A commodity used in commercial exchange, especially coins or gold.
- The same cannot be said of the copper and silver coins that constituted the bulk of the circulating media.
- As the paper money was serving as the principal circulating medium, the merchants shipped much of the nation's specie abroad to help pay for their large importations of capital and consumer goods.
- Depression is induced by a fall in consumers' outlay due to a shrinkage of the circulating medium, and is intensified by a decline in the rapidity of the circulation of money.
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