Read Thornton's original 1802 text with live commentary appearing exactly where you need it — anchored to the specific passage, not a separate video you have to mentally map back to the page.
"Credit, as distinguished from mere money, implies confidence — it is that influence which enables one man to command the labour of another without immediate payment in specie..."
Thornton draws a precise boundary between hard money and the credit instruments that extend its reach — a distinction the Banking School would build upon for the next century, and that echoes in every modern debate about monetary policy.
Each QR code in the PDF opens a GraphCall annotation — a floating commentary
box synchronized to the exact passage you're reading. You stay in the document.
The explanation appears right where you need it.
No tab-switching. No context lost. No hunting for the right timestamp in a video.
GraphCall is a sister application to GraphFinancials, built on the same patented
synchronized annotation technology. Patent US 11,327,775 B2 — granted by the
United States Patent and Trademark Office.
Investors, economists, and students from around the world have discovered our Financial Archives.
Hayek considered Thornton a forgotten pioneer. His 1802 treatise anticipated the lender-of-last-resort doctrine, monetary transmission theory, and the debate between the Currency and Banking Schools — all still contested today.
Thornton articulated why the Bank of England must expand liquidity in crises — the intellectual seed for Bagehot's doctrine and every central bank playbook since.
He mapped with precision how banknotes and credit instruments extend beyond specie — a distinction foundational to understanding every fiat monetary system.
Thornton insisted central banks must anchor currency to prevent depreciation and loss of confidence — a principle that shapes inflation targeting to this day.
His analysis of how paper over-issuance drives adverse exchange rates during the Bullionist Controversy (1810–11) remains a textbook case in international finance.
Tooke, Fullarton, and the Banking School built on Thornton's framework. Understanding him unlocks the entire 19th-century debate on credit and money creation.
Relegated to obscurity for a century, Thornton was championed by Hayek as a foundational thinker on credit cycles — making him essential reading for Austrian economists.
Click any sample to see GraphCall in action — commentary appears floating alongside the exact passage it refers to. No tab-switching. No context lost.
The fundamental concepts of money and credit in Thornton's framework.
Thornton's family upbringing and his principled dedication to sound monetary policy.
Henry Thornton's life and principles as the authoritative voice of the Banking School.
Buy the complete book and get access to every chapter — including all future additions — at a single price. Each book is fully annotated with DocuTalk augmented media.
The most important work on money and credit written before Bagehot. Thornton's rigorous analysis of how paper credit circulates, how the Bank of England should act in crises, and why currency stability requires institutional discipline — all annotated with Geoffrey Fouvry's augmented media commentary for maximum clarity.
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