Adam Smith：The Wealth of Nations, Book II, Chapter II, Paragraph 747

When paper is substituted in the room of gold and silver money, the quantity of the materials, tools, and maintenance, which the whole circulating capital can supply, may be increased by the whole value of gold and silver which used to be employed in purchasing them. The whole value of the great wheel of circulation and distribution is added to the goods which are circulated and distributed by means of it. The operation, in some measure, resembles that of the undertaker of some great work, who, in consequence of some improvement in mechanics, takes down his old machinery, and adds the difference between its price and that of the new to his circulating capital, to the fund from which he furnishes materials and wages to his workmen.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book II, Chapter II, paragraph 747 · Verified：2026-10-19 · Verification：Exact match

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