A credit rests upon the person or wealth of the debtor; even when apparently based upon credits the ultimate basis is concrete wealth. For instance, a mortgage company may pledge mortgages and mortgage notes as security for debenture bonds issued by them and sold to the public; the holder of such a debenture bond may pledge it with his bank to secure an advance to his account; then the holder of a check drawn by this bank customer has a credit instrument which, in its ultimate analysis, is a property right in the mortgaged land.

This illustration shows how very useful credit is in making fixed wealth rapidly transferable and marketable so that it may be diverted to that operator who can make best use of it. The land remains intact and the operator is able, by the issue of credit based upon it, to procure seed, machinery, fertilizer, and the like, with which to work the land. Persons in other parts of the country who have funds - titles of purchasing power - are willing to exchange these funds for credits based upon land