Adapted from J. L. Laughlin, Principles of Money, pp. 72-73.

(See text, p. 11)

1. Knies: "Exchange in which one party renders a service in the present, while the return made by the other falls in the future."

2. Nasse: "Credit is the confidence felt in the future solvency of a person, which enables him to obtain the property of others for use as a loan, or for consumption."

3. Jevons: "Nothing but the deferring of a payment."

4. Levasseur: "The exchange of an actual reality against a future probability."

5. Wagner: "Credit is that private economic exchange, or that voluntary giving and receiving of economic goods between different persons, where the service rendered by the first is performed from his confidence in the assurance given by the second that he will render a recompense at a future time."

6. McLeod: "A credit is the present right to a future payment."

7. Leroy-Beaulieu: "Credit is the exchange of an actual present good against an equivalent which one engages to furnish within a certain period."

8. Ferraris: "The whole of those economic and moral conditions because of which men consent to make payments in the present on the promise of repayment in the future."

9.Walras: "Credit is the lending of capital." 10. Philippovich: "Through which the one, by virtue of a service already performed (a transfer of goods, a payment, or work done), may demand from the other a return for the service."