These disorders of the circulating medium
were a source of endless plague and perplexity to the rulers and legislators, not only in Governor Belcher's days, but for many years before and afterwards.
There is also a great deficiency of a circulating medium
But banking should not include the manufacture of money as, practically, it does today, for the real circulating medium
of this nation today is not pocketbook money but checkbook money--the money we have--or think we have--in the banks, deposits, subject to check.
Paper money (as a circulating medium
of exchange) was invented in China between 806 and 812 CE.
The Confederate experience supports the idea that interest-bearing currency can compete with conventional non-interest-bearing notes as a circulating medium
Vanox 1320 is also resistant to reaction with the circulating medium
The Continental Congress issued a paper note to help finance the American Revolution, and these "bills of credit" became a circulating medium