When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.
Large sums were paid for the use of money, because the available amount of gold and silver was far less than was needed to carry on the commercial transactions of the times.
The Massachusetts Land Bank, during Colonial times, prospered, and brought prosperity to the community, until it was forcibly suppressed by special act of Parliament.
Sometimes, instead of purchasing a commodity out and out, people want to buy only the use of it, for a longer or shorter period. The price paid for such temporary use is commonly called hire.
