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 NOTES Rl pound-note which it issued, or private individuals might have been so pleased with the picture of the Houses of Parliament on the back of the notes, or so patriotic, that every pound-note issued was promptly framed and hung on front parlour walls. Then no additional buying cf things would have taken place or been attempted in consequence of the issue. In the first of these two examples neither the British Government nor the people would have had a penny more to spend than Sefore : in the second the Govern- ment certain! - wou!’ have more to spend, but the people woul® have that much less, and the two together would have no more to spend than before. But this is for “rom usual. A great part of almost every issue and sometimes the whole of it goes to increase the aggregate amount of money which people anc ~ve-nment *ogether can and do spend on things =~ --rvices. The notes are exchanged for somethin "le issuers buy things and services with them ++ 1d or give them to others who do. They may . “~vunment, go through the farce of giving the~ = exchange for other money and then spending :hat other money instead of spending them directly, but however the process may be disguised, .: results in more money to spend and more money spent. The perfectly natural consequence is a rise of prices. Where the notes are convertible into coin and the coin is convertible into free bullion, this rise of prices will not include a rise in the price of bullion, since the value of the coin and bullion must stand on a level. The convertible notes cannot be issued in large enough quantities to cause a gap to appear betwen “heir value : ad that of the bullion to whic: -- Coin Ther ee =r equal. For ex:r me cr nts free bullion, . ww... .. Le ole LLL us many convertible notes as: would bring iv the amount of x.

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