John Stuart Mill, Essay IV: On Profits, And Interest in: Essays on Some Unsettled Questions of Political Economy, London: John W. Parker, West Strand (1844), pp. 117-118.
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When a banker, in addition to his other functions, is also an issuer of paper money, he gains an advantage (...) the banker by issuing it levies a tax on every person who has money in his hands or due to him. He thus appropriates to himself a portion of the capital of other people, and a portion of their revenue.
— John Stuart Mill on Credit
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "When a banker, in addition to his other functions, is also an issuer of paper money, he gains an advantage (...) the banker by issuing it levies a tax on every person who has money in his hands or due to him. He thus appropriates to himself a portion of the capital of other people, and a portion of their revenue." in the context of "John Stuart Mill, Essay IV: On Profits, And Interest in: Essays on Some Unsettled Questions of Political Economy, London: John W. Parker, West Strand (1844), pp. 117-118." to mean that wisdom is timeless.
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About John Stuart Mill
John Stuart Mill (20 May 1806 – 8 May 1873), also known as J. S. Mill, was an English political philosopher and economist who was an advocate of utilitarianism.
About John Stuart Mill
John Stuart Mill (20 May 1806 – 8 May 1873), also known as J. S. Mill, was an English political philosopher and economist who was an advocate of utilitarianism.
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