George Herbert Quotes
Much money makes a Countrey poor, for it sets a dearer price on every thing.
Herbert, George. Jacula Prudentum; or, Outlandish Proverbs, Sentences, etc. London, T. Maxey for T. Garthwait, 1651.
The very act of printing money created a debt—at the time and until the Nixon Administration which went off the gold standard—the government owed the gold or silver and the spicie—the printed money—was a promissory note.
Most people owned a little land as most of America were still farmers. They had small amounts of money at different times but spent it for necessities. A relatively few people (mostly in the East) had money—gold and paper currency backed by gold. If the price of property was high, only rich could afford to buy it. The home mortgage system did not then exist, so there was no way that the average land owner could get enough money to buy land to expand farms or buy for children unless the price was low. Today, most land owners want the price of land to be high. The financial system in use at the time makes the difference.
This was a take-off on Vice President Marshall’s slogan: {606496}
This was a very astute prediction. At the time, the United States gold mining production was second only to South Africa and American currency was based on the gold standard which seemed to all to be permanent. Half a century later, the U. S went off the gold standard.
This quotation was particularly interesting for Americans of the early 21st century by which time, the United States had become the greatest debtor nation in the world.
The alternative would have been for the colonies to borrow English money at high interest rates and use that. Or use money from private banks (which occurred later.) Many conservatives are today a little shocked that some of the American Colonies just printed money with no backing but it worked—at least at the local level. A Boston Bank for example, would take a large commission for a Bostonian to convert Pennsylvania money into Massachusetts money. So it was not a very good system for trade between colonies and International trade. But English money was used for that. The colonists pragmatically got the “best of both worlds” and paid as little interest as they needed to. This system is essentially what we use today on a national scale with no gold or silver backing of the money.
Nominal GDP, or NGDP, counts the total value of all goods and services produced in the United States, not adjusted for inflation
George Herbert was a Welsh-born poet, orator, and priest of the Church of England. His poetry is associated with the writings of the metaphysical poets, and he is recognised as "one of the foremost British devotional lyricists." He was born into an artistic and wealthy family and largely raised in England. He received a good education that led to his admission to Trinity College, Cambridge, in 1609. He went there with the intention of becoming a priest, but he became the University's Public Orator and attracted the attention of King James I. He served in the Parliament of England in 1624 and briefly in 1625.
