First, money is sometimes used to describe all media of exchange—gold, silver, paper, checks, bank drafts or the deposits which they represent, commercial bills of exchange, and even corporation stocks. These things all effect exchanges; in a way they all relieve the difficulties of barter. But this definition, however, is too inclusive, Prof. Kinley contends. It is inclusive because all mentioned articles do not attain the character of media of exchange because there is a demand for them for that purpose primarily. The medium of exchange includes money but its content is greater than that of money. All money can be a medium of exchange but all medium of exchange is not money.

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