Meaning: The quote "Whoever controls the volume of money in any country is absolute master of all industry and commerce" is attributed to James A. Garfield, the 20th President of the United States. This statement encapsulates the significance of monetary policy and its impact on the broader economy. It highlights the immense power wielded by those who have the authority to regulate and manipulate the money supply within a country, emphasizing their influence over the functioning of industry and commerce.

James A. Garfield, who served as President from March 4, 1881, until his assassination on September 19, 1881, expressed a keen understanding of the interconnectedness of monetary policy, industry, and commerce. His quote reflects the recognition of the pivotal role played by the control and regulation of the money supply in shaping economic activity and influencing the dynamics of trade and production.

The concept conveyed in the quote underscores the fundamental principles of macroeconomics, particularly the significance of monetary policy in influencing economic outcomes. The "volume of money" referred to in the quote pertains to the money supply within an economy, which encompasses currency in circulation, demand deposits, and other liquid assets. Control over this money supply is typically vested in central banks or monetary authorities, which have the responsibility of regulating the availability and cost of money in the economy.

The assertion that the controller of the money supply holds sway over "all industry and commerce" underscores the pervasive impact of monetary policy on economic activity. By influencing the availability of credit, interest rates, and the overall liquidity of the financial system, the entity controlling the money supply can shape the investment decisions of businesses, the purchasing power of consumers, and the overall level of economic activity. Moreover, the regulation of the money supply can have profound implications for inflation, employment, and economic stability, further underscoring its far-reaching influence.

Garfield's quote also reflects the historical context of his time, which was marked by debates over monetary policy and the role of the gold standard. During the late 19th century, the United States was engaged in discussions and conflicts regarding the monetary system, with differing views on the appropriate backing for the country's currency. This backdrop lends additional depth to Garfield's assertion, as it underscores the contentious nature of monetary policy and its implications for economic prosperity.

In contemporary economic discourse, the quote remains relevant, serving as a reminder of the enduring importance of monetary policy in shaping economic outcomes. Central banks, such as the Federal Reserve in the United States, continue to wield significant influence over the money supply and interest rates, with their decisions impacting the broader economy and financial markets. The quote serves as a testament to the enduring relevance of the principles articulated by Garfield, highlighting the enduring significance of monetary policy in the realm of industry and commerce.

In conclusion, James A. Garfield's quote encapsulates the profound influence of monetary policy on industry and commerce, emphasizing the pivotal role played by the control of the money supply in shaping economic outcomes. The quote serves as a reminder of the enduring significance of monetary policy and its far-reaching implications for economic activity, resonating with contemporary discussions on the role of central banks and the regulation of the money supply. Garfield's insights continue to reverberate in the realms of economics and policy, underscoring the enduring relevance of his observations on the absolute mastery conferred by control over the volume of money in any country.