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.

r18 MONEY in exchange for additional gold, which sharply limited their amount. But the Currency notes, until December, 1919, were issued without any limitation at all, so that unlimited depreciation was possible. From April, 1925, the gold standard was restored. The Government ceased at once to exercise its power of preventing the export of gold, and the Act which gave it that power was allowed to expire at the end of the year. The Gold Standard Act, 1925, abolished the right of holders of gold bullion to have it coined into sovereigns by the Mint and the right of holders of Bank of England notes and Currency notes to demand sovereigns from the Bank, but left untouched the right of holders of gold bullion to demand Bank of England notes from the bank at £3 17s. 9d. per standard ounce, and gave the holders of Bank of England notes and Currency notes the right to demand in exchange bars containing 400 oz. of fine gold at the rate of '{3 17s. 104d. per standard ounce. So far as standard is concerned, the difference between this system and that in force before the war is practically nil, The holders of gold bullion desirous of convert- ing into pounds are in as good a position as before, since they always preferred the Bank’s immediate £3 17s. od. to the Mint's delayed £3 17s. 103d.: the holders of notes desirous of converting pounds into free gold bullion are in a very slightly better position than they were, as they can now legally demand the absolutely full weight of gold at £3 17s. 103d. whereas formerly the bank could satisfy their demand with sovereigns and half-sovereigns which might be a little below that weight owing to abrasion within the legal limit. The few holders of sovereigns and half-sovereigns, which remain legal tender, are in the same position as before the war, except that the right of melting the coin has not been restored, a matter of little practical importance even if the law were capable of enforcement against the very small jewellers and others who alone are likely to find it convenient to melt the very few gold coins likely to come into their possession. The object aimed at by the change was to prevent

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