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 I. General principles

Collection:: Economics Books

24 MONEY present. But people do not always pay on delivery: they frequently induce the seller to let them have the soods on condition that they will pay some time (in all important cases at some definite time), after delivery. The seller then gives the goods for nothing at the moment because he contracts to receive a certain agreed sum of gold at the agreed future date. The buyer of the goods contracts to deliver this gold at the future date. If both buyers and sellers are influenced by some wave of sentiment which makes them believe prices will go higher, the prices at which these contracts are concluded will be higher, whether there is any justification for the belief or not. History shows that war raises prices (lowers the value of gold), and this seems very surprising to those who regard gold as the sinews of war. If it is the sinews of war, they think, it should rise, not fall ; all belligerents seem to want money very badly, and gold is the best kind of money and that which they seem to want most. But all this is fallacious ; money is not the sinews of war, and what the belli- gerents want is not money but various things which they hope money will buy. In their hurry to get munitions they are ready to pay away all the money they can acquire by taxes or by promising to pay money (with interest and very likely a premium) at some future date. Far from prizing money more than usual in comparison with commodities and services, they shovel out money and promises to pay money with far less reluctance than in times of peace. As for the special utility of gold, that metal is one of the few which are of no direct use for military purposes. A belligerent may sometimes think it useful to parade a large stock of it, as more than one government did during the war, because owing to the erroneous beliefs of the public this may comfort his subjects

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