Per capita circulation of money in leading countries December 31, 1912.

France..................$48.91  America (U.S.)..........$32.98

Australia............... 38.45  Portugal................ 29.46

Canada.................. 33.57  Netherlands............. 26.86

Switzerland............. 24.32  Mexico..................  9.17

Germany................. 21.36  Finland.................  8.38

United Kingdom.......... 21.21  Chile...................  8.24

Spain................... 19.96  Turkey..................  7.09

Brazil.................. 18.79  Russia..................  6.45

Denmark................. 17.73  Japan...................  5.68

Belgium................. 15.83  Bulgaria................  5.57

Austria-Hungary......... 14.68  Serbia..................  5.49

Rumania................. 13.24  Venezuela...............  5.51

Italy................... 13.09  India (British).........  5.19

South Africa............ 12.93  Ecuador.................  4.62

Norway.................. 12.50  Peru....................  3.17

Sweden.................. 11.59  Colombia................  2.32

Greece.................. 11.02  Paraguay................   .57

7. #Money defined and reviewed#.  Money may be defined as a material means of payment and medium of trade, generally accepted as the price-good and passing from hand to hand.  The definition contains several ideas.  The words “generally accepted” imply that money has a peculiar social character, is not an ordinary good.  As a price-good, money itself must be a thing having value, otherwise it could not be accepted.  Trade means the taking and giving of things of value.  Money is, therefore, not merely an order for goods, as a card or paper requesting payment; it is itself a thing of value (tho this value may be due partly or solely to its possessing the money function).  Such things as a telegram when transferring an order for the payment of money, as the spoken word, and as a mere promise to pay, are not money.  Even checks and drafts are merely substitutes for money.  Money passes from hand to hand, is a thing that can be handled, and is or can be bodily transported.

The application of the definition is not always easy, for money shades off into other things that serve the same purpose and are related in nature.  In many problems money appears to be at the same time like and unlike other things of value, and just wherein lies the difference often is difficult to determine.  Even special students differ as to the border-line of the concept, but as to the general nature of money there is essential agreement.