Der Wirtschaftskrieg

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Monograph

Identifikator:: 1024656551

URN:: urn:nbn:de:zbw-retromon-49829

Document type:: Monograph

Title:: Der Wirtschaftskrieg

Edition:: Zweite, nach dem Stande vom 31. Juli 1915 ergänzte Auflage

Place of publication:: Wien

Publisher:: Verlag der Niederösterreichischen Handels- und Gewerbekammer

Year of publication:: 1915

Scope:: 1 Online-Ressource (II, 171, V Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: XI. Britisches Reich

Collection:: Economics Books

196 MODERN MONETARY SYSTEMS intended to prevent any speculative purchase of yellow metal. On the whole, it amounts to a return to the system of variable rates of purchase which existed before the French Revolution,! but with this difference, that the scaling, instead of being arbitrary, would be automatically drawn up in accordance with variations in the purchasing power of the currency. But what would be the effect of this method? Would it even have the practical result of the legal method described above in altering sums due under long-term contracts by applying to them a coefficient set up in accordance with the purchasing power of the currency? The truth is that our author appears to have been the victim of an extraordinary illusion which demonstrates the danger of reasoning in the abstract without regard to the real economic facts. He admits that the value of the dollar will increase and that therefore the price of goods in dollars will fall because it will be known that the dollar contains a larger quantity of gold—nay, from the mere fact that the dollar will represent more gold, even though the public is not aware of it; for he says, most people will continue to use the ordinary media of exchange (whether gold or silver coin or fiduciary currency) without ever knowing what has happened, and he believes that his argument is fortified by the precedent of the adoption of the gold exchange standard in India, in the Philippine Islands, etc., which made of the “‘gold not in circulation” the basis of the monetary system. Now the first effect of such a system would, as the author himself recognises, obviously be to dissociate the exchange value of a given weight of gold from that of the monetary unit which the system of free coinage, implying a permanent correspondence between the monetary unit and a given weight of fine metal, had made identical. On the other hand, trade would continue to be effected and valued in terms of the monetary unit, whether embodied 1 This has been clearly pointed out by M. Deschamps in the above- mentioned discussion. See Journal de la Société de Statistique de Paris, March 1913.

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