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A Select Collection of Scarce and Valuable Tracts and Other Publications on Paper Currency and Banking (Classic Reprint)

A Select Collection of Scarce and Valuable Tracts and Other Publications on Paper Currency and Banking (Classic Reprint)

1875 руб.
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Excerpt from A Select Collection of Scarce and Valuable Tracts and Other Publications on Paper Currency and Banking

This collection, of the most valuable of the English tracts and publications on paper currency and banks, may be regarded as supplementary to the volume of tracts on metallic currency, printed for the Political Economy Club. It does not, however, contain any tract having especial reference to paper money, properly so-called, that is, to notes which are legal tender without being convertible at the pleasure of the holder into certain amounts of coin. The value of this variety of paper currency depends on the extent to which it may be issued compared with the demand, or rather with the business it has to perform. Whether those by whom it is issued are in good or bad credit is immaterial. It obtains currency by its issuers having power to make it legal tender; and nothing more is required to sustain its value than that it should be issued in moderate quantities. The value of the assignats issued during the French Revolution was at first nearly equal to that of metallic money; but the quantities of them thrown into circulation being rapidly and enormously increased, their value proportionally declined, till in the end they became all but worthless. And such has invariably been the case wherever inconvertible paper notes have been made legal tender.

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