La Situazione economica dell'Albania

The nature of capital and income

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Monograph

Identifikator:: 1826928367

URN:: urn:nbn:de:zbw-retromon-221398

Document type:: Monograph

Title:: La Situazione economica dell'Albania

Place of publication:: [Roma

Publisher:: Marzi]

Year of publication:: 1929

Scope:: 40 S.; Kt.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

32 NATURE OF CAPITAL AND INCOME [Crar. IT city of Boston, but is really owned by the citizens, who are the true beneficiaries. Each individual who has the right to enjoy it is to that extent a part owner. It is not uncommon thus to have, between a property right and the wealth underlying it, several layers of prop- erty. A man who owns an ordinary foreign bank note has a claim upon the property of the bank. But the bank’s property consists, for the most part, not of tangible wealth, but of promissory notes and other claims on merchants. These notes represent a part right in the wealth (including persons) of the community; consequently the holder of a bank note quite unconsciously owns a claim upon the dry goods, groceries, and other wealth of merchants, which make good the debts of these merchants to the bank. In the case of United States bank notes he also owns an alternative claim on government bonds, and therefore on the taxable wealth which makes these bonds good. It is erroneous to think of a bank note as representing simply money. This is true of gold certificates; for there are in the United States Treasury as many actual gold dollars as there are certificates in circulation. A bank note, on the other hand, is made good, not solely by the metallic reserve of the bank, but also by the other property or “assets,” which the bank is constantly changing or transforming into cash. The Bank of England, for instance, had £60,000,000 of notes out at a given date, and only £43,000,000 of gold in its vaults. But the £17,000,000 deficiency which thus seemed to exist was represented by securities, that is, other property held by the bank. §8 A third guide is that the correspondence between prop- erty and wealth is a contemporaneous correspondence. That is to say, the existing property rights are rights to the use of existing wealth, so that existing wealth underlies all existing property rights. It would seem at first sight

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