Книги
  • @
  • «»{}∼
Future Paper Money of This Country (Classic Reprint)

Future Paper Money of This Country (Classic Reprint)

33018757
1062.5 руб.
Добавить в корзину
Описание
Excerpt from Future Paper Money of This Country

The coin now used is little more than infinitesimal in proportion to the paper substitutes for it employed in exchange. It is simply enough to serve as a measure of value, and bears somewhat the proportion to the notes, checks, and bills of exchange actually discharging the function of money in trade, which the standard weights and measures of commerce bear to the articles whose quantity they are used to ascertain. The paper presented by Controller Knox at the recent Bankers' Convention at Niagara Falls shows that the responses of 1966 out of 2106 national banks to inquiries made by him proved, that "the relative proportion of gold coin received was 0.65, of silver coin 0.16, of paper currency 4.06, and of checks and drafts 95.13;" while at the banks in New York City the proportions were: gold coin 0.27, silver 0.01, paper currency 1.02, checks, drafts, etc., 98.70 percent. At Sir John Lubbock's bank in London it was ascertained that the proportion of the different items received in payment for a certain period was: checks and bills 96.8 per cent, Bank of England notes 2.2, country-bank notes 0.4, coin 0.6. Mr. Knox also testifies: "The people throughout the country everywhere ask for paper, and the banks find difficulty in supplying the demand, and a like difficulty in inducing their dealers to accept coin in payment. The Clearing-House vault in New York is full to overflowing."

This too demonstrates that the coin ordinarily used in commerce is barely enough to serve as the yard-stick to determine the value represented by the paper instruments convertible into it which are actually employed. It further confirms the view of such writers on economics as J. S. Mill, that bank notes or paper money, so long as convertible, perform a very subordinate part in inflating that bubble of baseless credit which is the prolific cause of financial convulsions and panics. The loans of banks against which checks can be drawn, having all the power not only of paper but of metallic money between those who respectively draw and accept them, are twenty times the amount of the paper money, indeed all money, used in the liquidation of debts and the exchange of commodities.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Эта книга будет изготовлена в соответствии с Вашим заказом по технологии Print-on-Demand компанией ООО «Книга по Требованию». Print-on-Demand - это технология печати книг по Вашему заказу на цифровом типографском оборудовании. Книга, произведенная по технологии Print-on-Demand (POD) представляет собой классическую печатную книгу с соблюдением всех стандартов качества, от офсетной бумаги и плотного картона до качественного клея, используемого при изготовлении. Черно-белая текстовая или полноцветная иллюстрированная книга (в зависимости от исходного файла, подготовленного к печати) может быть изготовлена в разных вариантах: - в мягкой обложке (Клеевое Бесшвейное Скрепление); - скрепление скобой (для книг с небольшим количеством страниц); - в твердом переплете с клееным текстовым блоком; Материалы, используемые при производстве книги: - бумага текстового блока - офсетная (белая или кремовая) 80 г/м2 - мягкая обложка - бумага мелованная 250 г/м2; - ламинация обложки - матовая или глянцевая; - твердый переплет - картон 2 мм, каптал, белые форзацы, прямой корешок - сверхпрочный полимерный клей; - каждая книга упакована в термопленку. Каждый заказ обрабатывается в индивидуальном порядке: каждой книге, напечатанной по технологии Print-on-Demand, присваивается уникальный номер.