Money

Bibliographic data

Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

VALUE OF NOTES 39 ultimately be melted to be turned into something else. Consequently where the unit of account is a coin regulated in supply, the value of money is never lower, may by chance occasionally be equal to, and is ordinarily higher than it would be under free and gratuitous coinage. How much higher depends on the particular standard of restriction adopted: it may be higher by a given percentage; it may be higher by the amount necessary to make it conform with the variations of some other money, as the Indian rupee was kept higher by the amount necessary to make it one-fifteenth of £1; or it may be kept as much higher as the restricting authority judges desirable by some rough estimate, or as much higher as will preserve stability of value as indicated by some index number of prices. It is no objection to this conclusion to say that the value of a coin restricted in supply may be reduced by the competition of paper currency. That is merely one of the numerous things which tend to reduce the demand for the coin, and may make the demand insufficient to keep its value over that of its bullion contents. The case will come under notice again in the course of the arecument of the next section. § 5. The value of money or general level of prices where the unit of account is a bank-note or currency note. In modern times metal discs stamped with certain designs and lettering are not the only things with which people buy and for which they sell. They also use scraps of paper on which are figures or words (or both for safety) indicating amounts of the unit of account, for example ““ £1,” ‘‘ Ten shillings *’ (which is half a pound sterling). There is usually other reading matter on the scraps, but it is not commonly read or regarded as of any more importance than (what is to most people quite unintelligible) the

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