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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. General principles

Collection:: Economics Books

34 MONEY as additions made by the Mint, and where Govern- ment was very weak or inefficient, they might be on a sufficiently large scale to replace the usual Govern- ment supply and exceed the appropriate amount, with the same result of bringing down the value of the coin, and this would go on until the value became so low that it would not pay the illicit manufacturers to produce enough to bring it still lower. The actual danger from illicit coinage does not appear to be great, owing to the fact that coinage on a large scale cannot be concealed, and concealed coinage on a small scaleis not a very remunerative manufacture, even when the cost of the raw material is very small compared with that of the finished article. In fact the system has been perfectly successful, not only in this country, but wherever it has been tried. Some countries have made a slight improve- ment on the English system by making the silver coin redeemable or ‘‘ convertible ”’ at their mints or Government banks. This means that the Govern- ment is not only ready to sell the coin at the pre- scribed ratio, but is also ready to buy it back at that ratio. Thus the possibility of a falling off of demand is provided for, and no doubt that is desirable. In this country there is little doubt that in case of a considerable falling off of demand the Government would be compelled to take back enough of the coin to keep up its value,land the obligation might just as well be acknowledged at once. If the value of the metallic contents of a coin of this kind is not originally very much below the value fixed for the coin, the particular arrangement made will perish in the event of a considerable rise in the market price of the metal of which the coin is made. "1 This was written in 1918. From 1921 to 1924 large withdrawals were made at the expense of Mint profits and the Currency Note Account.

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