Versand- und Zollvorschriften im Verkehr mit dem Ausland [Im Aufl. d. Bergischen Industrie u. Handelskammer zu Reimacheid zusgest u. bearb von d. Zollauskunftstelle d. Handelskammer]

Bibliographic data

Monograph

Identifikator:: 1751319059

URN:: urn:nbn:de:zbw-retromon-129553

Document type:: Monograph

Title:: Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

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

Year of publication:: [1926]

Scope:: 1316 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Répertoire des administrateurs, commissaires, liquidateurs, curateurs, etc., de sociétés

Collection:: Economics Books

THE NOTION OF MONEY 175 And so our first conclusion is that, contrary to the classical theory, the exchange value of precious metals accepted for free coinage is not determined like that of any commodity on any market, for the very reason that a metal accepted for free coinage is not subject to supply and demand and enjoys an unlimited market at a fixed rate. On the other hand, the amount of precious metals produced has only a partial and indirect effect on the value of the monetary unit. S 3. The exact meaning of the idea of a monetary standard. But the preceding observations have also a different significance; for it was possible for two metals, i.e., two different products, to appear simultaneously as the basis of a monetary system, because the idea of a monetary standard is not as important as the promoters of bi- metallism thought and as many people still think. The rates of the two metals produced under different con- ditions would necessarily have been independent and the exchange ratio between them would necessarily have varied if they had not been both accepted for free coinage, with the result that the producers were certain to obtain a constant number of monetary units in exchange for a given weight of metal in spite of variations in the cost of production. 7z was therefore impossible that both should at the same time have determined the value of the monetary unit. We are therefore led to the paradoxical but logical con- clusion that neither gold nor silver has been a monetary standard in the ordinary sense of the word. Under the system of free coinage neither has determined the value of monetary units theoretically defined as a certain weight of fine gold or silver, and in practice embodied in mone- 1Is it not surprising, on further consideration, that phenomena con- nected with the value of monetary metals should continue to be explained so obstinately on the supposition of a commodity which is supplied and demanded on the ordinary market, whereas we have here a market on which the commodity offered is exchangeable for a constant number of monetary units, whatever the supply ?

Access restriction

Copyright

fullscreen: Modern monetary systems

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation