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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. General principles

Collection:: Economics Books

JU MONEY of supply. If the Government or other issuers are able to prevent the manufacture, or forgery as they would call it, of notes by other persons, and if they themselves do not give out or keep out more notes of each denomination than would have been issued and kept out if the notes had been convertible, the issue -annot possibly have any other value than that which a convertible issue would have had. Just as the convertible issue is kept up in value by the demand and adequate limitation of supply, so may the incon- vertible be kept up. But though they need not be any greater in total than convertible notes, inconvertible notes may be so, and even when the coin is convertible into free bullion, they can be issued in sufficient amount to press the value of money down below that of the bullion contents of the coin indicated by the unit of account. They can, for example, be issued in suffi- sient quantities to bring the value of the English pound below that of the gold contents of the sover- sign, the American dollar below that of the gold contents of an American gold dollar, or the Indian rupee below that of the contents of the Indian silver rupee. That this kind of thing has happened in past history is generally admitted, but when it happens, it is generally unperceived by the mass of the people and strenuously denied by many of those who ought to know. They are so accustomed to expect changes of the value of particular articles to be reflected in their money prices that they cannot understand general prices being higher because the measure of price has been changed. Yet the process is really simple enough. The whole of some issues of notes and a part of most may be absorbed in increasing the stocks of currency held by persons and institutions. The British Government might have stored in vaults a sovereign for every

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