessive devotion to wealth.plutologyEconomics. the scientific study or theory of wealth.plutomania1. an abnormal craving for wealth.
2. a mania characterized by delusions of wealth.
polymetallismthe use of a number of different metals in coinage.squandermaniaa mania for spending money.symmetalisma system of coinage based on a unit of two or more metals in combination, each of a specified weight. — symmetallic, adj.

Money

 

See Also: COST, GREED, RICHES

  1. Ate up money like Crackerjacks —Robert Campbell
  2. Bargain like a gipsy, but pay like a gentleman —Hungarian proverb
  3. (There ain’t a chance of putting the bee on me … .I’m) flat [broke] as a ballroom floor —H. C. Witwer
  4. Getting money is like digging with a needle; spending it is like water soaking into sand —Proverb
  5. Gold, like the sun, which melts wax but hardens clay, expands great souls —Antoine Rivarol
  6. An instinct like a water diviner’s where money’s concerned —John Braine
  7. Loses money the way a … balloon loses air —Martin Cruz Smith

    In Smith’s novel, Stallion Gate, a character is likening a great club’s money loss to a beautiful balloon’s air loss.

  8. Making money … is, in fact, almost as easy as losing it. Almost but not quite —H. L. Mencken
  9. A man without money is like a bird without wings; if he soars he falls to the ground and dies —Roumanian proverb
  10. He that is without money is like a bird without wings —Thomas Fuller
  11. A man without money is like a ship without sails —Dutch proverb
  12. Money is a bottomless sea, in which honor, conscience and truth may be drowned —Ivan Kozloff
  13. Money is a muscle in our society like that of a leg or arm of a man with a shovel, and both muscles must have a wage —Janet Flanner
  14. Money is in some respects like fire; it is a very excellent servant —P. T. Barnum
  15. Money is like an arm or a leg, use it or lose it —Henry Ford, New York Times, November 8, 1931
  16. Money is like an eel in the hand —Welsh proverb
  17. Money is like a sixth sense, and you can’t make use of the other five without it —W. Somerset Maugham, New York Times Magazine, October 18, 1958
  18. Public money is like holy water: every one helps himself to it —Italian proverb
  19. Money is like promises, easier made than kept —Josh Billings

    In Billing’s phonetic dialect: “Munny … easier maid than kept.”

  20. Money is like the reputation for ability, more easily made than kept —Samuel Butler
  21. Money, like a boot, when it’s tight is extremely trying —Punch, 1864
  22. Money is like muck, not good except it be spread —Francis Bacon

    Variations include: “Money is like dung;” “Riches are like muck, which stink in a heap, but spread abroad, make the earth fruitful;” and “Money like manure does no good till it is spread.” Two contemporary figures who have been widely quoted for perversions of the above are Clint Murchison, Jr. and J. Paul Getty. The first quoting his father’s advice that, “Money is like manure. If you spread it around, it does a lot of good. But if you pile it up in one place, it stinks like hell;” the latter with “Money is like manure. You have to spread it around or it smells.”

  23. Money, like vodka, makes a man eccentric —Anton Chekhov
  24. Money’s as cold and neutral as the universe —Hortense Calisher
  25. Money slips from his fingers like a watermelon seed, travels without legs, and flies without wings —Bartlett’s Dictionary of Americanisms
  26. Money … was exactly like sex, you thought of nothing else if you didn’t have it and thought of other things if you did —James Baldwin
  27. Serious money is like cancer, it breeds itself —A. Alvarez
  28. Spending money like a pusher —M. S. Craig
  29. Spent her money like a spoiled empress —Marjory Stoneman Douglas
  30. They talk about it [money] as if it were something you got pink gums from —Ogden Nash

Money

 

axle grease Australian slang for money, which greases the wheels of life, so to speak, helping things to run along more smoothly.

chicken feed Small change; a paltry or inconsequential amount of money. This American slang expression, which dates from 1836, is an allusion to the scraps and seeds fed to chickens.

fast buck Money acquired quickly and effortlessly, usually through illegal or unscrupulous methods. In this expression, buck carries the American slang meaning of dollar, making the origin of the term self-evident.

Trying to hustle me a fast buck. (A. Kober, New Yorker, January, 1949)

filthy lucre Money; money or other material goods acquired through unethical or dishonorable means, dirty money. This expression was first used in an epistle by St. Paul:

For there are many unruly and vain talkers and deceivers … who subvert whole houses, teaching things which they ought not, for filthy lucre’s sake. (Titus 1:10-11)

a king’s ransom A very large sum of money. This expression, perhaps familiarized by the hefty sum demanded for the release of the kidnapped King Richard the Lion-Hearted, maintains frequent usage.

I couldn’t look upon the babby’s face for a king’s ransom. (Mrs. Anna Hall, Sketches of Irish Characters, 1829)

loaves and fishes Monetary fringe benefits to be derived from public or ecclesiastical office; the personal profit one stands to gain from an office or public enterprise. This use of loaves and fishes derives from John 6:26:

Jesus answered them and said, Verily, verily, I say unto you, Ye seek me, not because ye saw the miracles, but because ye did eat of the loaves, and were filled.

Today the phrase is also sometimes heard in referring to any unanticipated, miraculous proliferation or abundance. This emphasis on abundance rather than personal gain derives from the actual description of the miracle of the loaves and fishes (John 6:11-13).

mad money Money for frivolous purchases or little luxuries; money for a bit of riotous living-it-up. Originally mad money was that carried by a woman in the event her escort made advances prompting her to leave him in the lurch and finance her own return home. It subsequently came to be applied to money used for any emergency, but at some point took the grand leap from necessity to luxury Perhaps today it might qualify as what economists call discretionary income.

monkey’s allowance A trifling amount of money; a pittance; a paltry sum. This expression is derived from the saying, “He gets a monkey’s allowance—more kicks than halfpence.” At one time, trained monkeys performed tricks and then collected money from passers-by. If the monkey performed poorly, its owner often kicked or otherwise punished the animal. Thus, the monkey’s allowance was frequently more abuse than money. By extension, a person who receives a “monkey’s allowance” is one who works diligently but receives little, if any, payment for his labor. A related expression is monkey’s money ‘something of no value.’

nest egg Money saved, particularly a reserve fund for use in emergencies or retirement; a bank account or other form of investment which regularly increases in value by virtue of interest accrued or additional deposits made. Originally, a nest egg was a natural or artificial egg which was placed in a hen’s nest to induce her to lay eggs of her own. Though the term retains this connotation, it has been extended to imply that once a person has saved a certain amount of money, he is likely to save more.

A nice little nest egg of five hundred pounds in the bank. (John Ruskin, Fors Clavigera, 1876)

pin money A small amount of money set aside for nonessential or frivolous expenditures; an allowance given to a woman by her husband. When common or straight pins were invented in the 13th century, they were expensive and relatively scarce, being sold on only one or two days a year. For this reason, many women were given a regular allowance called pin money which was to be saved until the pins were once again available for purchase. In the 14th and 15th centuries, it was not uncommon for a man to bequeath to his wife a certain amount of money to be used for buying pins. Eventually, as pins became cheaper and more plentiful, the pin money was used for trifling personal expenses, but the expression persisted.

If he gives me two hundred a year to buy pins, what do you think he’ll give me to buy fine petticoats? (Sir John Vanbrugh, The Relapse, 1696)

rubber check A bad check; a check not covered by sufficient funds. A check issued for an amount greater than the account balance is said to bounce, because it is returned to its payee.

She had bought the car and paid for it with a rubber check. (This Week Magazine, September, 1949)

a shot in the locker A reserve, usually financial; a last resource or chance. Locker is a nautical term for the compartment on board a vessel in which are stored ammunition, clothes, etc. Shot in the locker is literally stored ammunition; figuratively, it refers to a stash of money.

As long as there’s a shot in the locker, she shall want for nothing. (William Makepeace Thackeray, Vanity Fair, 1848)

This expression is often heard in the negative not a shot in the locker, meaning no money or means of survival.

small potatoes See INSIGNIFICANCE.

sugar and honey Rhyming slang for money. This expression dates from the mid-19th century. Sugar alone is a popular slang term for money, in Britain as well as in the United States, where most people are unaware that the term is a truncated version of a rhyming slang expression.

widow’s mite See CHARITABLENESS.

money

Money is the coins or bank notes that you use to buy things. Money is an uncountable noun. Don't talk about 'moneys' or 'a money'.

I spent all my money on clothes.They don't have much money.

After money you use a singular form of a verb.

My money has all gone.Money isn't the most important thing.
Thesaurus
Noun1.money - the most common medium of exchangemoney - the most common medium of exchange; functions as legal tender; "we tried to collect the money he owed us"appropriation - money set aside (as by a legislature) for a specific purposemoney supply - the total stock of money in the economy; currency held by the public plus money in accounts in banksfund, monetary fund - a reserve of money set aside for some purposemedium of exchange, monetary system - anything that is generally accepted as a standard of value and a measure of wealth in a particular country or regionboodle, clams, dinero, gelt, kale, lettuce, lolly, lucre, moolah, pelf, shekels, simoleons, wampum, loot, dough, bread, cabbage, sugar, scratch - informal terms for moneyshinplaster - paper money of little value issued on insufficient securitysubsidisation, subsidization - money (or other benefits) obtained as a subsidytoken money - coins of regular issue whose face value is greater than their intrinsic value
2.money - wealth reckoned in terms of moneymoney - wealth reckoned in terms of money; "all his money is in real estate"wealth - property that has economic utility: a monetary value or an exchange valuebig bucks, big money, megabucks, pile, bundle - a large sum of money (especially as pay or profit); "she made a bundle selling real estate"; "they sank megabucks into their new house"
3.money - the official currency issued by a government or national bankmoney - the official currency issued by a government or national bank; "he changed his money into francs"sterling - British money; especially the pound sterling as the basic monetary unit of the UKcurrency - the metal or paper medium of exchange that is presently used

money

noun cash, funds, capital, currency, wealth, hard cash, green (slang), readies (informal), riches, necessary (informal), silver, bread (slang), coin, tin (slang), brass (Northern English dialect), loot (informal), dough (slang), the ready (informal), banknotes, dosh (Brit. & Austral. slang), lolly (Brit. slang), the wherewithal, legal tender, megabucks (U.S. & Canad. slang), needful (informal), specie, shekels (informal), wonga (slang), dibs (slang), filthy lucre (facetious), moolah (slang), ackers (slang), gelt (slang, chiefly U.S.), spondulicks (slang), pelf (contemptuous), mazuma (slang, chiefly U.S.) A lot of money that you pay goes back to the distributor.for my money in my opinion, in my view, to my mind, in my book, if you ask me, as I see it, in my estimation, from my standpoint For my money, it's the best in the worldin the money rich, wealthy, prosperous, affluent, rolling (slang), loaded (slang), flush (informal), well-off, well-heeled (informal), well-to-do, on Easy Street (informal), in clover (informal) If you are lucky, you could be in the money.Related words
adjective pecuniary
like chrematomania
fear chrematophobia
see currenciesQuotations
"Money speaks sense in a language all nations understand" [Aphra Behn The Lucky Chance]
"When a fellow says, it hain't the money but the principle of the thing, it's the money" [Kin Hubbard Hoss Sense and Nonsense]
"Money is our madness, our vast collective madness" [D.H. Lawrence]
"Wine maketh merry, but money answereth all things" Bible: Ecclesiastes
"Money is coined liberty" [Fyodor Dostoevsky House of the Dead]
"Money is the sinews of love, as of war" [George Farquhar Love and a Bottle]
"Better authentic mammon than a bogus god" [Louis MacNiece Autumn Journal]
"Money is like a sixth sense without which you cannot make a complete use of the other five" [W. Somerset Maugham Of Human Bondage]
"My boy ... always try to rub up against money, for if you rub up against money long enough, some of it may rub off on you" [Damon Runyon A Very Honorable Guy]
"If you can actually count your money, then you are not really a rich man" [J. Paul Getty]
"Money doesn't make you happy. I now have $50 million but I was just as happy when I had $48 million" [Arnold Schwarzenegger]
"Money doesn't talk, it swears" [Bob Dylan It's Alright, Ma (I'm Only Bleeding)]
"Money is like muck, not good except it be spread" [Francis Bacon Of Seditions and Troubles]
"Money ... is none of the wheels of trade: it is the oil which renders the motion of the wheels more smooth and easy" [David Hume Essays: Moral and Political]
"Money couldn't buy friends but you got a better class of enemy" [Spike Milligan Puckoon]
Proverbs
"Bad money drives out good"
"Money isn't everything"
"Money talks"
"Money is power"
"Money makes money"
"Shrouds have no pockets"
"You can't take it with you when you go"

money

noun1. Something, such as coins or printed bills, used as a medium of exchange:cash, currency, lucre.Informal: wampum.Slang: bread, cabbage, dough, gelt, green, jack, lettuce, long green, mazuma, moola, scratch.Chiefly British: brass.2. The monetary resources of a government, organization, or individual.Often used in plural:capital, finance (used in plural), fund (used in plural).
Translations
钱货币

money

(ˈmani) noun coins or banknotes used in trading. Have you any money in your purse?; The desire for money is a cause of much unhappiness. 錢,貨幣 钱,货币 ˈmoney-box noun a box for saving money in. 存錢盒 存钱盒ˈmoneylender noun a person who lends money and charges interest. 放款人 放债者lose/make money to make a loss or a profit. This film is making a lot of money in America. 虧本/賺錢 亏本/赚钱

money

钱zhCN
Money EN-UKEN-GB-P0024770 EN-USEN-US-P0024770 ES-ESES-ES-P0024770 PT-PTPT-PT-P0024770 → 钞票 ZH-CNZH-CN-P0024770

money


See:
  • (butter and) egg money
  • (one's) money's worth
  • (right) on the money
  • (something) isn't everything
  • (the) smart money is on (someone or something)
  • a fool and his money are soon parted
  • a licence to print money
  • a run for money
  • a run for your money
  • Bad money drives out good
  • be (right) on the money
  • be a licence to print money
  • be a license to print money
  • be in the money
  • be made of money
  • be money for jam
  • be money for old rope
  • be pressed for money
  • be pressed for space
  • be pressed for time
  • be pressed/pushed for money, space, time, etc.
  • be pushed for money
  • be pushed for space
  • be pushed for time
  • be rolling in it
  • be rolling in money
  • blood money
  • bring an amount of money in
  • can't get (something) for love or money
  • cash money
  • coin money
  • color of someone's money, see the
  • color of your money, let's see the
  • come into (some) money
  • come into money
  • conscience money
  • dirty money
  • draw against (an amount of money)
  • draw against an amount of money
  • easy money
  • even money
  • folding money
  • fool and his money are soon parted
  • fool and his money are soon parted, a
  • for (one's) money
  • for love nor money
  • for love or money
  • for money
  • for my money
  • for my/one's money
  • for one's money
  • fork out
  • fork some money out
  • found money
  • front
  • front money
  • front some amount of money
  • funny money
  • get (an amount of money) for (something)
  • get (one's) money's worth
  • get an amount of money for
  • get one's money's worth
  • get one's money's worth, to
  • get/have your money's worth
  • give (one) a run for (one's) money
  • give someone a run for their money
  • give someone or something a run for their money
  • glove money
  • good money
  • green folding stuff/money
  • has more money than God
  • have (one's) money's worth
  • have (something) to play with
  • have a good run for (one's) money
  • have a run for your money
  • have money burning a hole in (one's) pocket
  • have money to burn
  • have money, time, etc. to play with
  • have more money than God
  • have more money than sense
  • heavy bread
  • heavy money
  • hush money
  • I'd bet money
  • I'd bet money (on something)
  • I'm not made of money
  • in the money
  • It takes money to make money
  • launder money
  • lay out (an amount of money) on (someone or something)
  • Lend your money and lose your friend
  • Lend your money and lose your friend.
  • licence to print money
  • like money in the bank
  • live on
  • live on an amount of money
  • lose money hand over fist
  • lose money on
  • lose money on (something)
  • mad money
  • made of money
  • make (an amount of money) on (something)
  • make (some amount of money) in (something)
  • make good money
  • make money hand over fist
  • make money on
  • make/lose money hand over fist
  • marry (someone) for (his or her) money
  • marry into money
  • marry money
  • mint money
  • mint of money, make a
  • money burns a hole in (one's) pocket
  • money burns a hole in one's pocket
  • Money burns a hole in pocket
  • money burns a hole in your pocket
  • money can't buy happiness
  • Money does not grow on trees
  • money doesn't grow on trees
  • money down the drain
  • money for jam
  • money for old rope
  • money from home
  • money grubber
  • money is no object
  • Money is power
  • money is the root of all evil
  • money isn't everything
  • money laundering
  • money maker
  • money pit
  • Money talks
  • money to burn
  • money, expense, etc. is no object
  • money, winning, etc. isn't everything
  • moneybags
  • money-grubber
  • money-grubbing
  • money-spinner
  • Monopoly money
  • never marry for money, but marry where money is
  • not able to get (something) for love or money
  • not able to get for love or money
  • not be made of money
  • not for love nor/or money
  • not for love or money
  • not for love or/nor money
  • Not for my money
  • not for the world
  • not made of money
  • not miss for the world
  • old money
  • on the money
  • one's egg money
  • one's money's worth
  • out (some amount of money)
  • out an amount of money
  • pay your money and take your choice
  • pay(s) your money and take(s) your choice, you
  • pin money
  • pink money
  • piss money up the wall
  • pocket money
  • pots of money
  • pour money down the drain
  • pressed for money
  • pull down
  • pull down an amount of money
  • pump (something) into (someone or something)
  • pump (something) out of (something)
  • pump through (something)
  • punch (someone or something) on (something)
  • punch down
  • punch into (something)
  • punch out of (something)
  • punch up
  • punctuate (something) with (something)
  • purchase (something) for (someone or something)
  • purge (something) from (something)
  • purge (something) of (something)
  • purge away
  • push money
  • put (one's) money on (something)
  • put (one's) money where (one's) mouth is
  • put (something) at (some amount of money)
  • put money into (something)
  • put money into something
  • put money on
  • put money on somebody/something
  • put money up
  • put money where mouth is
  • put one's money where one's mouth is
  • put one's money where one's mouth is, to
  • put the money up (for something)
  • put up the money (for something)
  • put your money where your mouth is
  • Put your money where your mouth is!
  • quote a price of (some amount of money)
  • raise money for
  • raise money for (someone or something)
  • ready money
  • refund (some money) to (someone)
  • retire on (some amount of money)
  • right on the money
  • roll in (something)
  • rolling in
  • rolling in it/money
  • rolling in money
  • run for (one's) money
  • run for one's money, (give) a
  • run for one's money, a
  • save (an amount of) (money) on (something)
  • save money up
  • save money up (for something)
  • save toward (something)
  • see the color of (one's) money
  • see the color of money
  • see the colour of somebody's money
  • see the colour of someone's money
  • seed money
  • shell an amount of money out
  • shell out
  • shell out an amount of money
  • show me the money
  • silly money
  • smart money
  • soft money
  • spend (something) for (something)
  • spend (something) on (someone or something)
  • spend money like a drunken sailor
  • spend money like it's going out of style
  • spend money like water
  • spending money
  • spot (one) (some amount of money)
  • start off at (something or some place)
  • start out at (something or some place)
  • start out at an amount of money
  • stretch money
  • take (some amount of money) for (something)
  • take an amount of money for
  • take eggs for money
  • take the money and run
  • the colour of someone's money
  • the smart money
  • the smart money is on somebody/something
  • the smart money is on something
  • throw (one's) money about
  • throw (one's) money around
  • throw good money after bad
  • throw good money after bad, to
  • throw money at
  • throw money at (someone or something)
  • throw money at something
  • throw money at something/someone
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  • tight money
  • time is money
  • you pay your money, and you take your choice
  • you pays your money and takes your choice
  • You pays your money and you takes your chance
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  • you pays your money, and you takes your choice

money


money,

term that refers to two concepts: the abstract unit of account in terms of which the value of goods, services, and obligations can be compared; and anything that is widely established as a means of payment. Frequently the standard of value also serves as a medium of exchange, but that is not always the case.

Evolution

Many ancient communities, for instance, took cattle as their standard of value but used more manageable objects as means of payment. Exchangeexchange,
mutual transfer of goods, money, services, or their equivalents; also the marketplace where such transfer occurs, such as a stock exchange or a commodity exchange (see commodity market).
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 involving the use of money is a great improvement over barter, since it permits elaborate specialization and provides generalized purchasing power that the participants in the exchange may use in the future. The growth of monetary institutions has largely paralleled that of trade and industry; today almost all economic activity is concerned with the making and spending of money incomes.

From the earliest times precious metals have had wide monetary use, owing to convenience of handling, durability, divisibility, and the high intrinsic value commonly attached to them. Whether an article is to be regarded as money does not, however, depend on its value as a commodity, except where intrinsic worth is necessary to make it generally acceptable in exchange. The relation between the face value of an object used as money and its commodity value has actually become increasingly remote (see coincoin,
piece of metal, usually a disk of gold, silver, nickel, bronze, copper, aluminum, or a combination of such metals, stamped by authority of a government as a guarantee of its real or exchange value and used as money.
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).

Paper currency first appeared about 300 years ago; it was usually backed by some "standard" commodity of intrinsic value into which it could be freely converted on demand, but even during the early development of currency, issuance of inconvertible paper money, also called fiat moneyfiat money
, inconvertible money that is made legal tender by the decree, or fiat, of the government but that is not covered by a specie reserve. It is commonly understood to be of paper, although it may also consist of overvalued metal coins.
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, was not infrequent (see, for example, Law, JohnLaw, John,
1671–1729, Scottish financier in France, b. Edinburgh. After killing a man in a duel (1694) he fled to Amsterdam, where he studied banking. Returning to Scotland (1700), he proposed to Parliament plans for trade and revenue reforms and published
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). The world's first durable plastic currency was introduced by Australia in a special issue in 1988 and in a regular issue in 1992. Plastic bills are more resistant to counterfeiting than paper, and a number of countries now issue plastic currency. In the 21st cent. the use of debit cards, credit cards, and smartphone apps to make electronic payments has increasingly supplanted currency in both retail and personal transactions.

The importance of money has been variously interpreted. While the advocates of mercantilismmercantilism
, economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.
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 tended to identify money with wealth, the classical economists, e.g., John Stuart MillMill, John Stuart,
1806–73, British philosopher and economist. A precocious child, he was educated privately by his father, James Mill. In 1823, abandoning the study of law, he became a clerk in the British East India Company, where he rose to become head of the examiner's
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, usually considered money as a veil obscuring real economic phenomena. Since the mid-20th cent., a group known as the monetarists has given increasing attention to the role of money in determining national income and economic fluctuations.

The Monetary System of the United States

The monetary system of the United States was based on bimetallismbimetallism
, in economic history, monetary system in which two commodities, usually gold and silver, were used as a standard and coined without limit at a ratio fixed by legislation that also designated both of them as legally acceptable for all payments.
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 during most of the 19th cent. A full gold standard was in effect from 1900 to 1933, providing for free coinage of gold and full convertibility of currency into gold coin; the volume of money in circulation was closely related to the gold supply. The passage of the Gold Reserve Act of 1934, which put the country on a modified gold standard, presaged the end of the gold-based monetary system in domestic exchange. Under this system, the dollar was legally defined as having a certain, fixed value in gold. While gold was still thought to be important for maintenance of confidence in the dollar, its connection with the actual use of money was at best vague. The 1934 act stipulated that gold could not be used as a medium of domestic exchange. Subsequently, a number of measures de-emphasized the dollar's dependence on gold, and since the early 1970s, practically all U.S. currency, paper or coin, has been essentially fiat money.

Under the Legal Tender Act of 1933, all American coin and paper money in circulation is legal tender, i.e., under the law it must be accepted at face value by creditors in payment of any debt, public or private. Most of the currency circulating in the United States consists of Federal Reserve notes, which are issued in denominations ranging from $1 to $100 by the Federal Reserve System, are guaranteed by the U.S. government, and are secured by government securities and eligible commercial paper. A small fraction of the currency supply is made up of the various types of coin, none of which has a commodity value equal to its face value. Finally, an even smaller part of the circulating currency is composed of bills that are no longer issued, such as silver certificates, which were redeemable in silver until 1967, and bills in denominations between $500 and $100,000, which have not been issued since 1969. Starting in 1996, the Federal Reserve undertook the redesign of all paper bills, chiefly to deter a new wave of counterfeitingcounterfeiting,
manufacturing spurious coins, paper money, or evidences of governmental obligation (e.g., bonds) in the semblance of the true. There must be sufficient resemblance to the genuine article to deceive a person using ordinary caution.
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 that uses computercomputer,
device capable of performing a series of arithmetic or logical operations. A computer is distinguished from a calculating machine, such as an electronic calculator, by being able to store a computer program (so that it can repeat its operations and make logical
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 technology; further changes, including colors in addition to green, were introduced in 2003. Today, however, currency and coin are less widely used as a means of payment than checks, debit cardsdebit card,
card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account.
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, credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
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, and computer and smartphone electronic-payment apps; demand deposits (checking accounts) are, therefore, generally considered part of the money supply. Certain assets, sometimes called near-monies, are similar to money in that they can usually be readily converted into cash without loss; they include, for example, time deposits and very short-term obligations of the federal government. Funds that are frequently transferred from country to country for maximum advantage are called hot monies. The technical definition of the nation's aggregate money supply includes three measures of money: M-1, the sum of all currency and demand deposits held by consumers and businesses; M-2 is M-1 plus all savings accounts, time deposits (e.g., certificates of deposit), and smaller money-market accounts; M-3 is M-2 plus large-denomination time deposits held by corporations and financial institutions and money-market funds held by financial institutions. See also bankingbanking,
primarily the business of dealing in money and instruments of credit. Banks were traditionally differentiated from other financial institutions by their principal functions of accepting deposits—subject to withdrawal or transfer by check—and of making loans.
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; on the regulation of the supply, availability, and cost of money, see Federal Reserve SystemFederal Reserve System,
central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since its establishment, particularly by the Banking Act of 1935, has remained substantially the same.
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 and interestinterest,
charge for the use of credit or money, usually figured as a percentage of the principal and computed annually. Simple interest is computed annually on the principal.
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.

Electronic Money

Electronic payment systems, already in place for use by credit-card processors, were adapted in the 1990s for use in electronic commerce (e-commercee-commerce,
commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers.
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) on the InternetInternet, the,
international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises (called gateways
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. Such "digital cash" payments allow customers to pay for on-line orders using secure accounts established with specialized financial institutions; related technology is used for on-line payment of bills and direct payments using smartphones to individuals and businesses. Virtual currenciesvirtual currency,
a means of payment that is electronically created and stored, more specifically an unregulated electronic medium of exchange that operates like a currency but is created and controlled by computer software; also called digital currency.
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 are unregulated forms of exchange that act like money but are created and controlled by computer software and are typically not backed by, and often not recognized as money by, national governments. The best-known and most widely circulated virtual currency, Bitcoin, allows its users to make online payments that are not subject to government or bank scrutiny, which has led law enforcement officials to express concerns over its potential or actual use in bypassing currency controls, in money laundering, and in financing terrorist or criminal activities. It also has experienced security breaches and theft. Its utility as a substitute for currency in ordinary transactions, however, has been greatly diminished since its creation by the extreme fluctations in its value caused by its use as a speculative investment.

Bibliography

See J. M. Keynes, General Theory of Employment, Interest, and Money (1936); J. Niehans, The Theory of Money (1980); J. Wheatley, An Essay on the Theory of Money and Principles of Commerce (1983); A. Schwartz, Money in Historical Perspective (1987); J. Hicks, A Market Theory of Money (1989); C. Rogers, Money, Interest and Capital (1989); J. Goodwin, Greenback (2002); N. Ferguson, The Ascent of Money (2008).

money

any commodity or token generally acceptable as a medium of exchange, and in terms of which other goods and services may be priced. Originally the physical material used as money usually had an inherent usefulness as well as being a symbolic medium (e.g. gold). In modern societies money takes many forms, including paper and also machine-held records.

Absent in BARTER ECONOMIES, in which goods are exchanged directly, money can be seen as an important human invention (see also EVOLUTIONARY UNIVERSAL). As a ‘symbolic medium for resources’ (Parsons, 1963), money underlines the ‘generalized instrumentality’ of resources as against their more particular uses. Money, together with the development of MARKETS for resources, is immensely significant historically, for the following reasons:

  1. as a store of purchasing power or VALUE;
  2. as a unit of account or record; as a measurement of the relative value of goods and services whether or not these are actually to be sold;
  3. as money capital, the money used to finance production;
  4. as a source of credit.

For MARX in particular, and for the CLASSICAL ECONOMISTS generally money played an indispensable role in the rise of CAPITALISM AND CAPITALIST MODE OF PRODUCTION. However, a number of its characteristics were also recognized as bringing problems. These arise from the storage and hoarding of money, and from situations in which goods cannot be sold for money, or credit obtained; one reason for ECONOMIC CRISES. For Marx, such crises have less to do with the characteristics of money as such, than with the character of CAPITALISM (see CRISES OF CAPITALISM; see also INFLATION, MONETARISM).

In a classic work, The Philosophy of Money SIMMEL points to the fact that the transition to a money economy has far-reaching consequences beyond its role in the development of the economy. Not least, there is the general impetus it gave to rational calculation and a rationalistic world outlook, including scientific measurement. A further consequence was an increase in impersonal social relationships.

In the work of Parsons, analogies between the concept of money and the concept of POWER are also suggested. Thus political power can be seen as a generalized resource which can be used in many ways.

Money

 

a special commodity, the universal equivalent (equal value) or universal-equivalent form of value for all other commodities. The specific feature of the money commodity is that it expresses the value of any other commodity and serves as a universal instrument of exchange.

Money in simple commodity production and under capitalism. The earliest form of exchange, in which one commodity was bartered directly for another, already contained an embryonic form of money. In this exchange relationship, commodity A expresses its exchange value in the use value of commodity B. In this exchange relationship the latter commodity acts as an equivalent for commodity A and acquires an equivalent form of value. Its first characteristic is that the use value of commodity B becomes a form for manifesting its opposite—value (exchange value). From this follows its second characteristic: the concrete labor expended to produce commodity B becomes a form for manifestation of its opposite—abstract human labor. Thus the social relationship between commodity owners is already expressed here, and their labor appears as social labor. From this there follows the third characteristic of the equivalent form: the private labor spent to produce commodity B serves as a direct form for manifesting its opposite—social labor.

As exchange develops, each commodity receives a series of expressions of its value in the use value of the other commodities for which it is exchanged. The elementary form of value is converted into the total or expanded form of value; in this case direct exchange of products still exists because each product is an equivalent for another. As commodity production grows and social labor is differentiated, the most frequently exchanged commodity becomes the medium of exchange for other commodities. Thus there is a spontaneous transition from the expanded form of value to the general one, in which, unlike the two preceding forms, the process of exchange is mediated by a universal equivalent. The functions of such an equivalent are gradually monopolized by one particular commodity, becoming associated with its natural form. Such a commodity becomes money, and the general form of value becomes monetary. From this time onward the characteristics of the equivalent form are embodied in money only.

In precapitalist social formations various commodities played the role of universal equivalent. Depending on local natural and economic conditions, animal skins, shells, grain, and everyday objects became money. Livestock was common as an equivalent. Therefore livestock and money had the same name among ancient people (for example, in Latin pecus means livestock and pecunia means coin). As exchange continued to develop, metals began to be used as money; by their nature, they performed the function of a monetary commodity best since they were uniform and could be divided arbitrarily. Precious metals (gold and silver) have a high value in small quantities, are transportable, and are not subject to deterioration—oxidation. Under capitalism, therefore, gold and silver (and in the current age gold almost exclusively), finally established a monopoly as the monetary commodity on a world scale.

The essence of money is manifested in its functions. The first function of money, that of a measure of value, is the expression of the value of all other commodities. The expression of the value of a commodity in money is its price. Directly linked with the function of the measure of value is the scale of prices, the legally fixed weight of the quantity of metal adopted as the country’s monetary unit and serving to measure the prices of commodities. With the stable value of gold the prices of commodities change depending on the quantity of gold; this is the basis of the scale of prices in law and in fact. If the gold content of the monetary unit is decreased, then the prices of all commodities, which are expressed in it, should rise. The more stable the scale of prices, the better money performs its function as the measure of value.

The prices of particular commodities and of all commodities together are established in the market by innumerable acts of buying and selling commodities. Therefore, the process of price formation, the functioning of money as the measure of value, is inseparably linked with the real exchange process in which money operates as the means of circulation. At first the function of the means of circulation was performed by gold in ingots. In order to avoid the necessity of weighing the gold during every act of exchange, some merchants (and subsequently also states) began to give the gold ingots a fixed, standard form and put an appropriate stamp on them. Gold and silver as money received the form of coins. In circulation coins gradually lose weight. But in the market they continue to be accepted in exchange in accordance with their original nominal weight; that is, they function as full-value coins. Their payment and purchasing power remains unchanged. In this way the circulation of money separates the real metal content in a coin from its nominal content. In connection with this the state itself began to issue silver and copper tokens of less than full value as substitutes for full-value gold coins. This practice later, provided a basis for issuing purely nominal tokens of value— paper money as a replacement for metallic coins (of full value or less than full value). The possibility of replacing the monetary commodity with symbols of value (coins of less than full value and paper money) arises from the function of money as a means of circulation; however, monetary tokens have legal payment power only within individual states.

Generalizing his analysis of the first two functions, K. Marx gives a concrete definition of money: “The commodity that functions as a measure of value and, either in its own person or through a representative, as the medium of circulation is money” (K. Marx and F. Engels, Soch., 2nd ed., vol. 23, p. 140).

The other functions of money follow from the functions of measure of value and means of circulation. If the producer of a commodity has sold his commodity and has not converted the money received into another commodity, then he accumulates it; that is, he takes it out of the circulation sphere. The money becomes a hoard. Commodity owners accumulate social labor, embodied in the universal equivalent form, as a hoard. Only full-value money can perform the function of accumulation. Gold is the principal such type of money, but metallic and paper money also serve if their real (exchange) value corresponds to their nominal value. The fictitious nature of accumulation of the latter is revealed when they are devalued. The function of money as a means of payment arises from the process of commodity circulation in which payment for a commodity is made not at the moment of sale but rather at a certain time afterward. Money as a means of payment has an extraordinarily broad sphere of functioning in the payment of wages, in the repaying of all kinds of financial obligations, and in all those cases where money does not act as a transitory mediator of commodity movement (Commodity—Money—Commodity, C—M—C), but rather carries out independent movements, passing (during payment for a commodity) from one owner to another. The appearance of a special form of money—credit money—is linked with this monetary function which, just like the function of means of circulation, can also be performed by nominal tokens of value. The producer of a commodity who has sold his commodity on credit and received a debt obligation, a promissory note, from the buyer may then in his turn use this note in place of money to pay for a commodity purchased from a third person. Special drafts issued by banks appeared on the basis of this turnover in promissory notes. This is the highest form of credit money. It has come to be called the banknote and is today the dominant form of monetary token.

The development of commodity-money relationships beyond national borders and the formation of a world market gave rise to a new function, the function of worldwide money. In the world market money sheds its “national uniforms” (coins and paper money) and appears in the form of ingots of precious metals. Various credit means of payment expressed in national currencies (such as US dollars and English pounds sterling) and international credit means of payment, such as Special Drawing Rights (SDK’s), based on an agreement among member countries of the International Monetary Fund, function in world economic turnover on this basis. But the final means of settling accounts for the payment balances of the capitalist countries continues to be gold, the world money. In world turnover, money functions as the universal means of pament and universal purchasing means, with the means of payment predominating because world trade is large-scale wholesale trade, trade in which commodities are either sold on credit or in which the buyer advances money beforehand to pay for the commodity. In world turnover, money also functions as a universally recognized embodiment of social wealth that easily migrates from one country to another in the form of the universal equivalent, gold. Each country needs a certain gold reserve for its own international payments. Therefore, the money accumulated within individual countries in the form of hoards serves as a reserve fund of world money for the particular countries.

Money fetishism (worship of money, deification of money) follows from the characteristics of the equivalent form of value and the functions of money as described above. Money serves commodity production; in the last analysis, the movement of money is conditioned by the movement of commodities, whereas the movement of commodities is conditioned by the production process. Money and ordinary commodities are the two poles of the commodity world forming a unified whole. At the same time the internal contradiction between the commodity as value and as use value finds external expression in the contradiction between the commodity and money, and this manifests itself with particular force during crises caused by overproduction of goods. The possibility of such crises arises from the function of money as a means of circulation, from disruption of the metamorphosis C—M—C, where C—M (sale) is not followed by M—C (purchase) and therefore many producers (sellers) cannot dispose of their commodities. In addition, crises may also arise in connection with the development of money’s function as a means of payment. With a developed credit system each commodity producer is linked to others by a system of debt obligations. If times for payment of the debt are violated in some links of the chain, the positions of many other commodity producers will be affected. This may lead to massive failures to pay debt obligations, that is, bankruptcy. Then the overproduction crisis assumes the form of a universal monetary or credit crisis.

Historically and logically money precedes capital, which arises from the spontaneous movement of money on the basis of its functions. In precapitalist formations money had limited application as a means to exploitation of labor because in-kind relations predominated in the slaveholding and feudal societies and surplus product was appropriated directly in physical form by slaveholders and feudal barons. The spontaneous development of the market and of all the functions of money helped to undermine ancient and feudal property, break down simple commodity production, and develop capitalist production. Under capitalist conditions the simple functions of money become the functions of capital. Facilitating all phases and aspects of the process of expanded capitalist reproduction, money appears in the form of monetary capital, which, together with productive and commodity capital, is an essential form of the circulation of industrial capital. Thus, all the functions of money under capitalism express the antagonistic contradictions inherent in this mode of production.

Money under socialism. Having taken over the monetary system of the capitalist state, the state of the working class uses its mechanism and all the functions of money in the interests of building socialism. During the transitional period from capitalism to socialism, with the existence of various social structures, money was also used by capitalist elements, and in the sphere of small-scale commodity production the spontaneous functioning of money made it possible for capitalist relations to occur and develop. But even during the years of socialist reconstruction of the national economy, as capitalist elements were squeezed out, agriculture was collectivized, and the level of national economic planning was raised, the commodity-money form was adapted to the conditions and requirements of planned national economic management and became an organic element of the socialist system of production.

The necessity of commodity production under socialism also means that money is necessary for the socialist economy. Money in the socialist society has a specific nature, one that differs substantially from money in both capitalist and small-scale commodity production, because under socialism money expresses planned and consciously organized economic relations based on socialist collectivization of the means of production. The very foundations of money fetishism are undermined in a socialist society because of the fundamental change in the way money functions and money’s role and place in the national economy.

As the equivalent of all commodities, money under socialism is the universal form for keeping track of expenditures of social labor, carrying on production planning and organization, and distributing national product in accordance with the economic laws of socialism.

As a result of the sale of the goods produced on an organized market (which is crucially important in the socialist economy), the individual and collective labor of the workers of particular enterprises, as concrete labor creating various use values, receives in money its final recognition as a definite part of aggregate social labor. The contradiction between the commodity and money, that is, between the use value (concrete labor) and value (abstract labor) manifests itself under socialism in the everyday practice of planning and socialist economic management, for example, in the possibility that particular enterprises will fulfill and overfulfill the plan for production and sale of output while failing to fulfill the plan for assortment and quality of output, which may cause overstocking of particular products. This contradiction is overcome as the system of socialist economic management is improved.

Money under socialism shows its specific features in all the functions typical of it, which become the functions of planned management of the entire national economy and of each individual enterprise. Thus, using money as the measure of value makes it possible to organize comprehensive and detailed accounting of enterprise expenditures, that is, to determine the prime cost of the goods produced and the profitability of their production and, on this basis, to establish planned prices for the goods that reflect their value. Together with money and the monetary system, socialist society also inherited that special commodity which has historically won the position of universal equivalent: gold. Each socialist country has a definite, legally fixed gold content in its monetary unit (such as the Soviet ruble, the Czech koruna, and the Bulgarian lev), which is the measure of value and official standard of price in each of these countries.

In the socialist economy the sphere of circulation includes both the movement (circulation) of means of production among sectors and enterprises and the distribution of consumption goods among the toiling masses. But money as a means of circulation facilitates primarily the circulation of consumer goods (retail commodity turnover), because during the sale of means of production the supplier receives money by noncash transactions either before or after the purchaser receives the commodity. Moreover, these monetary charges are carried out in credit form through a bank, where money functions as the means of payment.

The selling of social product in the socialist economy assumes the planning, on the one hand, of commodity prices and the volume of commodity supply in monetary terms and, on the other, of the purchasing power of the population and socialist enterprises (that is, demand). The problem posed here is ensuring coordination of the volume and price level of commodity resources with the monetary income of the population that is used to purchase goods.

In its function as a means of payment, money is used to repay financial obligations that arise as the result of selling goods and rendering mutual services by socialist enterprises and also in connection with the need to repay all other payment obligations. These obligations are primarily labor-related: wages of production and clerical workers, the guaranteed monthly wages of kolkhoz members, and pensions, social insurance grants, stipends, and so on. The process of labor and its results are monitored by means of bank control of wage payments, for the individual production or clerical worker and for the enterprise as a whole. Socialist enterprises and the population have their own financial obligations to the state budget, and these are paid in cash or noncash payments. Most of these financial obligations are anticipated by the national economic plan. Through this function of money, fulfillment of the national economic plan is organized and monitored in the center and local areas, and planned distribution and redistribution of national income is carried on through the state budget; within the framework of particular national economic sectors it is carried on by central financial agencies of the ministries and departments. The importance of money’s functions as the means of circulation and payment has been increased, and state influence on the development of social production through the monetary mechanism has been strengthened as a result of the introduction of the volume of output sold (that is, paid for by purchases), profit, and profitability in place of gross output as the primary index of the results of enterprise activity; the introduction (where it is possible and advisable) of direct links between industrial enterprises which produce consumer goods and commercial organizations; the expansion of wholesale trade in the means of production; and other measures of the economic reform.

Under socialism money as the universal equivalent (gold) performs its functions as means of circulation and payment within the framework of individual countries entirely in the form of substitutes—tokens of value (bank notes and treasury notes). Under socialism, bank notes and treasury notes also act as a means of accumulation, a function that assumes that money savings can be used as a payment and purchasing medium at any moment without obstruction. These notes, in the form of money in the bank accounts of enterprises, economic bodies, various public organizations, and the state budget and in the form of the savings of the toiling masses deposited in savings banks and invested in state bonds, also perform the function of accumulation. By virtue of the credit system, money accumulated by the toiling masses reenters the circulation process; the state uses the capital from the population to supply credit to the national economy and other public needs. In this way it becomes possible to carry out expansion of the scale of production as envisioned by the national economic plan without issuing additional money. The function of a means of accumulation plays a very important part in the process of extended socialist reproduction, which is carried on by converting centralized and decentralized monetary savings into new productive assets (fixed and working) and into funds for wages. The volumes of these accounts are determined by national economic plans.

Under conditions of a currency monopoly all accounts between socialist countries and capitalist countries are settled in the currency of the appropriate country or by generally acceptable reserve (“key”) currency and credit means of payment. Where the socialist country does not have such means of payment or the receiver country does not wish to accept them, the remainder of the payment is repaid in gold. In settlement of accounts among countries of the world socialist system, money is used to record expenditures for the production of particular types of output in various countries and for carrying out equivalent exchange of the products of labor among them. Without such a use of money, the economically efficient coordination of the national economic plans of particular countries and the specialization and planned cooperation of production within the framework of the world socialist economic system would be impossible. For simplicity and convenience in accounts between states, the gold content of the monetary unit of one of the socialist countries (the Soviet ruble, 0,987412 grams of gold) is used by mutual agreement as the measure of value and standard of prices for the world socialist market. The transferable ruble is used in multilateral accounts among members of the Council for Mutual Economic Assistance (COMECON). In accounts of the agreeing countries transferable rubles express a definite amount of value equal to the gold content of the ruble indicated above and corresponding to the amount of reserve currency and all other currencies. The transferable ruble, which is based on the planned economic integration of the Comecon member countries, is the collective socialist currency. Planned organization of mutual economic relations among the Comecon member countries creates conditions for ensuring stability of gold content of the collective currency (transferable ruble) and a realistic exchange rate over the long run. As it assumes a stronger role this currency will be used in transactions with third countries as well as among Comecon member countries and may assume a place among the other currencies which are used in international accounts, a place appropriate to the role and significance of the Comecon member countries in the world economy.

The socialist countries have state reserves of gold and foreign currency. The gold reserve has a twofold significance for these countries; along with commodity resources it serves as security for the monetary notes put in circulation and as a reserve fund of world money through which a negative balance of payments can be covered. On the basis of international cooperation the gold and currency reserves of some socialist countries can be used to cover the negative balance of payments of other countries by granting them credit in gold or in the necessary currency.

Thus, the socialist economic system creates conditions for and necessitates conscious and planned control of the functions of money and of all the many billions of monetary transactions both within particular countries and on an international scale. Here can be seen the fundamental difference in the role of money and the advantages of monetary circulation of the socialist economic system in comparison with the capitalist system.

Z. V. ATLAS

Capitalist theories of money. Capitalist theories of money express the views of capitalist economists concerning the essence of money, monetary functions, and the laws of monetary circulation; these theories contain in themselves the primary demands made of monetary and currency policy by the capitalists. The principal capitalist theories of money—the metal, nominal, and quantity theories, which arose in the 16th to 18th centuries—have been modified with the development of capitalism.

The metal theory of money developed in the age of the primitive accumulation of capital and played a definitely progressive role in the struggle against coin deterioration (decrease in the weight of the metal). In its most complete form it was developed by the mercantilists (T. Mun, D. North, and others in England; J. F. Melon and A. Montchrestien in France), who advanced a doctrine of full-value metallic money as the wealth of a nation. In their thinking, a stable metallic currency was one of the essential conditions for the economic development of capitalist society. The error of the advocates of the metal theory lay in equating money with goods and in the failure to understand that monetary circulation is different from commodity exchange and that money is a special commodity which serves as a universal equivalent. Representatives of the metal theory denied the possibility of replacing full-value metal money with tokens in domestic circulation.

As capitalist production developed, capitalist economists faced new problems: it became necessary to develop credit money for domestic circulation. The theory of money as wealth left the stage. The critics of mercantilism denied the commodity nature of money and developed the nominalist theory of money. Its representatives (J. Bellers, N. Barbon, and G. Berkeley in England) argued that money is just a conventional token that has nothing in common with commodities; the only important thing, they said, is the designation of the monetary unit, the metallic content being insignificant. The nominalists concentrated their attention on analyzing the functions of money as a means of circulation and means of payment, areas in which it was possible to replace metallic money with paper. The main error of the advocates of the nominalist theory was to deny the commodity nature of money. In fact money is not a conventional token but a specific commodity. As K. Marx stressed, the idea of money as a conventional token results from failing to understand the function of money as the measure of value and confusing the measure of value and the scale of prices.

In the early 20th century a renovated nominalist theory of money arose in Germany. Its most prominent representative, G. F. Knapp, declared that money was a “creature of the legal order,” a creation of the state. He recognized only one monetary function, the function of means of payment. In Knapp’s theory money .is unrelated to metal; it is, as he put it, “chartal” (from the Latin charta, “paper”) in nature, that is, conventional tokens to which the state gives payment power. In his thinking, the evolution of means of payment leads to a replacement of the very simple form of metallic money with a more refined form: paper money. In developing the theory that the substantive value of money is insignificant, Knapp and his followers were in practice striving to dethrone gold in order to introduce paper money into circulation and to free gold from circulation, in order to turn it into a hoard that could be used in case of war and in controlling currency exchange rates. Knapp’s state theory of money is scientifically unsound. The state can set the scale of prices in legislation, but it is not able to establish the value of money, which forms under the influence of the objective laws of commodity-money circulation.

The most recent form of nominalism, from the period of the general crisis of capitalism, links the negation of gold and defense of paper money with the tasks of state-monopoly intervention in the economy. Thus, for example, current nominalists see the main weakness of the gold standard in the fact that its automatism makes the volume of monetary circulation and the volume of production dependent on the production of gold, whereas the transition to paper money creates a possibility of more flexible control of both monetary circulation and the economy as a whole. During the currency crisis of the 1960’s and 1970’s, the modern nominalists, searching for ways to overcome a shortage of gold and currency reserves, tried to prove the advantages of paper money for international accounts also. The argument for “paper gold” grew extraordinarily intense in connection with the weakening of the dollar and the pound sterling, the so-called reserve or key currencies. In the autumn of 1967 a decision was adopted to set up a substitute for universal money in the form of the so-called Special Drawing Rights, currency surrogates issued by the International Monetary Fund (IMF). In fact it is not possible to use “paper gold” to wipe out the chronic balance of payments crisis of the leading imperialist states, above all of the United States, the causes of which are rooted in the increasing unevenness of capitalist development and in the arms race.

The other extensive group of representatives of capitalist monetary theories deals with the influence of the quantity of money on the level of commodity prices. The dominant theory on this question is the quantity theory of money. Its early representatives were Montesquieu in France and D. Hume in England. In the 20th century it was developed by J. M. Keynes in Great Britain, I. Fisher in the United States, and G. Cassel in Switzerland. The quantity theory of money establishes a direct relationship between growth in the amount of money in circulation and growth in commodity prices. The devaluation of precious metals and rise in commodity prices which occurred from the 16th century to the 18th served as the historical basis for the appearance of this theory.

Marx gave a devastating criticism of the quantity theory of money. He pointed out that advocates of this theory do not understand that precious metals, like other commodities, have intrinsic value: these theoreticians present matters as if “commodities are without a price, and money without a value, when they first enter into circulation, and that, once in circulation, an aliquot part of the medley of commodities is exchanged for an aliquot part of the heap of precious metal” (K. Marx and F. Engels, Soch., 2nd ed., vol. 23, p. 134). Marx stressed that the representatives of the quantity theory did not understand the functions of money as a measure of value and a means of accumulation.

The current quantity theory of money is developing in conditions of paper money circulation and is directed to substantiating state-monopoly intervention in the economy. The notion, typical of capitalist political economy, that the sphere of circulation is primary inspires capitalist economists to search this sphere for methods of influencing prices, wage levels, and the condition of economic activity. The most widespread variation of the current quantitative theory of money is the theory of “surplus demand,” according to which an increase in prices is elicited by a rise in demand for consumer goods. The father of this theory is considered to be J. M. Keynes, who asserted that the prices for particular groups of commodities move unevenly and that the prices of consumer goods rise more rapidly as a smaller share of national income goes into savings. The theory of “surplus demand” is called forth by the militarization of the economies of imperialist states, because the military sectors develop at the cost of reducing civilian production and, therefore, also demand. Keynes suggested various ways to wipe out “surplus demand” as a method of overcoming inflation: freezing wages, making savings compulsory, and raising taxes on the toiling masses. But all forms of eliminating “surplus demand” fail to lead to any reduction in the amount of money at all; they are merely ways to pump money into the state treasury for military expenditures. After World War II the imperialist states carried out monetary reforms under the banner of fighting “surplus demand.” These reforms envisioned only a partial exchange of new money for old money and placing money not subject to immediate exchange in so-called blocked accounts.

Closely associated with the theory of “surplus demand” is the theory of the “inflationary spiral of wages and prices,” according to which an increase in wages inevitably leads to a rise in commodity prices which, in its turn, encourages growth in wages which again calls forth a rise in commodity prices, and so on. Apologists of this theory completely ignore the fact that inflation leads to a decrease in real wages and that under inflationary conditions nominal wages always lag behind the rise in commodity prices. As in other cases the arguments of capitalist theoreticians are intended to camouflage the significance of military expenditures as the main factor in inflation and to prove, at the same time, the necessity of a constant attack on wages. The class orientation of capitalist theories of money and the economic policies which follow from them are seen graphically in the fact that freezing wages, enforcing compulsory savings, and increasing the tax burden are combined with a policy of giving enormous government orders to monopolies and offering capitalists extensive subsidies and favorable tax conditions.

A new variation of the quantitative theory of money was developed in the 1950’s by M. Friedman (United States). He argued that all attempts at state intervention in the sphere of monetary circulation are fruitless and harmful. In the early 1970’s these ideas were supported by the administration of R. Nixon.

A. B. EIDEL’NANT

REFERENCES

Money under capitalism
Marx, K. “K kritike politicheskoi ekonomii.” In K. Marx and F. Engels, Soch., 2nd ed., vol. 13.
Marx, K. Kapital (vol. 1), ibid., vol. 23, chs. 1-3; Kapital (vol. 2), ibid., vol. 24, chs. 1, 2, 4, 18, 20; Kapital (vol. 3), ibid., vol. 25, part 1, ch. 19, sec. 5.
Lenin, V. I. “Ekonomicheskoe soderzhanie narodnichestva i kritika egovknigeg. Struve.”Poln. sobr. soch., 5th ed., vol. 1, chs. 2, 4. Lenin, V. I. “Razvitie kapitalizma v Rossii.” Ibid., vol. 3, ch. 2. Sviatlovskii, V. Proiskhozhdenie deneg i denezhnykh znakov. Moscow-Petrograd, 1923.
Kozlov, G. A. Teoriia deneg i denezhnoe obrashchenie. Moscow, 1946.
Krotkov, V. T. Ocherki po denezhnomu obrashcheniiu i kreditu inostrannykh gosudarstv. Moscow, 1947.
Mikhalevskii, F. I. Zoloto v sisteme kapitalizma posle vtoroi mirovoi voiny. Moscow, 1952.
Bregel’, E. la. Denezhnoe obrashchenie i kredit kapitalisticheskikh gosudarstv, 2nd ed. Moscow, 1955.
Atlas, Z. V. Zakony denezhnogo obrashcheniia. Moscow, 1957. Eidel’nant, A. B. Burzhuaznye teorii deneg, kredita i finansov v period obshchego krizisa kapitalizma. Moscow, 1958. Trakhtenberg, I. A. Denezhnoe obrashchenie i kredit pri kapitalizme. Moscow, 1962.
Vlasenko, V. E. Teorii deneg v Rossii. Kiev, 1963.
Bortnik, M. Iu. Denezhnoe obrashchenie i kredit kapitalisticheskikh stran. Moscow, 1967.
Borisov, S. M. Zoloto v ekonomike sovremennogo kapitalizma. Moscow, 1968.
Valiutnyi spravochnik [2nd ed.]. Moscow, 1970.
Kritika sovremennykh burzhuaznykh teorii finansov, deneg i kredita: Sbornik. Moscow, 1970.
Money under socialism
Lenin, V. I. “Doklad na I Vserossiiskom s”ezde predstavitelei finansovykh otdelov Sovetov, 18 maia 1918 g.” Poln. sobr. soch., 5th ed., vol. 36.
Lenin, V. I. “Proekt programmy RKP(b).” Ibid., vol. 38.
Lenin, V. I. “O znachenii zolota teper’ i posle polnoi pobedy sotsializma.” Ibid., vol. 44.
Lenin, V. I. “Doklad i zakliuchitel’noe slovo na VII Moskovskoi gubpartkonferentsii.” Ibid., vol 44.
Mikhalevskii, F. I. K metodologii izucheniia nashego denezhnogo obrashcheniia. Moscow, 1930.
Strumilin, S. G. Na planovom fronte (1920-1930 gg.). Moscow, 1958. Chapters 1-7.
Batyrev, V. Denezhnoe obrashchenie v SSSR. Moscow, 1959.
Kronrod, la. A. Den’gi v sotsialisticheskom obshchestve, 2nd ed. Moscow, 1960.
Aizenberg, I. P. Valiutnaia sistema SSSR. Moscow, 1962.
Konnik, I. I. Den’gi v period stroitel stva kommunisticheskogo obshchestva. Moscow, 1966.
Atlas, Z. V. Sotsialisticheskaia denezhnaia sistema. Moscow, 1969.
Denezhnoe obrashchenie i kredit v SSSR, 2nd ed. Edited by V. S. Gerashchenko. Moscow, 1970.

What does it mean when you dream about money?

Money in a dream is usually an extension of one’s self-worth and self-esteem—a positive sign if abundance and accumulation is experienced; and a negative one if losses occur in the dream, suggesting one’s inner resources may be depleted. Investing energy in oneself, one’s career, or one’s family is sometimes indicated by this symbol.

Money

See also Finance.Brink’sBoston armored car service; robbed of over one million dollars (1950). [Am. Hist.: Facts (1950), 24]Mammonpersonification; one cannot serve him and God simultaneously. [N.T.: Matthew 6:24: Luke 16:9, 11, 13]Moneta‘monitress’; epithet of Juno; origin of mint. [Rom. Myth.: Espy, 20]Newland, Abrahamgovernor of Bank of England; eponymously, banknote. [Br. Hist.: Wheeler, 258]

money

1. a medium of exchange that functions as legal tender 2. the official currency, in the form of banknotes, coins, etc., issued by a government or other authority

Money

(dreams)The significance money has in your waking life is reflected in your dream state. Money is a symbol of power and wealth. We often judge ourselves based on our ability to make it, save it, and spend it. First, consider your own relationship with money and your current financial situation, as this dream could be simple wish fulfillment. As always, consider all of the accompanying details in your dream, because they will help you to understand where your issues lie. Traditional dream interpretations indicate that losing money in your dream is a good omen, and that probably the opposite will happen. Generally, money may represent those things that are most valuable to you and not necessarily cash.

Money


Related to Money: make money

MONEY. Gold, silver, and some other less precious metals, in the progress of civilization and commerce, have become the common standards of value; in order to avoid the delay and inconvenience of regulating their weight and quality whenever passed, the governments of the civilized world have caused them to be manufactured in certain portions, and marked with a Stamp which attests their value; this is called money. 1 Inst. 207; 1 Hale's Hist. 188; 1 Pardess. n. 22; Dom. Lois civ. liv. prel. t. 3, s. 2, n. 6.
2. For many purposes, bank notes; (q.v.) 1 Y. & J, 380; 3 Mass. 405; 14 Mass. 122; 2 N. H. Rep. 333; 17 Mass. 560; 7 Cowen, 662; 4 Pick. 74; Bravt. 24; a check; 4 Bing. 179; S. C. 13 E. C. L. R. 295; and negotiable notes; 3 Mass. 405; will be so considered. To support a count for money had and received, the receipt by the defendant of bank notes, promissory notes: 3 Mass. 405; 3 Shepl. 285; 9 Pick. 93; John. 132; credit in account, in the books of a third person; 3 Campb. 199; or any chattel, is sufficient; 4 Pick. 71; 17 Mass. 560; and will be treated as money. See 7 Wend. 311; 8 Wend. 641; 7 S. & R. 246; 8 T. R. 687; 3 B. & P. 559; 1 Y. & J. 380.
3. The constitution of the United States has vested in congress the power "to coin money, and regulate the value thereof." Art. 1, s. 8.
4. By virtue of this constitutional authority, the following provisions have been enacted by congress.
1. Act of April 2, 1792, 1 Story's L. U. S. 229.
1. Sec. 9. That there shall be from time to time, struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values, and descriptions, viz: Eagles; each to be of the value of ten dollars, or units, and to contain two hundred and forty-seven grains and four-eighths of a grain of pure, or two hundred and seventy grains of standard, gold. Half eagles; each to be of the value of five dollars, and to contain one hundred and twenty-three grains and six-eighths of a pure, or one hundred and thirty-five grains of standard gold. Quarter eagles; each to be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven-eighths of a grain of pure, or sixty-seven grains and four-eighths of a grain of standard gold. Dollars, or units; each to be of the value of a Spanish milled dollar, as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. Half dollars; each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten-sixteenth parts of a grain of pure, or two hundred and eight grains of standard, silver. Quarter dollars; each to be of one-fourth the value of the dollar, or unit, and to contain ninety-two grains and thirteen-sixteenth parts of a grain of pure, or one hundred and four grains of standard, silver. Dimes; each to be of the value of one-tenth of a dollar, or unit, and to contain thirty-seven grains and two sixteenth parts of a grain of pure, or forty-one grains and three-fifth parts of a grain of standard, silver. Half dimes; each to be of the value of one-twentieth of dollar, and to contain eighteen grains and nine-sixteenth parts of a grain of pure, or twenty grains and four-fifth parts of a grain of standard, silver. Cents; each to be of the value of the one-hundredth part of a dollar, and to contain eleven pennyweights of copper. Half cents; each to be of the value of half a cent, and to contain five pennyweights and, a half a pennyweight of copper.
5.-Sec. 10. That upon the said coins, respectively, there shall be the following devises and legends, namely: Upon one side of each of the said coins there shall be an impression emblematic of liberty, with an inscription of the word liberty, and the year of the coinage; and, upon the reverse of each of the gold and silver coins, there shall be the figure or representation of an eagle, with this inscription, "United States of America:" and, upon the reverse of each of the copper coins there shall be an inscription which shall express the denomination of the piece, namely, cent or half cent, as the case may require.
6.-Sec. 11. That the proportional value of gold to silver in all coins which shall, by law, be current as money within the United States, shall be as fifteen to one, according to quantity in weight, of pure gold or pure silver; that is to say, every fifteen pounds weight of pure silver shall be of equal value in all payments, with one pound weight of pure gold; and so in proportion, as to any greater or less quantities of the respective metals.
7.-Sec. 12. That the standard for all gold coins of the United States, shall be eleven parts fine to one part alloy: and accordingly, that eleven parts in twelve, of the entire weight of each of the said coins, shall consist of pure gold, and the remaining one-twelfth part of alloy; and the said alloy shall be composed of silver and copper in such proportions, not exceeding one-half silver, as shall be found convenient; to be regulated by the director of the mint for the time being, With the approbation of the president of the United States, until further provision shall be made by law. And to the end that the necessary information may be had in order to the making of such further provision, it shall be the duty of the director of the mint, at the expiration of a year after commencing the operations of the said mint, to report to congress the practice thereof during the said year, touching the composition of the alloy of the said gold coins, the reasons for such practice, and the experiments and observations which shall have been made concerning the effects of different proportions of silver and copper in the said alloy.
8.- Sec. 13. That the standard for all silver coins of the United States, shall be one thousand four hundred and eighty-five parts fine to one hundred and seventy-nine parts alloy; and, accordingly, that one thousand four hundred and eighty-five parts in one thousand six hundred and sixty-four parts, of the entire weight of each of the said coins, shall consist of pure silver, and the remaining one hundred and seventy nine parts of alloy, which alloy shall be wholly of copper.
9.-2. Act of June 28, 1834, 4 Sharsw. cont. of Story's Laws U. S. 2376.
Sec. 1. That the gold coins of the United States shall contain the following quantities of metal, that is to say: each eagle shall contain two hundred and thirty-two grains of pure gold, and two hundred and fifty-eight grains of standard gold; each half-eagle, one hundred and sixteen grains of pure gold, and one hundred and twenty-nine grains of standard gold; each quarter eagle shall contain fifty-eight grains of pure gold, and sixty-four and a half grains of standard gold; every such eagle shall be of the value of ten dollars; every such half eagle shall be of the value of five dollars; and every such quarter eagle shall be of the value of two dollars and fifty cents; and the said gold coins shall be receivable in all payments, when of full weight, according to their respective values; and when of less than full weight, at less values, proportioned to their respective actual weights.
 10.-Sec. 2. That all standard gold or silver deposited for coinage after the thirty-first of July next, shall be paid for in coin under the direction of the secretary of the treasury, within five days from the making of such deposit, deducting from the amount of said deposit of gold and silver, one-half of one per centum: Provided, That no deduction shall be made unless said advance be required by such depositor within forty days.
 11.-Sec. 3. That all gold coins of the United States, minted anterior to the thirty-first day of July next, shall be receivable in all payments at the rate of ninety-four and eight-tenths of a cent per pennyweight.
 12.-3. Act of January 18, 1837, 4 Sharsw. cont. of Story's Laws U. S. 2524.
Sec. 9. That of the silver coins, the dollar shall be of the weight of four hundred and twelve and one-half grains; the half dollar of the weight of two hundred and six and one-fourth grains; the quarter dollar of the weight of one hundred and three and one-eighth grains; the dime, or tenth part of a dollar, of the weight of forty-one and a quarter grains; and the half dime, or twentieth part of a dollar, of the weight of twenty grains, and five-eighths of a grain. And that dollars, half dollars, and quarter dollars, dimes and half dimes, shall be legal tenders of payment, according to their nominal value, for any sums whatever.
 13.-Sec. 10. That of the gold coins, the weight of the eagle shall be two hundred and fifty-eight grains; that of the half eagle, one hundred and twenty-nine grains; and that of the quarter eagle, sixty-four and one-half grain;. And that for all sums whatever, the eagle shall be a legal tender of payment for ten dollars; the half eagle for five dollars and the quarter eagle for two and a half dollars.
 14.- Sec. 11. That the silver coins heretofore issued at the mint of the United States, and the gold coins issued since the thirty-first day of July, one thousand eight hundred and thirty-four, shall continue to be legal tenders of payment for their nominal values, on the same terms as if they were of the coinage provided for by this act.
 15.-Sec. 12. That of the copper coins, the weight of the cent shall be one hundred and sixty-eight grains, and the weight of the half cent eighty four grains. And the cent shall be considered of the value of one hundredth part of a dollar, and the half cent of the value of one two-hundredth part of a dollar.
 16.-Sec. 13. That upon the coins struck at the mint, there shall be the following devices and legends; upon one side of each of said coins, there shall be an impression emblematic of liberty, with an inscription of the word LIBERTY, and the year of the coinage; and upon the reverse of each of the gold and silver coins, there shall be the figure or representation of an eagle, with the inscription United States of America, and a designation of the value of the coin; but on the reverse of the dime and half dime, cent and half cent, the figure of the eagle shall be omitted.
 17.-Sec. 38. That all acts or parts of acts heretofore passed, relating to the mint and coins of the United States, which are inconsistent with the provisions of this act, be, and the same are hereby repealed.
 18.-4. Act of March 3, 1825, 3 Story's L. U. S. 2005.
 Sec. 20. That, if any person or persons shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged, or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any coin, in the resemblance or similitude of the gold or silver coin, which has been, or hereafter may be, coined at the mint of the United States; or in the resemblance or similitude of any foreign gold or silver coin which by law now is, or hereafter may be made current in the United States; or shall pass, utter, publish, or sell, or attempt to pass, utter, publish, or sell, or bring into the United States, from any foreign place, with intent to pass, utter, publish, or sell, as true, any such false, forged, or counterfeited coin, knowing the same to be false, forged, or counterfeited, with intent to defraud any body politic, or corporate, or any other person or persons, whatsoever; every person, so offending, shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine, not exceeding five thousand dollars, and by imprisonment, and confinement to hard labor, not exceeding ten years, according to the, aggravation of the offence.
 19.-Sec. 21. That, if any person or persons shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged or counterfeited, or willingly aid or assist in falsely making, forging or counterfeiting any coin, in the resemblance or similitude of any copper coin, which has been, or hereafter may be, coined at the mint of the United States; or shall pass, utter, publish, or sell, or attempt to pass, utter, publish or sell, or bring into the United States, from any foreign place, with intent to pass, utter, publish, or sell as true, any such false, forged, or counterfeited coin, with intent to defraud any body politic, or corporate, or any other person or persons whatsoever; every person so offending, shall be deemed guilty of felony, and shall, on conviction thereof, be punished by fine, not exceeding one thousand dollars, and by imprisonment, and confinement, to hard labor, not exceeding three years. See generally, 1 J. J. Marsh. 202; 1 Bibb, 330; 2 Wash. 282; 3 Call, 557; 5 S. & R. 48; 1 Dall. 124; 2 Dana, 298; 3 Conn. 534; 4 Harr. & McHen. 199.
 20.-5. Act of March 3, 1849, Minot's Statutes at Large of U. S. 397.
 21.-Sec. 1. That there shall be, from time to time, struck and coined at the mint of the United States, and the branches thereof, conformably in all respects to law, (except that on the reverse of the gold dollar the figure of the eagle shall be omitted), and conformably in all respects to the standard for gold coins now established by law, coins of gold of the following denominations and values, viz.: double eagles, each to be of the value of twenty dollars, or units, and gold dollars, each to be of the value of one dollar, or unit.
 22.-Sec. 2. That, for all sums whatever, the double eagle shall be a legal tender for twenty dollars, and the gold dollar shall be a legal tender for one dollar.
 23.-Sec. 3. That all laws now in force in relation to the coins of the United States, and the striking and coining the same, shall, so far as applicable, have full force and effect in relation to the coins herein authorized, whether, the said laws are penal or otherwise; and whether they are for preventing counterfeiting or debasement, for protecting the currency, for regulating and guarding the process of striking and coining, and the preparations therefor, or for the security of the coin, or for any other purpose.
 24.-Sec. 4. That, in adjusting the weights of gold coins henceforward, the following deviations from the standard weight shall not be exceeded in any of the single pieces; namely, in the double eagle, the eagle, and the half eagle, one half of a grain, and in the quarter eagle, and gold dollar, one quarter of a grain; and that, in weighing a large number of pieces together, when delivered from the chief coiner to the treasurer, and from the treasurer to the depositors, the deviation from the standard weight shall not exceed three pennyweights in one thousand double eagles; two pennyweights in one thousand, eagles; one and one half pennyweights in one thousand half eagle;; one pennyweight in one thousand quarter eagles; and one half of a pennyweight in one thousand gold dollars.
 25.-6. Act of March 3, 1851. Minot's Statutes at Large, U. S. 591.
 26.-Sec. 11. That from and after the passage of this act, it shall be lawful to coin at the mint of the United States and its branches, a piece of the denomination and legal value of three cents, or three hundredths of a dollar, to be composed of three-fourths silver and one-fourth copper and to weigh twelve grains and three eighths of a grain; that the said coin shall bear such devices as shall be conspicuously different from those of the other silver coins, and of the gold dollar, but having the inscription United States of America, and its denomination and date; and that it shall be a legal tender in payment of debts for all sums of thirty cents and under. And that no ingots shall be used for the coinage of the three cent pieces herein authorized, of which the quality differs more than five thousandths from the legal standard; and that in adjusting the weight of the said coin, the following deviations from the standard weight shall not be exceeded, namely, one half of a grain in the single piece, and one pennyweight in a thousand pieces.

money


Money

Currency and coin that are guaranteed as legal tender by the government, a regulatory agency or bank.

Money

A commodity, asset, or (most commonly) currency that may be exchanged for goods and services. Usually, the domestic government issues its own money and provides penalties to persons and businesses in its jurisdiction that do not accept it. Money and the money supply are integral to determining interest rates, inflation, and especially economic growth. There is no uniform agreement as to what qualifies as money; some economists include more mediums of exchange than other economists. Every society throughout history has used some sort of money, even bartering economies traded for something perceived to be equivalent. See also: Money supply, Liquidity.

money

A generally accepted medium for the exchange of goods and services, for measuring value, or for making payments. Many economists consider the amount of money and growth in the amount of money in an economy very influential in determining interest rates, inflation, and the level of economic activity. There is some disagreement among economists as to what types of things actually should be classified as money; for example, should balances in money market funds be included. See also money supply.

money

an asset which is generally acceptable as a means of payment in the sale and purchase of products and other assets and for concluding borrowing and lending transactions. The use of money enables products and assets to be priced in terms of the monetary units of the country (pence and pounds in the UK, for example), and to be exchanged using money as a common medium of exchange rather than the bartering of one product against another. Money also acts as a store of value (money can be held over a period of time and used to finance future payments) and as a unit of account (money is used to measure and record the value of products and assets, as for example in compiling the country's NATIONAL INCOME accounts). See MONEY SUPPLY, MONETARY POLICY.

money

an ASSET that is generally acceptable as a medium of exchange. Individual goods and services, and other physical assests, are ‘priced’ in terms of money and are exchanged using money as a common denominator rather than one GOOD, etc., being exchanged for another (as in BARTER). The use of money as a means of payment enables an economy to produce more output because it facilitates SPECIALIZATION in production and reduces the time spent by sellers and buyers in arranging exchanges. Other important functions of money are its use as a store of value or purchasing power (money can be held over a period of time and used to finance future payments), a standard of deferred payment (money is used as an agreed measure of future receipts and payments in contracts) and as a unit of account (money is used to measure and record the value of goods or services, e.g. GROSS NATIONAL PRODUCT, over time). See LEGAL TENDER.
See US Marine Corps
See M

money


Related to money: make money
  • all
  • noun
  • phrase

Synonyms for money

noun cash

Synonyms

  • cash
  • funds
  • capital
  • currency
  • wealth
  • hard cash
  • green
  • readies
  • riches
  • necessary
  • silver
  • bread
  • coin
  • tin
  • brass
  • loot
  • dough
  • the ready
  • banknotes
  • dosh
  • lolly
  • the wherewithal
  • legal tender
  • megabucks
  • needful
  • specie
  • shekels
  • wonga
  • dibs
  • filthy lucre
  • moolah
  • ackers
  • gelt
  • spondulicks
  • pelf
  • mazuma

phrase for my money

Synonyms

  • in my opinion
  • in my view
  • to my mind
  • in my book
  • if you ask me
  • as I see it
  • in my estimation
  • from my standpoint

phrase in the money

Synonyms

  • rich
  • wealthy
  • prosperous
  • affluent
  • rolling
  • loaded
  • flush
  • well-off
  • well-heeled
  • well-to-do
  • on Easy Street
  • in clover

Synonyms for money

noun something, such as coins or printed bills, used as a medium of exchange

Synonyms

  • cash
  • currency
  • lucre
  • wampum
  • bread
  • cabbage
  • dough
  • gelt
  • green
  • jack
  • lettuce
  • long green
  • mazuma
  • moola
  • scratch
  • brass

noun the monetary resources of a government, organization, or individual

Synonyms

  • capital
  • finance
  • fund

Words related to money

noun the most common medium of exchange

Related Words

  • appropriation
  • money supply
  • fund
  • monetary fund
  • medium of exchange
  • monetary system
  • boodle
  • clams
  • dinero
  • gelt
  • kale
  • lettuce
  • lolly
  • lucre
  • moolah
  • pelf
  • shekels
  • simoleons
  • wampum
  • loot
  • dough
  • bread
  • cabbage
  • sugar
  • scratch
  • shinplaster
  • subsidisation
  • subsidization
  • token money

noun wealth reckoned in terms of money

Related Words

  • wealth
  • big bucks
  • big money
  • megabucks
  • pile
  • bundle

noun the official currency issued by a government or national bank

Related Words

  • sterling
  • currency
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更新时间:2024/12/23 18:42:32