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

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Title:: Part I. Modern monetary systems and their operation

Collection:: Economics Books

CHAPTER 11 THE REIGN OF BIMETALLISM! § 1. Establishment of bimetallist régime ; application of the system of free coinage to two metals ; theoretical difficulties. THE disappointments with which public authorities had met for several centuries under the old régime in their perpetual efforts to scale. the value of currency seemed to have demonstrated how useless it was to intervene, and the conclusion was drawn that the value of currencies was de- termined by natural causes outside the control of public authorities, and that both in regard to the determination of its value and in other respects money was essentially a commodity. A sound comprehension of the real nature of money under modern conditions thus seemed to dictate, so far as possible, a policy of complete non-interference. Modern legislation has conformed to this view and the monetary practice of the old monarchies has given place to the system of free coinage described above. In order to link up the new coin with the previous moneys of account, it was enough to define each of the latter in terms of a certain weight of fine metal, which was to remain constant. Thus the franc was originally defined as consisting of § grammes of silver 9/10 fine, the pound sterling of 123274 grains of gold of a fineness of 22/24 carats (or 7988 grammes of a fineness of 0.916). But a difficulty arose ; if money is a commodity the value of which can no more be controlled by law than that of any other commodity, it is idle to attempt to keep a constant ratio ! Part of this chapter has already appeared with the title “L’Expérience bimétalliste du XIX siecle et la théorie de la Monnaie” (Rev. d’ économie politique, 1908). I4

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