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

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

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

THE REIGN OF BIMETALLISM 19 metals depends are, in fact, tar more complicated. In order to understand this we need only consider how many dif- ferent monetary systems existed in the commercial world during the period under review. On the one hand, there were monometallist gold stand- ard countries of which the most important was England, and monometallist silver standard countries in the Far East; on the other, we have bimetallist countries having currencies in common both with silver and with gold standard countries ; for both metals were accepted from the public for minting, and the inhabitants could not only discharge debts but also receive payments in either cur- rency. For instance, a bimetallist country such as France had a currency in common with either class of monometal- list country; for whatever the denomination taken for each unit, it was possible with any given weight of pounds sterling to obtain an equal weight of francs in gold, or with a given weight of rupees an equal weight of francs in silver. And as the ratio between the two metals was rigidly fixed by law and indicated by the very inscription on the coin, a French creditor on a foreign country was indifferent whether he was paid in gold or silver. Conversely, in order to discharge a foreign debt he had only to choose the metal which was accepted for coinage in his creditor’s country. But the intermediary for the settlement of most trans- actions with silver standard countries was in fact London. Now the English creditor of a Far-Eastern country was precluded from receiving payments in silver. For, although Great Britain also had a fixed ratio between gold and silver coin, private individuals could not bring silver for free coinage and an English creditor could not convert silver into legal tender currency. Except occasionally, when this silver could be returned as payment to some country where it was accepted by the Mint, there was no method of trans- forming it into English currency except to have it first minted in a bimetallist country and obtain in exchange the gold coin of its currency, the latter being then convertible into English legal tender currency under the system of free coinage. Conversely, an Englishman who was short

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