A Treatise On Political Economy;
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In our eReader you can find the full English version of the book. Read A Treatise On Political Economy; Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book A Treatise On Political Economy;
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Thus money, or specie, as some people call it, is a commodity, whose value is determined by the same general laws, as that of all other commodities; that is to say, rises and falls in proportion to the relative demand and supply. And so intense is that demand, as to have sometimes been sufficient to make paper, employed as money, equal in value to gold of the same denomination; of which the mo- ney of Great Britain is a present example.
It must not be imagined, that the paper money of that coun...try derives its value from the promise of payment in specie, which it purports to convey. That promise has been held out ever since the suspension of cash payments by the bank in 1797, without any attempt at performance, which many people consider impossible.* * Before the Bank of England can pay off its notes in cash, the government, its principal debtor, must discharge its debts in specie ; which it can not do unless it purchase the specie, either wiih its savings, or with the proceeds of further taxation.
What to read after A Treatise On Political Economy;?
You can find similar books in the "Read Also" column, or choose other free books by Say, Jean Baptiste, 1767-1832 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Thus money, or specie, as some people call it, is a commodity, whose value is determined by the same general laws, as that of all other commodities; that is to say, rises and falls in proportion to the relative demand and supply. And so intense is that demand, as to have sometimes been sufficient to make paper, employed as money, equal in value to gold of the same denomination; of which the mo- ney of Great Britain is a present example.
It must not be imagined, that the paper money of that coun...try derives its value from the promise of payment in specie, which it purports to convey. That promise has been held out ever since the suspension of cash payments by the bank in 1797, without any attempt at performance, which many people consider impossible.* * Before the Bank of England can pay off its notes in cash, the government, its principal debtor, must discharge its debts in specie ; which it can not do unless it purchase the specie, either wiih its savings, or with the proceeds of further taxation.
What to read after A Treatise On Political Economy;?
You can find similar books in the "Read Also" column, or choose other free books by Say, Jean Baptiste, 1767-1832 to read onlineMoreLess
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