Graf Georg Kankrin in nationalökonomischer und finanzwirtschaftlicher Beziehung

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Monograph

Identifikator:: 897653432

URN:: urn:nbn:de:zbw-retromon-12556

Document type:: Monograph

Author:: Schaulis, Georg

Title:: Graf Georg Kankrin in nationalökonomischer und finanzwirtschaftlicher Beziehung

Place of publication:: Tilsit

Publisher:: Buchdruckerei "Lituania"

Year of publication:: 1914

Scope:: 1 Online-Ressource (XII, 114 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Abschnitt. Finanzwirtaschftl. Tätigkeit G. Kankrins

Collection:: Economics Books

VALUE OF NOTES 50 or by fixing the price and selling as many as are demanded at that price. The first method of limitation is easily understood : the producers enforce the limitation simply by not printing notes (and not allowing any oneelse to print them) beyond the prescribed number. The second method is enforced when notes are convertible into bullion, because that, as has been explained, fixes for them a price or value in bullion below which notes cannot be issued. When convertibility into bullion is absent, the price might be fixed in some other commodity than bullion—in lead for example, or rubber of some well-known quality. The issuers might be bound by law to give a certain number of pounds avoirdupois of lead or rubber in exchange for any note presented to them for redemption. But this would be re-establishing convertibility in the form of convertibility into lead or rubber instead of convertibility intc l:llion, and gold certainly will not be dethroned (ov make lead or rubber or any other single comm:iZ’'v rain as the standard of value. The only standar’ possibly superior to bullion is commodities in general. Actual conver- tibility of the note into commodities in general is impracticable : the Bank of England could not be asked to hand over the counter a basketful of the commodities represented in an index number. But, as we have seen, notes may circulate on a par with gold although they are not convertible into it, because the issuers may sufficiently limit them by watching the price of bullion and issuing more notes when that falls and fewer when it rises. So notes might be made to circul~te c= ~ar v7*% a collection of commo- dities such as _ = ..d in an index number of prices alth~i ~:" convertible into that collection, __cuwc .. :ssuers might sufficiently limit them >» wate" in "2 prices of these commo-

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