Henry Thornton (1801) claimed that if a quantity of wheat worth 100 pounds were sold and re-sold on credit several times, the resulting IOUs

a. would be backed by the credit of the buyers, and thus would not cause inflation.

b. would be backed only by the wheat, and thus would cause inflation.

c. would increase real output by as much as they increased the money supply, and thus would not cause inflation.

d. would not act to increase the quantity of money.

e. had to be repaid, and therefore would not cause inflation