Grundsätze der Volkswirtschaftslehre

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Monograph

Identifikator:: 832651257

URN:: urn:nbn:de:zbw-retromon-63075

Document type:: Monograph

Author:: Devas, Charles S. http://d-nb.info/gnd/124362435

Title:: Grundsätze der Volkswirtschaftslehre

Place of publication:: Freiburg

Publisher:: Herder

Year of publication:: 1896

Scope:: 1 Online-Ressource (XXIII, 521 S.)

Collection:: Economics Books

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,0 MONEY were in perpetual difficulties arising from the fact that the ratios which each of them prescribed between their gold coins and their silver coins always sooner or later led to one or the other metal being not supplied in sufficient quantities for the requirements of a convenient currency. With regard to copper coins the principle was acted on long before it was recognized or understood, and long before it was acted on with regard to silver. Money of small denomination was demanded, Govern- ment did not supply the need, and, as usual, private enterprise stepped in. The story in this country is roughly that tradesmen took to issuing metal “ tokens ”’ for small fractions of the unit of account such as pennies or farthings when the Government did not coin them, these tokens entitling the holder to goods of that value at the shop of the tradesman. They were not always retained for further purchases by the customer who received them in change, but got into circulation, i.e. they were generally accept- able, so that things could be bought with them from other people as well as from the tradesman who issued them, although the metal of which they were made was not and did not profess to be of appreciable value. Abuses of course soon made their appearance, and the business of providing these ‘‘ token coins ” was taken over by the Government. They were manufactured by or for the Government and given in exchange for larger money paid by people who wanted the small for purposes of their business. There was no * free” coinage. The metallic value of the coins was considerably less than that at which they circulated without the least difficulty, but some importance was attached to it, and no one seems to have understood that their value was given to them by the demand coupled with the limitation of supply enforced by their being sold to the public at the

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