Money

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Monograph

Identifikator:: 875639712

URN:: urn:nbn:de:zbw-retromon-928

Document type:: Monograph

Author:: Einhart, Julius G.

Title:: Die wirtschaftliche Entwicklung und Lage der Elektrotechnik in der Schweiz

Place of publication:: Worms a. Rh.

Publisher:: Gedruckt bei J. Munz

Year of publication:: 1906

Scope:: 1 Online-Ressource (159 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: VI. Die Finanzgesellschaften

Collection:: Economics Books

ro MONEY England notes which could be * converted into ” sovereigns by demand on the Bank. So that anyone paying or receiving ‘‘ pounds’ was always giving or getting something equivalent to 113 grains of gold. Thus the value of the pound was identical with the value of gold—what a pound would “ buy” was just the same as what 113 grains of gold would exchange for. So the value or purchasing power of English money —of the pound sterling—could be, and generally was, quite properly discussed as the value of gold. An answer to the question what made gold exchange for more of other commodities on the whole was an answer to the question what made the pound exchange for or “ buy” more of other commodities on the whole. The value of a precious metal is dependent on just the same things as the value of any other metal. If more people demand it (that is want it and have means to pay forit), orif thesame number of persons demand more, it will rise in value, and vice versa. If more persons are willing and able to produce it, or if the persons already engaged in its production are able and willing to produce more of it, its value will tend to fall. No one will find much difficulty in appreciating this so far as the demand for purposes other than currency are concerned. Any one can see that gold is a metal which is prized for purposes of ornament, which is extraordinarily convenient for hoarding as a store of treasure to be expended at a future date, and which is at present very useful for many industrial purposes and would be gladly used for many more if only it were cheaper. About the changes of demand in relation to all these there is so little difficulty that they are often ignored. But they are far too import- ant for that, as is suggested by the fact that they are

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