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Inspired by the Massy work, From Cantillon's Essay, as found at Anthony 
Brewer's Web Site: 
 
        Part 1, Chapter six. "Hoarded money, plate, Church treasures, 
        etc. are wealth which the state turns to service in extremity,  
        but are of no present utility." 
 
        From Part III, Chapter 6 "This is primarily the idea one can 
        form of the utility of banks." 
 
        From Part III, Chapter 7 "Further explanations and enquiries as         to the 
utility of a National Bank" And "the utility of this bank       to 
circulation corresponds to an increase of the money of the 
        State by 3 million ounces"  And "And I think the utility of  
        this Bank corresponds in general only to about one tenth part 
        of all the money in circulation in England.  If the  
        explanations given to me in round figures in 1719 on the  
        receipts of the Bank of Venice are correct it may be said of  
        national banks generally that their utility never corresponds  
        to the tenth part of the current money circulating in a State."         AND 
"It is thus that it has been ascertained that the utility  
        of the Bank of Venice as regards circulation corresponds to  
        about 800,000 ounces of silver: and if it is supposed that all 
        the current money in the States of that Republic amount to 8  
        million ounces of silver the utility of the Bank corresponds to one 
tenth of that silver." 
 
Interestingly, the first reference appears to be along the lines of 
value in use, while the second group seems to have a meaning along the 
lines of the current "capital" of a bank. 
 
Mike 
--  
Mike Robison 
Math and Economics graduate student 
Michigan State University 
http://www.msu.edu/user/robiso12/index.htm 
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