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Returns In Money For City: what was chiefly a liquor saloon business. The law brought large returns in money for city and state, the city receiving two thirds and the state one third of the net income from licenses, but it was generally conceded that this was at the expense of good morals.
RAINFALL, the falling of water in drops through the atmosphere. The word is also commonly used to mean the depth of rain collected in a suitable container during a particular interval of time.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation.
Acquisitive individualism, once the pastime of Bronze Age kings, now became the general watchword of the age: for the first time in world history it is said that "money makes the man." The introduction of a money economy in Greece in the 6th century B. c. was accompanied by social and political upheavals. The supremacy of the landed aristocracy was undermined by the emancipation of the small peasants and craftsmen from the village and their reorientation toward the market in the city. |
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