Modern monetary systems

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. The explanation of contemporary monetary phenomena and currency theory

Collection:: Economics Books

104 MODERN MONETARY SYSTEMS We should also note, but with some caution, the rise in prices in the middle of the 19th century which accom- panied the discovery and working of new gold mines, the rise which began during the last years of the 19th century and continued during the early years of the 20th century before the outbreak of the Great War. It is true that this last phenomenon was accompanied by a very considerable increase in gold production in Australia and South Africa ; but it also coincides with a whole set of new facts, a general rise in Customs duties, the development of labour organisations tending to restrict competition, trusts, car- tels, etc. Hence scientifically we do not appear to be justified in holding for certain and a priori that there was a relation of cause and effect between this pheno- menon and one of its possible antecedents, after ignoring other factors which exercised an influence in the same sense, and which might afford a sufficient explanation.? suffered a depreciation of 339, in France between the end of the 15th century and the last quarter of the 16th century. Moreover, during this period, and as a result of continual alterations by public authorities in the purchase price of precious metals both at home and abroad and in the scale of values applied to coin and as a result of the concurrent circulation of all kinds of different currencies, new and old, national and foreign, the public was led to check as well as it might the fineness of the metal content of coin and to consider that fineness a factor in fixing commodity prices. Lastly, it should be added that no such concordance between the production of precious metals and prices is to be found in the 17th or 18th centuries. 1'The trend of prices in this period is hardly more marked than such upward movements as have been observed to occur as a part of the fluctua- tions attendant upon a boom in trade crises. For instance, Sauerbeck’s index number for England rose from 78 in 1852 to 102 in 1854 and to 105 in 1857 and then fell to 91 in 1858. The United States index rose from its lowest point, 125,in 1852 to 138 in the short period between 1854 and 1856, and then fell to 124 in 1858. (See Aftalion, “Les crises périodiques de surproduction,” Vol. I, p. 20.) 2 I't should also be pointed out that with the modern development of credit machinery and methods of clearing, the relation between the gold stock and the entire amount of available funds is very complicated and variable. Nevertheless it will be observed that price movements and variations in gold production almost synchronised after the end of the 19th eentury. The production of gold, which had reached an annual average of nearly 700 million francs between 1857 and 1860, fell slowly to slightly more than 600 millions between 1881 and 1890, rose to nearly 850

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