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

38 MONEY high commission for printing and maintaining such an issue, which is the proper description of what is done by the bank. That the issue of inconvertible paper was a broken reed for governments to lean on was not then nor for a long time so well recognized as it is now. It was a quick way of getting power to spend—much quicker than taxes and quicker than loans. By pouring out money at the central market for loans, commonly called the Money-market, it kept the rate of interest down, and so appeared to enable the government to borrow on better terms. By raising prices all round it increased the amount of *“ money ” saved by the people and therefore available to be borrowed by the government, and also increased the money yielded by income-taxes and ad valorem commodity taxes. Lastly, but not least important, it was supposed that if money incomesincreased, the people would be less discontented with a diminished amount of material well-being, which seemed to them to come from high prices, than they would be with that diminished amount of material well-being if it seemed to come from diminution of spendable money income. With the exception of the first, all these apparent advantages turned out delusive. True that some of the taxes and other revenues brought in more money, but they rose less rapidly than the expenses of admin- istration and of working state institutions like the Post Office and railways: the countries in which the growth of currency went farthest eventually found that revenue was meeting but a miserably small percentage of their expenses. True that more money could be borrowed at first, but the larger amount only bought as much of the commodities and services required by the State as the smaller amount would have done if the currency had not

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