Institutes of Economics a Succinct Text book of Political Economy for the Use
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In our eReader you can find the full English version of the book. Read Institutes of Economics a Succinct Text book of Political Economy for the Use 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 Institutes of Economics a Succinct Text book of Political Economy for the Use
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It will be seen that no one of these species of paper can entirely take the place of coin. Hence, to be scientific, we have to call paper currency partial or imperfect money. -'' The failure to distinguish it from money proper leads constantly into the gravest errors of view. Paper, it is true, (a) is a medium of exchange, and (b) has value, which (c) is not in every case merely representative. ^ Yet, i Paper has no universal pur- chasing power, since it usually " passes only in the country tha...t utters it. Ii It forms no final measure of value, but must itself be constantly measured, as to value, by coin, iii Its value is adventitious, not spring- 140 THE THEORY OF MONEY ing from intrinsic cost, as is ultimately the case with gold or silver, but entirely from some operation of the principle of credit. 1 Viz. , bills covered dollar for dollar, like gold and silver certificates. Gold surrogates are issued not by the government alone but also by the clearing-house banks of N. Y. City. On the question of saving by the use of such paper, § 7S, n.
What to read after Institutes of Economics a Succinct Text book of Political Economy for the Use?
You can find similar books in the "Read Also" column, or choose other free books by Andrews Elisha Benjamin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It will be seen that no one of these species of paper can entirely take the place of coin. Hence, to be scientific, we have to call paper currency partial or imperfect money. -'' The failure to distinguish it from money proper leads constantly into the gravest errors of view. Paper, it is true, (a) is a medium of exchange, and (b) has value, which (c) is not in every case merely representative. ^ Yet, i Paper has no universal pur- chasing power, since it usually " passes only in the country tha...t utters it. Ii It forms no final measure of value, but must itself be constantly measured, as to value, by coin, iii Its value is adventitious, not spring- 140 THE THEORY OF MONEY ing from intrinsic cost, as is ultimately the case with gold or silver, but entirely from some operation of the principle of credit. 1 Viz. , bills covered dollar for dollar, like gold and silver certificates. Gold surrogates are issued not by the government alone but also by the clearing-house banks of N. Y. City. On the question of saving by the use of such paper, § 7S, n.
What to read after Institutes of Economics a Succinct Text book of Political Economy for the Use?
You can find similar books in the "Read Also" column, or choose other free books by Andrews Elisha Benjamin to read onlineMoreLess
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