The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVII. The stock exchange and American business

Collection:: Economics Books

STOCK EXCHANGE AND AMERICAN BUSINESS 491 extent, therefore, can a government stamp off fiat currency or bonds—beyond this point lies only economic chaos, social dis- ruption, and the disintegration of government.? Many sincere citizens of this and other countries have al- ways had and perhaps will always have the curious idea that in these matters there is no limit to the powers of government, and that by some magical process government officials can in- definitely increase currency or issue any amount of its debt obligations simply by printing them, without regard for such dull and meaningless details as gold redemption, sinking fund requirements, or debt service charges. The many extraor- dinary economic diseases which arose after the war among many European governments—diseases which were largely due to this childlike faith in the unlimited power of govern- ments to disregard the immutable principles both of economics and of common sense—have provided a wealth of laboratory material for scientific economists. Marketing the Public Debt.—Tt is, of course, no detriment for a nation to remain moderately in debt year after year—on the contrary such a practice, if sanely limited, has certain salu- tary results. It was not, however, until the late seventeenth century that statesmen discovered this fact, and also the prac- tical methods whereby this debt could be made interest-bear- ing, split up into small amounts represented by government bonds, and sold to individual investors. Since that time, how- ever, this practice has been resorted to by practically all civilized governments. As an inevitable result, organized security mar- kets have sprung up all over the world where these evidences of the government debt could be bought and sold, and thus given the negotiability and reliable public quotation essential to the best investments. The chief reason responsible for the creation of almost every great stock exchange in the world, in the first instance at least, was to assist the government in main- taining its credit and the negotiability of its debt. In the case "See Chapter I. p. 3

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