«Currency principle advocates… confound bank notes strictly convertible into coin, with a compulsory and inconvertible paper currency.»

«Short-dated bills of exchange are substitutes not only for coin, but for bank notes.»

«When the money market is out of equilibrium, it affects all markets as people adjust their cash balance to the changing structure of prices. The adjustment process reflects the non-neutral effects of money.»

«We are living in a world of unexpected change; hence capital combinations, and with them the capital structure, will be ever changing, will be dissolved and re-formed.»

«Capital goods are those goods that are valued because of their ability to produce other goods that are the ultimate object for consumption. Because these capital goods are heterogeneous and yet have multi-specific uses we must coordinate economic activity to best align the structure of capital goods to most efficiently produce consumer goods without leaving any higher valued consumption wants unsatisfied.»

«A production plan involves the combining of individual capital goods and labor resources in order to produce particular outputs.»

«The stock of capital used by society does not present a picture of chaos. Its arrangement is not arbitrary. There is some order in it.»

«The ultimate ends of the activities of reasonable beings are never economic. Money is one of the greatest instruments of freedom ever invented by man.»

«En tanto que el mundo sea lo que es, no habrá escapatoria respecto de las incertidumbres básicas, no hay libertad para imaginar un gran éxito sin la inseparable sombra de exposición a un infortunio».

«Nuestro sistema universal de cambio diferido depende en última instancia de dos pilares: primero, de la honestidad de los emisores; y segundo, de la estimación acertada de los recursos con que contarán los deudores cuando deban hacer frente a sus promesas».