Bimetallism a Summary And Examination of the Arguments for And Against a Bimeta
Bimetallism a Summary And Examination of the Arguments for And Against a Bimeta
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195 money when they have little gold at their com- mand as when large reserves of specie are available, either in their own hands, or held for them by others. If we trace credit to its roots, we shall find that there is always or nearly always some negotia- tion in which the possibility of having to find coin or bullion to meet the liability must be present in the minds of the financiers engaged. And the eager- ness with which the Bank of England reserves are watched at all times, and the serio...us consequences which follow an exceptional rise in the rate of dis- count consequent on any exceptional variation in the quantity of gold held in reserve, prove that the amount of gold in the country is a factor of the utmost importance in regulating credit. Com- mercial confidence varies immensely, and prices vary with the state of commercial confidence and with other variables ; but, for a given condition of all these variables, the forces just described must, it seems to me, create a fixed relationship between the amount of coin in circulation and the total money value of a very large proportion, at all events, of all the money transactions in which the standard in question is used, either in the form of coin or of credit instruments ; and, other things remaining the same, this relationship will make prices, not only in the transactions in question, but throughout all commerce, vary with the volume of the currency.
What to read after Bimetallism a Summary And Examination of the Arguments for And Against a Bimeta?
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To quickly assess the difficulty of the text, read a short excerpt:
195 money when they have little gold at their com- mand as when large reserves of specie are available, either in their own hands, or held for them by others. If we trace credit to its roots, we shall find that there is always or nearly always some negotia- tion in which the possibility of having to find coin or bullion to meet the liability must be present in the minds of the financiers engaged. And the eager- ness with which the Bank of England reserves are watched at all times, and the serio...us consequences which follow an exceptional rise in the rate of dis- count consequent on any exceptional variation in the quantity of gold held in reserve, prove that the amount of gold in the country is a factor of the utmost importance in regulating credit. Com- mercial confidence varies immensely, and prices vary with the state of commercial confidence and with other variables ; but, for a given condition of all these variables, the forces just described must, it seems to me, create a fixed relationship between the amount of coin in circulation and the total money value of a very large proportion, at all events, of all the money transactions in which the standard in question is used, either in the form of coin or of credit instruments ; and, other things remaining the same, this relationship will make prices, not only in the transactions in question, but throughout all commerce, vary with the volume of the currency.
What to read after Bimetallism a Summary And Examination of the Arguments for And Against a Bimeta?
You can find similar books in the "Read Also" column, or choose other free books by Darwin, Leonard, 1850-1943 to read onlineMoreLess
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