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

MONEY of its resources, and that it did not think it could ever resume the practice, the notes would have ceased to be generally acceptable and consequently ceased to circulate and lost their value at one blow. But instead of doing that the Bank directors went to the Government and secured the passing of a law restrain- ing them from redeeming their notes. The public thought little of this : the notes looked just the same as before, and continued just as convenient, and every one except Lord King long afterwards went on taking them just as before. The demand for them was unaffected, and the supply for the moment continued just, or nearly, as much limited as before. In some such way an already existing demand for a convertible note can be maintained for it when well- informed people, and even much larger numbers, know that its convertibility has disappeared. Demand and limitation of supply account for an obsolete blue Mauritius 2d. stamp selling for a thousand pounds : why should they not also account for a convertible note retaining its old value even when it is no longer convertible ? The Government of Mauritius cer- tainly does not promise to redeem the stamp at that or any other value and never undertook to accept it as payment for postage for more than 24., but a dealer will give £1,000 for it because he knows he can pass it on for more. He will not, it is true, give £1,000 for it if he can only sell it for that sum, while any one selling five pounds’ worth of goods in 1797 would take a £5 Bank of England note, although he could not expect to get more than £5 for it, but the difference is only the result of the demand for the five pound note being a demand for currency, whereas the demand for the stamp is a demand for the satisfaction of collectomania. It is perhaps impossible for private individuals

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