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

38 MODERN MONETARY SYSTEMS § 2. Imitations of the Monetary Reform in India. Although the theoretical significance of the monetary reform in India was imperfectly understood by its authors and its first imitators, its practical application was suffi- ciently grasped for analogous reforms to be carried out. The Government of the British Colony of the Straits Settlements, the American Government in the Philippine Islands, the Siamese Government, and later, in Europe, the Hellenic Government! were able to undertake them with success. The system tentatively set up in India was carried out most consistently in the Philippines. The Philippine Coinage Act of March 2nd, 1903, supplemented by a local law, the “Philippine Gold Standard Act,” of Octo- ber 10th, 1903, contained the following provisions : (4) The coinage of a new Philippine silver peso and the adoption of the gold peso—equal to one-half the American dollar—as the theoretical monetary unit; this was equivalent to fixing the parity of the new silver peso at half a dollar ; demonetisation of foreign silver coin. (6) The constitution of a gold reserve, and the creation of an Exchange Office at New York for the supply of drafts on Manilla at a rate corresponding to parity plus “gold point,” and of another office at Manilla for the supply of drafts on New York at the same rate. The American re- formers, impressed with the same ideas as their English predecessors, also believed in the efficacy of contracting and expanding the internal stock of currency automatically in order to maintain its parity with gold. They therefore decided in theory to withdraw from circulation the sums 1 Greece, which had been on a forced currency since 1885, adopted the system of the gold exchange standard in 1910 by entrusting the National Bank of Greece with the task of converting the drachme into foreign currencies at par. Measures having been taken to ensure a sufficient port- folio of foreign currencies and credits, it has always been possible to keep the Greek exchange at par with the franc, and later with the dollar, through several war-periods until 1919. See Pharmakidis, “La Situation monétaire en Gréce avant et aprés la guerre,” Rev. Econ. Intern., Dec. 1922, and Damiris, “Le Systéme Monétaire Grec et le Change.”

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