Circulating medium

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CIRCULATING MEDIUM. By this term is understood whatever is used in making payments, as money, bank notes, or paper which passes from hand to hand in payment of goods, or debts.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The Confederate experience supports the idea that interest-bearing currency can compete with conventional non-interest-bearing notes as a circulating medium. Unlike the Northern experience documented by Gherity (1993), Confederate interest-bearing notes--at least prior to the 1864 currency reform--also appear to have commanded a premium in line with their accrued interest.
Vanox 1320 is also resistant to reaction with the circulating medium.
The Continental Congress issued a paper note to help finance the American Revolution, and these "bills of credit" became a circulating medium.(4) In 1775, Congress issued $6 million of the new currency and urged the states to impose taxes for its ultimate redemption.
At the turn of the century, economists tended to refer to any circulating medium as money, and any change in the circulating medium relative to trade needs as an inflation of money.
Presumably, because they could be certain of the "excessiveness" of the circulating medium only by its effect on the price level, the notions of an inflated currency and prices became inextricably linked.
Challis, our leading authority on this question, has postulated a circulating medium of 1.67 [pounds sterling] m.
for the circulating medium of 1603 is again endorsed by Mayhew, and represents more than a doubling of the 1.45 [pounds sterling] m.
On the contrary, this was rising dramatically at the time, increasing from a circulating medium of less than 10 [pounds sterling] m.
Hence, the specific gravity of the medium flowing through the underflow orifice is higher than the average specific gravity of the circulating medium.
The nature of the dense medium cyclone is to progressively clean smaller particles at higher specific gravities for a given circulating medium. In most cases, this does not present a problem as the ash content tends to be lower in the smaller sizes, thereby allowing for a higher specific gravity of separation without any decrease in the overall quality.
All 6 and 9 kw hot-water units are equipped with a leakstopper attachment, Vacu 1, enabling a vacuum to be put on the mold while it is under pressure from the circulating medium.
Single's Churchill series will include temperature control units using water as a circulating medium for temperatures of up to 200 degC, high-temperature control units using oil as a circulating medium for temperatures of up to 350 degC and chillers with a performance range of between 1 and 1,000 kW.