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Indeed it would have been a mean-spirited course to go back on the century-old standard on account of so trifling a premium on gold, a premium which, as it turned out, the action of the market wiped out in a few months, before any of the provisions of the Act of 1819 had come into operation.

— Ralph George Hawtrey Currency and Credit (1919)

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More quotes by Ralph George Hawtrey

Banks lend by creating credit. They create the means of payment out of nothing.

That was to cry, Fire, Fire, in Noah's Flood.

A Century of Bank Rate (1938)

By its means the banker creates the means of payment out of nothing, whereas when he receives a bag of money from his customer, one means of payment, a bank credit, is merely substituted for another, an equal amount of cash.

Currency and Credit (1919)

The total effective demand for commodities in the market is limited to the number of units of money of account that dealers are prepared to offer, and the number they are prepared to offer over any period of time is limited according to the number they hope to receive.

Currency and Credit (1919)

If each member of society can be induced or impelled to do his allotted task by associating it with some motive that appears to him adequate, then he need never know how he is contributing to the real end, and need not even be aware of the end at all. It is this problem of organization that we shall call the Economic Problem. It is in fact the real subject matter of political economy.

The Economic Problem (1925)

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Quote text and notes from Wikiquote: Ralph George Hawtrey (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.