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Updated: May 19, 2025
Exercising the sovereign power of providing a paper currency instead of coin for the country, the first duty which these banks owe to the public is to keep in their vaults a sufficient amount of gold and silver to insure the convertibility of their notes into coin at all times and under all circumstances.
Superficially, the debate revolved around the scientific rigor and usefulness or lack thereof of the "Washington Consensus". Opposing monetary and fiscal policies, free trade versus protectionism, capital controls and convertibility these occupied the minds and writings of all manner of economic and development "experts" in the first decade after the fall of the Berlin Wall.
As formerly, some people were acceptable, and some were not; but it was, as everywhere else, more a question of money; there was an aristocracy and a commonalty, but there was a confusion and a more ready convertibility in the materials of each. The social authority of such a person as Mrs.
But this was the direct and simple, not the concentrated or accumulated heat of the sun. On the utilizing of the solar heat, simply as heat, see the work of Mouchot, La Chaleur solaire et ses applications industrielles. Paris, 1860. The reciprocal convertibility of the natural forces has suggested the possibility of advantageously converting the heat of the sun into mechanical power.
I have often heard the Professor talk about hysterics as being Nature's cleverest illustration of the reciprocal convertibility of the two states of which these acts are the manifestations; but you may see it every day in children; and if you want to choke with stifled tears at sight of the transition, as it shows itself in older years, go and see Mr. Blake play Jesse Rural.
It was proposed to make them receivable everywhere and to establish at various points depositories of gold and silver to be held in trust for the redemption of such notes, so as to insure their convertibility into specie.
Other characteristics of water, it is elsewhere suggested, may have been in Thales' mind, such as its readiness to take various shapes, its convertibility from water into vapour or ice, its ready mixture with other substances, and so forth.
Carnot did not, indeed, reach the clear view of his predecessors as to the nature of heat, for he still thought it a form of "imponderable" fluid; but he reasoned none the less clearly as to its mutual convertibility with mechanical work. But important as his conclusions seem now that we look back upon them with clearer vision, they made no impression whatever upon his contemporaries.
"The feat of the imagination is in showing the convertibility of everything into every other thing. Facts which had never before left their stark common sense suddenly figure as Eleusinian mysteries. My boots and chair and candlestick are fairies in disguise, meteors, and constellations. All the facts in Nature are nouns of the intellect, and make the grammar of the eternal language.
Precisely that which is the essential attribute of every force that is, the UNION of indestructibility with convertibility is wanting in every property: between a property and a force, between gravity and motion, it is therefore impossible to establish the equation required for a rightly conceived causal relation.
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