Money

Bibliographic data

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.

APPENDIX IT 11% forthcoming to an amount which kept their value down to par. The gold coin could not be so deficient in amount as to rise appreciably above the rate of 113 grains of fine gold because the obligation of the Bank just mentioned to give notes for bullion meant also that sovereigns could be obtained at that rate, since the notes could be presented at once and payment claimed in sovereigns. In practice of course the Bank gave neither notes nor sovereigns for gold bullion, but credited persons pre- senting bullion with pounds in its books, and allowed them to draw on these pounds as they chose. It met their eventual demands or the demands of those to whom they transferred their claims either with additional notes issued against the gold brought in or with sovereigns coined out of it, thus in either case increas- ing the currency and tending to reduce its value. Sellers of bullion might, if they liked, have taken their bullion direct to the Mint and had it turned into coin at the rate of £3 17s. 101d. per ounce standard, but the delay deterred them, so that this right had fallen into desuetude and the Bank alone was in the habit of getting gold coined. Thus the convertibility of bullion into notes not only ‘‘ automatically *’ kept up the supply of notes, but also in practice ‘automatically ”” kept up the supply of gold coin so as to prevent it rising in value above the rate of 113 grains to £1. During the war the people gave up their gold coins in exchange for the Currency notes for £1 and 10s. issued by the Treasury (often called at first *‘ Bradburies because signed by the Secretary of the Treasury, Sir John Bradbury), and the banks (other than the Bank of England) during the war and afterwards gave up their reserves of gold coin to the Bank of England and took bank-nptes in exchange. The bank-notes continued legally redeemable in gold coin at the bank, and the new Currency notes were so too, but this convertibility was rendered useless because it was from the first impossible to export gold and it was soon made unlawful either to melt or to export gold coin and even to export gold bullion. Additional bank-notes were only issued

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