A Treatise On Political Economy Or the Production Distribution And Consumpt
A Treatise On Political Economy Or the Production Distribution And Consumpt
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Gold and silver are the only metal-money of almost all commercial nations. Copper coin is a kind of transferable security, a sign or representa- tive of a quantity of silver too diminutive to be worth the coinage ; and, as such, the government, that issues it, should always exchange it on demand for silver, when tendered to an amount equal to the smallest piece of silver coin. Otherwise, there is no security against the issue of an excess beyond the demand of circulation.
Whenever there is such... an excess, the holders, finding the base metal less advantageous than the gold and silver it represents but does not equal in value, would strive to get rid of it in every way ; whether by selling to a loss, or by employing it in preference to pay for low-priced articles, which would consequently rise in nominal price ; or by proffering it to their creditors in larger quantity, than enough to make up the fractional part of sums in account. The government, having an interest in preventing its being at a discount, because that would reduce the profit upon all future issues, generally authorizes the latter expedient.
What to read after A Treatise On Political Economy Or the Production Distribution And Consumpt?
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:
Gold and silver are the only metal-money of almost all commercial nations. Copper coin is a kind of transferable security, a sign or representa- tive of a quantity of silver too diminutive to be worth the coinage ; and, as such, the government, that issues it, should always exchange it on demand for silver, when tendered to an amount equal to the smallest piece of silver coin. Otherwise, there is no security against the issue of an excess beyond the demand of circulation.
Whenever there is such... an excess, the holders, finding the base metal less advantageous than the gold and silver it represents but does not equal in value, would strive to get rid of it in every way ; whether by selling to a loss, or by employing it in preference to pay for low-priced articles, which would consequently rise in nominal price ; or by proffering it to their creditors in larger quantity, than enough to make up the fractional part of sums in account. The government, having an interest in preventing its being at a discount, because that would reduce the profit upon all future issues, generally authorizes the latter expedient.
What to read after A Treatise On Political Economy Or the Production Distribution And Consumpt?
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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