Essays of Benjamin Franklin

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Monograph

Identifikator:: 1752429486

URN:: urn:nbn:de:zbw-retromon-127700

Document type:: Monograph

Author:: Franklin, Benjamin http://d-nb.info/gnd/118534912

Title:: Essays of Benjamin Franklin

Place of publication:: New York

Publisher:: G. P. Putnam's Sons

Year of publication:: 1927

Scope:: xi, 273 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

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Title:: II. The interest of Great Britain considered, with regard to her colonies and the acquisitions of Canada and Guadaloupe

Collection:: Economics Books

VALUE OF A LIMITED COIN 25 and disturb his enemies, but if clever and unscrupu- lous, he will arrange that very little of the apparent stock is real gold. Nearly every belligerent scrapes together every atom of gold he can get from the currency and elsewhere and sends it into neutral countries to purchase the things which he wants so much more. Hence it is perfectly natural that gold should lose value and that the general level of prices should rise in the countries which have and retain a money system in which the unit of account is equivalent to a quantity of gold bullion. Thus the conclusion to which this section of our inquiry has led us is that where the unit of account in money reckonings is either a fixed quantity of free metal (e.g. gold) or a coin equivalent to such a quantity, the value of money (and therefore the general level of prices) depends on the value of the metal, which is determined in the same way as that of other commodities by the same kinds of influences acting on demand and supply. $ 4. The value of money or general level of prices where thew + ‘ac. ~*7:acoin of which the issue is limiteu. So much for the simplest monetary system, in which the unit of account is literally or in effect a definite weight of a certain metal. The system which can be most conveniently taken next is that in which the unit of account is still a coin, but a coin the value of which is not indeed wholly divorced, but is to some extent separated from the value of the bullion of which it is made. The coinage of a particular metal may be * free,” in the sense that anv one may insist on having any amount of tha! w. ... coin: “or him by the Mint, without bein ...._2l 1s or done without charge. After all, we © « refle~* coin is a manufactured

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