Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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MONEY 127 is taken as readily as standard money, and the proportions of each in use are settled merely by the habits and customs of the people, which, generally speaking, give expression to what is convenient. A person in England will make certain payments with cheque, certain payments with notes, and others with sovereigns and small change : whenever he has to hand over money for goods, he will select the form of payment which best suits his convenience. Hence the proportion of credit money to commodity money in use tends to settle at a figure which reflects public convenience. When the amount of credit money outstanding is in excess with reference to this criterion, it is essential that sufficient bullion should be held in reserve against its redemption. And, inasmuch as the demand for credit money fluctuates, which means that for a time less than the normal volume of it may be wanted, bullion reserves should be at least adequate to allow of as large a shrinkage of paper money as is thinkable in the light of experience. More over, in calculating what is needful we must reckon the demands for bullion for the pur poses of international trade. Gold is required from time to time to make foreign payments, as we shall learn in the next chapter. At

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