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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128 POLITICAL ECONOMY first international indebtedness is recognised or discharged by means of bills of exchange, but ultimately, when final settlements have to be made, the balance must be met with exportations of gold. This will be a suitable place to point out that token money (that is coins like shillings and pence which have a face value in excess of the value of the metal contained in them) may be regarded as notes made of metal. For convenience they are made complete legal tender up to certain amounts when issued by Government, as they are usually at the present time. It may also be pointed out that a limited amount of inconvertible paper money may circulate in a country without depreciating in value. In 1844 the English Government made a successful attempt to limit the issue of notes by the Bank Act of that year, but whether this measure proved to be beneficial all round is problematical. While restricting the issue of notes, the Bank Act had no bearing upon the cheque system, the immense ascendancy of which of late years could hardly have been foreseen. At the present time the bulk of the payments made in Eng land are made in the form of cheques. At first sight the cheque system would seem to be a

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