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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. General principles

Collection:: Economics Books

16 MONEY Nor is there any reason why such coins should not, when convenience suggests it, be made of the same metal as the standard coin. When Lord Randolph Churchill was Chancellor of the Exchequer it was proposed to reduce the metallic contents of the half- sovereign, while keeping it in circulation at the rate of two to the pound. The coin is subject to a large amount of abrasion, and it was thought it might as well contribute towards its own maintenance, so to speak, by being issued in the first place at a profit. Towards the end of the nineteenth century this principle that sufficiency of demand and properly limited supply will keep the value of a coin above that of its metallic contents was applied to standard coin in several parts of the world, of which India was the most important. The Indian Government was troubled in various ways, unnecessary to describe, by the change in the ratio of value between gold and silver. The standard was silver, and a silver coin, the rupee, was the unit of account. The ratio of value which had prevailed for a long time between the value of gold and silver in the markets of the world made the value of the rupee to the gold sovereign or pound sterling about 10 to 1, so that in ordinary language in England the rupee was said to be about 2s., while in India the pound was said to be 10 rupees. But the ratio was rapidly changing, so that it was said in England that the rupee was falling, and in India that the pound was rising. The Indian Government wished to stop this movement, and also to link up India with the Western world, in which the gold standard was predominant. After some resistance on the part of the British Government, it was allowed to adopt a scheme under which the supply of rupees to the currency was to be so restricted as to keep their value up to the ratio of 15 to ti» “r. The possi- ”

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