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 I. General principles

Collection:: Economics Books

VALUE OF GOLD IE is the lowest note, a great deal of coin will be required, if £1 or ros. much less, and if a dollar, still less. Increases of income will make no difference except in so far as they go to the very poorest class : longer or shorter intervals between periodical payments will only make this difference, that *“ change *’is less likely to be required in payments made at longer intervals, since salaries, rents and other payments are more likely to be for multiples of the smallest note when they are paid at long intervals than when paid at short ones. Diminution in the value of money (higher prices) will not greatly tend to increase the want for coin, since it is not in the least likely to cause a withdrawal of the smallest note from circulation, and when prices are higher, more things will be in the region where purchases are made by notes : given that ten-shilling notes are in circulation, and are to continue in circulation, doubling prices will not make people want many more half-crowns or other silver coins and will make them want fewer halfpennies. How much coin will be held by the governments whichissue paper currency and by banks, whether they issue bank-notes or not, actually depends at present not so much on what would be thought necessary or desirable by a dispassionate and well-informed observer who could feel confidence that his opinion would be accepted by all, as on the decision arrived at by government and banking authorities, who often accept wholly erroneous theories, and who have to be guided to a large extent by the erroneous theories held by the public even when they do not accept them. So we find in different countries very different amounts of coin held “in reserve ”’ against liabilities which seem on the face of them ver much the same and very great changes in quit. short periods. In practic: therefore in modern times.

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