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

RECOVERY OF THE EXCHANGES 39 deposited at the Manilla Office for the purchase of drafts on New York, and only to put them back for the purpose of meeting drafts drawn by New York on Manilla. Sums paid into an Exchange Office were, however, allowed to be used to buy silver for minting pesos, and later a Philip- pine law of December 8th, 1911, gave authority for part of the reserve of exchange offices to be invested locally. Mr. Kemmerer (“Modern Currency Reforms,” p. 373) objects to this provision as being contrary to the principle of automatic contraction. It should be observed, however, that this exception has in no way prevented the currency from remaining at par; nor is this surprising, since the maintenance of parity results from the mere fact that the export and import go!d points are secured by the regular working of the exchange office. Variations in monetary stocks could only have dislocated the mechanism of stabilisation if they had been large enough to produce such economic upheavals as would have created a serious deficit in the Trade Balance, so that the impossibility of maintaining a fixed rate for the conversion of national currency into foreign currencies would have brought about the disappearance of the gold points. § 3. Similar Monetary Reforms in various countries with paper currencies. Apart from silver-standard countries whose monetary relations with gold-standard countries had been disturbed by the disappearance of Bimetallism, there were certain countries on a paper currency which also suffered from fluctuating exchanges, e.g., various South American States, and in particular the Argentine and Brazil. For just at the time when India was at last carrying out its monetary re- form, the Argentine was attempting to stabilise the ex- change ratio between its paper currency and gold coin by methods identical with those which we have just described. A law of October 31st, 1899, fixed a legal ratio be- tween the paper piastre and the gold piastre at 44 centavos (or hundredths of a gold piastre) to the paper piastre,

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