Die Paumgartner von Nürnberg und Augsburg

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Monograph

Identifikator:: 897232399

URN:: urn:nbn:de:zbw-retromon-12062

Document type:: Monograph

Author:: Krag, Wilhelm http://d-nb.info/gnd/11637523X

Title:: Die Paumgartner von Nürnberg und Augsburg

Place of publication:: München

Publisher:: Verlag von Duncker & Humblot

Year of publication:: 1919

Scope:: 1 Online-Ressource (VIII, 135 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Die Paumgartner von Augsburg

Collection:: Economics Books

TO DISCOVER A STABLE STANDARD 197 in some monetary instrument or merely in the form of a unit of account in regulating payments by setting off one claim against another. Again it is the author who empha- sises this fact. This being the case, how can it be admitted that prices, which express the exchange ratio between dollars (for instance) and goods, will be determined as if the said goods were exchanged, not for the dollars, but for a variable quantity of gold unknown to the man in the street and independent of the number of the said dollars ? Indeed there is one assumption on which variations in the weight of fine metal represented in the dollar might under such a system react on dollar prices. This assump- tion is that the system would not be universally adopted and other countries would remain with a system of free coinage for gold and a constant correspondence between the monetary unit and a given weight of fine metal. For in this case any change in the fine metal content of the dollar would produce a change in the par rate between the dollar and other gold currencies; the gold points would be shifted and the rate of exchange would consequently be modified when it depended on the gold points.! Hence in the event of a rise in prices which would bring about an increase of the content of gold in the dollar, the latter, instead of representing as it does at the present time approximately one-fifth of a gold pound, would represent a larger fraction. Thus it would become possible by having dollars re-coined into pounds to obtain a larger number of units in the latter currency and therefore the price of imported goods payable in sterling would fall and tend more or less to bring about a fall in the general internal price level in America. But this is a possibility which Mr. Irving Fisher does not appear to have contemplated ; and it is contrary to his views and to his wishes; for in order to meet a rise in world price it would be necessary to take international measures. But if Mr. Fisher's system were applied all over the world and if therefore gold were admitted to free 1 This was clearly pointed out during the above-mentioned discussions, particularly by M. Edmond Théry.

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Object: Modern monetary systems

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