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 I. Modern monetary systems and their operation

Collection:: Economics Books

CHAPTER IV THE RECOVERY OF THE EXCHANGES BEFORE THE WAR OF 1914 § 1. Monetary Reform in India: its exact scope and significance; adoption of the gold standard in a new form. THE monetary crisis which resulted from the disappear- ance of bimetallism might have found a logical solution in a return to it, if the assumption by certain States of the burden of regulating at their own risk monetary relations between gold and silver standard countries could have been avoided, i.e., by its universal adoption. All efforts in this direction failed before the opposition of British tradi- tion and met with various other objections, in particular the widespread fear that, with an increase in the world stock of coin, it would depreciate in value. Meanwhile, the crisis became increasingly serious as silver depreciated. In 1893 it had lost nearly half its value, and the rupee, which before the silver crisis was worth 27 pence at the official par of exchange, had fallen to about 14 pence. Thus, faced by the impossibility of any general concerted action to establish stable monetary relations be- tween gold- and silver-standard countries, the latter made every effort to find a remedy. So in this same year, 1893, British India made a first attempt to raise the value of its silver currency and to con- trol its rate. The opinion of the day had not got beyond the crude notion, still widely held, which lumps together under the general term of “depreciation” both exchange phenomena and internal phenomena, sees in this deprecia- tion a result of superfluity alone, and can find no efficaci- ous remedy for it but contraction of supply. Thus if rupees had depreciated, the obvious cause was excess pro- 3T

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