Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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126 POLITICAL ECONOMY the promise to provide an article serves the purpose of the article. The promise of a loaf of bread will not satisfy hunger, but the promise of so many sovereigns in the documentary form of a cheque or a note may satisfy the requirements of people as com pletely as sovereigns, and consequently enable exchanges to be made. It is essential, of course, that the public should place implicit trust in those who make the promises, that is in the persons or institutions issuing the paper money. Were such undertakings not met when their fulfilment was asked for, this trust would be destroyed. Consequently it is essential, if bank-notes are to circulate freely, that the bankers responsible for them should hold such reserves of bullion that nobody who wanted a note changed into gold would find his request refused. How much these reserves should be at any given time it is not easy to say, but bankers know from their experience what is the safe limit ; and it is possible to point to the influences whereby the normal ratio of credit money to standard money (that is, coins of the money commodity) circulating in the country is determined. When the public is entirely without doubt as to their safety in accepting paper in payment of debts, paper

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