The agricultural output of England and Wales 1925

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Monograph

Identifikator:: 1757028552

URN:: urn:nbn:de:zbw-retromon-135495

Document type:: Monograph

Title:: The agricultural output of England and Wales 1925

Place of publication:: London

Publisher:: Stat. Off.

Year of publication:: 1927

Scope:: XV, 152 Seiten; graph. Darst., Kt.

Digitisation:: 2021

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VII. Number and size of holdings

Collection:: Economics Books

VALUE OF NOTES by "“ price,” the value required for gold sometimes is and sometimes is not called its * price,” and the value required for notes is never in ordinary language called their price. The feeble reply of the apologists to some such criticism as this is that in fact the rise of prices and wages comes first. This would be perfectly immaterial if it were true, which it probably is not. If it were true, it would only mean that the increase of the note-issue was anticipated. When a Govern- ment has issued an additional £2,000,000 a week for months together, it is not unlikely that all business will be done on the assumption that this will continue. People may consciously or unconsciously expect a fall in the value of notes (¢ rise in general prices) just as well as they expect a rise in cral or jam. When issuers have once adonted the absurd maxim "“ Higher prices: issue mors notez, their country finds itself in what nuzzlr- -.lcs rall a * vicious circle ’—notes are increas: "7 rise, notes must be further increased to ‘““ ca = -ise,”” prices rise still further, and notes must .. further increased and so on. .d infinitum” NO certain’v: there is always an end to it. Often the real or fancied emergency which led to the suspension of convert- ibility disappears before the process of bringing down the value of the notes has gone too far for recovery, and with the disappearance of the emer- gency much of the bias in favour of that course is lost, and a return is made, perhaps slowly (as in America after the Civil War), perhaps painfully (as in England after the Napoleonic War), to a bullion standard. Two greatinjustices have been committed: the first to those persons and classes who suffered by the fall in the value of money, nd thzsecond to those who suffered by its subsequent rise. The two do not cancel each other, since those who gain by the second 1)

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