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

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

PAPER PRICES 105 sources. Some persons unversed in the art of public finance as now practised, which consists in overlaying simple facts with accounts which make them unintelli- gible, have been puzzled because they cannot find the three hundred millions raised by the issue of the fiduciary Currency Notes anywhere in the national accounts for the years 1914 to 1919. The explanation is that the Currency Note Account was treated as a “ Government Department ”’ able to lend money to the Exchequer. So the millions which came in from the issue of notes, so far as they were not absorbed by the gold, bank-notes and silver coin which were stored away in cellars and appeared in the weekly account, were advancad tc .he Exchequer either simply as * Government Department Ways and Means Advances ”’ (of which they formed a proportion so substantial that the Government always refused to disclose its amount) or by taking up Treasury Bills and other Government securities. The receipt was thus effectually hidden away by being mixed indistinguishably w'th money borrowed in the ordin- ary way or derived from the Savings Banks and other public and semi-public institutions. Hence- forward the Treasvrv was to deny itself this resource. (See Appendix I.) Our newspapers were fond of adjuring foreign governments which were inflicting increasing currency issues on their subjects to * balance their budgets.” The advice is defective in form, since all budgets, like other accounts, balance, unless, which is unlikely, they contain an arithmetical error. What is really wanted is that the budget, or rather the actual receipts and »=vments, should balance without the receipts incl. CL mg from tssie Sher money, and this is v© vas undertaken . i. Treasury when it issued lic Minute oi Decemwer ::, 1919. For a good many weeks the fruits of the undertaking yn

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