Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

PAPER PRICES 97 charged to private borrowers will rise and a * deadly blow be struck at the industry of the country, which has to support the war.” Economic intelligence is not sufficiently widespread to enable the government to reply that the industries serving the war directly, or, by the provision of necessaries, indirectly, will te able to pay, and that the more the others are closed down for the time the better. And the government can do what the private individuals and institutions could not do—it can print lcgal-tender inconvertible paper money for itself or borrow it from its crez+*ure, the State bank, which it authorizes to print 2nd lend. This is what all the European belligerent ~~vernments did, some of them at once and other: . “later, in the recent war. In this country the © method was pre- ferred, the Treasury its.X’ nting the Currency Notes (popularly known ss Treasury Notes”), though it issued them all except a small portion by way of sale to the Bank of England.! In France the Bank of France was authorized to print the required notes, and they were lent to the government : how little the nature of the transaction was understood is shown by the fact that the Bank of France was paid one per cent. per annum for lending *’ these notes to the government and actually got credit for genero- sity on the strength of it, though it is an outrageously ! The small part was lent to certain savings banks early in the War and has all been repaid. The rest of the notes were given to the Bank of England in exchange for gold coin, bank notes, silver coin, and credits in the Bank’s books. These credits were from time to time taken from the Currency Notes Account to be “invested in ”’ Ways and Means Advances and Treasury Bills, etc. This put the amounts obtained at the command of the spending departments of the government, which proceeded to give cheques to persons whom they wished to pay. These persons then were paid by the note issue Just as much as if thev had received the notes direct from the Fences ~

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