A Contribution to the Studty of a Constant Standard And Just Measure of Value
A Contribution to the Studty of a Constant Standard And Just Measure of Value
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The stability in value of "just money" is specially secured by the arrangement that the notes are freely accepted by the Issue Department in exchange for interest-bearing deposit certificates of the same nature as consols, and that the great body of those in issue, at any TO PAPER MONEY. 51 time, must return within siw weeks to the Issue Department in payment of bills.
In criticising similar monies to the one that has been described, both Mr. Walter Bagehot and Dr. Giffen dwell specially upon t...he difficulty of obtaining the prices of the chosen commodities. So greatly, however, do the systems they consider differ in detail from "just money/' that few of their criticisms apply to it.
With "just money" it would not be necessary " to put the quality of beef, or pork, or tea into an Act of Parliament/' The Act of Parliament would merely name the goods chosen to give the standard general price, and state the principles by which committees of merchants, elected in a few chosen market centres, would be guided in returning the prices of those goods daily to the Issue Department.
What to read after A Contribution to the Studty of a Constant Standard And Just Measure of Value?
You can find similar books in the "Read Also" column, or choose other free books by Tn Thomas Newton Whitelaw to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The stability in value of "just money" is specially secured by the arrangement that the notes are freely accepted by the Issue Department in exchange for interest-bearing deposit certificates of the same nature as consols, and that the great body of those in issue, at any TO PAPER MONEY. 51 time, must return within siw weeks to the Issue Department in payment of bills.
In criticising similar monies to the one that has been described, both Mr. Walter Bagehot and Dr. Giffen dwell specially upon t...he difficulty of obtaining the prices of the chosen commodities. So greatly, however, do the systems they consider differ in detail from "just money/' that few of their criticisms apply to it.
With "just money" it would not be necessary " to put the quality of beef, or pork, or tea into an Act of Parliament/' The Act of Parliament would merely name the goods chosen to give the standard general price, and state the principles by which committees of merchants, elected in a few chosen market centres, would be guided in returning the prices of those goods daily to the Issue Department.
What to read after A Contribution to the Studty of a Constant Standard And Just Measure of Value?
You can find similar books in the "Read Also" column, or choose other free books by Tn Thomas Newton Whitelaw to read onlineMoreLess
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