Money

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Multivolume work

Identifikator:: 1895264332

Document type:: Multivolume work

Author:: Myers, Gustavus

Title:: Geschichte der großen amerikanischen Vermögen

Place of publication:: Berlin

Publisher:: Fischer

Year of publication:: 1916 -

Collection:: Economics Books

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Volume

Identifikator:: 1895266750

URN:: urn:nbn:de:zbw-retromon-242184

Document type:: Volume

Author:: Myers, Gustavus http://d-nb.info/gnd/10190651X

Title:: Geschichte der großen amerikanischen Vermögen

Volume count:: Bd. 1

Place of publication:: Berlin

Publisher:: Fischer

Year of publication:: 1916

Scope:: XL, 412 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Erster Teil: Die Verhältnisse in der Niederlassungs- und Kolonialzeit

Collection:: Economics Books

52 MONEY spendable money far enough to raise the price of fine gold from the par price of £425 to £575, because long before that happened, every one who had notes would be running to the issuers to get sovereigns with them: the sovereigns thus obtained could be turned into bullion, and so give the holder a larger amount to spend than if he spent his note. Incon- vertible notes, not being subject to this ‘“ automatic check,” may be issued in greater and ever greater quantities, so that they can cause a gap to appear between their value and that of the bullion to which, through the coin, they are nominally equal. At first sight it is probable that most of us would expect the gap to appear in the form of a note passing for less than its nominal value, say a pound-note passing for £0'8 or 16s. and a dollar-note for $o-8o. This does not happen, and nothing really suggests that it should happen. The pound-note was, and continues to ordinary apprehension to remain, “a pound ”’ : it will buy a thing priced in a shop-window at “ £1,” and it will pay a debt of £1. Failing the note going to a discount, we should perhaps expect the sovereign to ‘“ go to a premium,” and begin to circulate at some value exceeding £I, say £125 or £1 5s. This might happen if people really preferred sovereigns to notes, and if they could shift the premium as fast as changes in the price of bullion took place, but in fact that could not be done: the currency value lags behind the bullion value, and consequently the coins are not kept in circulation at higher prices, but are ‘ driven out,’ as it is usually said, by the notes. It is not really a case of their being driven out, but of their being attracted out into the bullion or export market by the premium obtainable there and not obtainable so long as they are used as currency. Jewellers and bullion dealers will give more for them in “ money,” that is, in

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