Die Frau und die Arbeit

Bibliographic data

Monograph

Identifikator:: 832279064

URN:: urn:nbn:de:zbw-retromon-64432

Document type:: Monograph

Author:: Worms, Émile

Title:: L' Allemagne économique ou histoire du Zollverein Allemand

Place of publication:: Paris

Publisher:: Ainé

Year of publication:: 1874

Scope:: 1 Online-Ressource (VII, 631 S)

Collection:: Economics Books

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VALUE OF A LIMITED COIN 2g On the value, measured in commodities in general, of the metal of which the coin is made, seignorage has no influence except in so far as it tends to reduce the demand for that metal by diminishing the quantity taken up by the currency, and this may be taken as a practically negligible effect when seignorage in only a single country is being considered. We need, there- fore, scarcely encumber the exposition by making an allowance for the tendency of seignorage to depress the value of bullion : the matter is too trifling to be worth bringing into account. As seignorage is seldom or never large, and as for the most part it simply raises the value of the coin once for all and then allows it to fluctuate very nearly with, though a little above, the value of the bullion contents of the coin, we may regard it as of little practical importance, but it may be of considerable use in enabling us to understand the effects of limita- tion in general. When the fact is once grasped that it is limitation of supply, coupled of course with sufficiency of demand, which enables a seignorage to keep the value of the coin ordinarily above the value of the metal of which it is composed by the amount of the seignor- age, the way is opened for comprehension of the fact that by a * closing of the mint to free coinage,” and coining only suitable amounts, coins made of one metal may be made to circulate at some value fixed “= reference to coins made of another metal. This was first discovered in consequence of the very reasonable desire of every one to keep coins made of two different metals, gold and silver, both in circula- tion at the same time, cid being convenient for larger and silver for emaller payments, though not for the smallest of all. So long as they attempted to maintain free coinage of both metals, governments

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