Bimetallism
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In our eReader you can find the full English version of the book. Read Bimetallism 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 Bimetallism
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In the second place, all the silver five-franc pieces in existence have been added to the stock of " money." Before the fall in silver they were worth more than gold and were merchandise. Since they fell to an equality with gold (below it in value; held equal by limitation'), they have been available as money. It would be very diiificult to show that, comparing 1879 with 1873, there has been any contraction whatever of the metallic money of Europe and the United States. The expansions and contr...actions of paper money in Europe and North and South America, within twenty years, have had far greater influence on credit and prices the world over than the changes connected with silver.
3. The fear was also expressed that the adoption of gold would destroy the par of exchange with silver countries, and it was urged that the bimetallic system would furnish a " normal " par.
What is the "par" of exchange? Exchange is a ratio between two quantities. How can the ratio between two quantities be "destroyed" so long as the quantities exist?
What to read after Bimetallism?
You can find similar books in the "Read Also" column, or choose other free books by William Graham Sumner to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In the second place, all the silver five-franc pieces in existence have been added to the stock of " money." Before the fall in silver they were worth more than gold and were merchandise. Since they fell to an equality with gold (below it in value; held equal by limitation'), they have been available as money. It would be very diiificult to show that, comparing 1879 with 1873, there has been any contraction whatever of the metallic money of Europe and the United States. The expansions and contr...actions of paper money in Europe and North and South America, within twenty years, have had far greater influence on credit and prices the world over than the changes connected with silver.
3. The fear was also expressed that the adoption of gold would destroy the par of exchange with silver countries, and it was urged that the bimetallic system would furnish a " normal " par.
What is the "par" of exchange? Exchange is a ratio between two quantities. How can the ratio between two quantities be "destroyed" so long as the quantities exist?
What to read after Bimetallism?
You can find similar books in the "Read Also" column, or choose other free books by William Graham Sumner to read onlineMoreLess
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