Proposed Reforms of the Monetary System
Proposed Reforms of the Monetary System
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In our eReader you can find the full English version of the book. Read Proposed Reforms of the Monetary System 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 Proposed Reforms of the Monetary System
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He maintains that it would reduce the amount of the government's demand obligations liable to< be presented for redemption at the treasury from about $860,000,000 to $360,000,000. He reasons in this way: $200,000,000 tied up in the treasury, $40,000,000 added to the Bank Redemption Fund, and $250,000,000 tied up in the [219] Digitized by Google 84 Annals of the American Academy. banks and in the pockets of the people in bills of small denomi- nations, the government having a monopoly of the issue of small notes. He is inclined to believe that exporters of gold will have difl&culty in getting hold of much of the remaining" $360,000,000 of government obligations, and so will be unable to bring great pressure to bear upon the treasury. In other words, there will be a scarcity of legal tender credit-money, and banks will find it as convenient to redeem their notes in gold as in government paper. The flaw in this reasoning is the assumption that the demand for gold for export is somehow related to the quantity of govern- ment credit-money in circulation ; whereas in this country it is mainly due to the inelasticity of the currency.
What to read after Proposed Reforms of the Monetary System?
You can find similar books in the "Read Also" column, or choose other free books by Johnson, Joseph French, 1853-1925 to read online
To quickly assess the difficulty of the text, read a short excerpt:
He maintains that it would reduce the amount of the government's demand obligations liable to< be presented for redemption at the treasury from about $860,000,000 to $360,000,000. He reasons in this way: $200,000,000 tied up in the treasury, $40,000,000 added to the Bank Redemption Fund, and $250,000,000 tied up in the [219] Digitized by Google 84 Annals of the American Academy. banks and in the pockets of the people in bills of small denomi- nations, the government having a monopoly of the issue of small notes. He is inclined to believe that exporters of gold will have difl&culty in getting hold of much of the remaining" $360,000,000 of government obligations, and so will be unable to bring great pressure to bear upon the treasury. In other words, there will be a scarcity of legal tender credit-money, and banks will find it as convenient to redeem their notes in gold as in government paper. The flaw in this reasoning is the assumption that the demand for gold for export is somehow related to the quantity of govern- ment credit-money in circulation ; whereas in this country it is mainly due to the inelasticity of the currency.
What to read after Proposed Reforms of the Monetary System?
You can find similar books in the "Read Also" column, or choose other free books by Johnson, Joseph French, 1853-1925 to read online
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