Money

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

RESTORATION 107 rapidly passed away and a great fall of prices began. § 3. Restoration of the gold pound. Following the spirit as well as the letter of the Cunliffe Report, the Treasury did not content itself with observing the limit laid down in the Minute, but so arranged its incomings from taxation, interest- bearing loans, and other sources that they exceeded its outgoings for current expenditure, redemption of debt, and other purposes. The result was that during the fiscal years April 1, 1920, to March 31, 1923 (or more exactly in the period between March 31, 1920, and March 28, 1923), it was able to burn £50,000,000 of Currency Notes besides adding to the reserve held against such notes £7,000,000 of silver coin withdrawn from circulation and £16,500,000 Bank of England Notes.? But as it loves to do good by stealth, it made no parade of the fact that it was steadily redeeming non-interest-bearing debt in the shape of paper currency and substituting interest-bearing debt. Nobody could discover in the national accounts any record of the seventy-three millions spent in with- drawing currency, any more than they had been able to discover any entry of the three hundred millions received by issuing it. Just as the receipts had been disguised as money obtained by issuing Treasury Bills or bv getting ."dvances from Government De- partment, -) were the expenses disguised as money spent in i deeming Treasurv T'lls and repaving 1 It is true that in the same period the Bank of England Notes increased by £19 m., but this is not to be set off against the withdrawals mentioned in the text. It was entirely due to the fact that the other banks were persuaded to exchange their gold for bank-notes, and there seems no reason to believe that the notes left their vaults any more than the gold had done, while at the Bank of England the gold was simply stored away against the notes.

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