“All lenders of money, particularly bondholders, favor an appreciating currency. No other class is always actively in favor of an appreciating currency. In theory they all believe in sound or stable currency, but each, in his effort to widen the margin of profit that he makes in relation to profits in other lines, at times subscribes to activities which tend toward depreciation. Fortunately business men are both buyers and sellers. In buying they work for appreciating dollars, in selling they endeavor to depreciate the currency.”

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Originally said in English.

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About Edgar Lawrence Smith

Edgar Lawrence Smith is quoted here; further biographical details are not publicly available.

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