An Introduction to Political Economy
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In our eReader you can find the full English version of the book. Read An Introduction to Political Economy Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book An Introduction to Political Economy
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For example, in this country a five- dollar bill is a promise to pay five times 25| grains of standard gold. No other meaning than this is possible, since the bill does not read, This is five dollars, but, The United States will pay to bearer five dollars ; and when we go to the statutes to 1 Macaulay's History of England, chap. 21.
MONEY. 247 find out what a dollar is, we ascertain that the United States have said that a dollar is 25|- grains of standard gold. No other dollar, not even one of ...silver, is known to our laws at present. There can be no doubt, therefore, about the nature of paper-money. It is a promise to pay gold. Now, if the promise be kept, if the gold be forthcoming on presentation for payment, then paper-money is tol- erable, its value is equal to that of the gold prom- ised because it brings out the gold promised ; but if the promise be not kept, if the gold be refused, then the paper-money is dishonored, it becomes intolerable, it depreciates as compared with the gold promised but not paid, and if it have a forced circulation, that is, if government compels credit- ors to receive it in payment of debts, a fearful injustice is done, creditors are cheated, Gresham's Law comes in at once to drive the gold out of ordinary circulation, the measure of value becomes variable as the wind, and irreparable mischiefs to business and credit follow as a matter of course.
What to read after An Introduction to Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Arthur Latham Perry to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
For example, in this country a five- dollar bill is a promise to pay five times 25| grains of standard gold. No other meaning than this is possible, since the bill does not read, This is five dollars, but, The United States will pay to bearer five dollars ; and when we go to the statutes to 1 Macaulay's History of England, chap. 21.
MONEY. 247 find out what a dollar is, we ascertain that the United States have said that a dollar is 25|- grains of standard gold. No other dollar, not even one of ...silver, is known to our laws at present. There can be no doubt, therefore, about the nature of paper-money. It is a promise to pay gold. Now, if the promise be kept, if the gold be forthcoming on presentation for payment, then paper-money is tol- erable, its value is equal to that of the gold prom- ised because it brings out the gold promised ; but if the promise be not kept, if the gold be refused, then the paper-money is dishonored, it becomes intolerable, it depreciates as compared with the gold promised but not paid, and if it have a forced circulation, that is, if government compels credit- ors to receive it in payment of debts, a fearful injustice is done, creditors are cheated, Gresham's Law comes in at once to drive the gold out of ordinary circulation, the measure of value becomes variable as the wind, and irreparable mischiefs to business and credit follow as a matter of course.
What to read after An Introduction to Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Arthur Latham Perry to read onlineMoreLess
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