War borrowing

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Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The future

Collection:: Economics Books

THE FUTURE 199 paper money only to the extent and for the duration of its extraordinary requirements and thereafter ex ercise the same economy in expenditure that it would have practiced under a system of taxation or fund ing, the expedient would be ideal in its simplicity and economy. If the amount so issued even though for legitimate purpose were so large as to cause infla tion and high prices there would result social in justice, and this consideration in itself might be enough to disqualify the whole procedure. But in so far as the Treasury is concerned — until such time as the public expenditure had felt the full effect of inflated prices — fiat money would be an ideally easy and painless mode of supplying the exchequer. As a matter of fact, however, demand notes if not utterly discredited, at least rest under the gravest doubt as a fiscal expedient by reason of the great likelihood, attested by the experience of state after state that has lapsed into their use, that once resort has been had thereto all the old canons of economy and prudence are gradually weakened and the Treas ury drifts insensibly into a course of unchecked and wasteful expenditure. Issue succeeds issue; there develops unwillingness to resort to taxation or fund ing and the descent to inflation and depreciation be comes swift and easy. ~ Theoretically, however, there need be no such lapse. A state might issue demand notes within strictly defined and inviolably maintained limits, might exercise the most rigid economy in the dis bursement of the funds so provided, and might within a reasonable season liquidate such issues from out the proceeds of loans or taxes. The historic

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