Analysis of the Functions of Money
Analysis of the Functions of Money
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The so-called Latin Union, consisting of France, Greece, Italy, Belgium, and Switzerland, entered into a treaty in 1865 whereby each of these governments was bound to treat the coinage of all the others as full legal-tender within its jurisdiction. It re- quired the law of each of these governments, or a treaty having the force of local law, to make creditors receive this money outside of the country in which it was coined.
It is not unusual, however, for a government to create money out of the... coins of other na- tions by making them legal-tender. This was 58 done by the United States in 1793, by the act which made all the foreign gold and silver coins legal-tender in this country, according to their weight and fineness. In consequence of that act the great mass of the silver coin cur- rent in the United States previous to 1857 was foreign coin. Spanish-American countries from which we obtained our silver charged an export duty on silver bullion and made it an inducement for the owners of it to take it to their mints before exporting it to the United States; consequently, most of the silver re- ceived in the United States was in the shape of coin.
What to read after Analysis of the Functions of Money?
You can find similar books in the "Read Also" column, or choose other free books by Stewart, William M. (William Morris), 1827-1909 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The so-called Latin Union, consisting of France, Greece, Italy, Belgium, and Switzerland, entered into a treaty in 1865 whereby each of these governments was bound to treat the coinage of all the others as full legal-tender within its jurisdiction. It re- quired the law of each of these governments, or a treaty having the force of local law, to make creditors receive this money outside of the country in which it was coined.
It is not unusual, however, for a government to create money out of the... coins of other na- tions by making them legal-tender. This was 58 done by the United States in 1793, by the act which made all the foreign gold and silver coins legal-tender in this country, according to their weight and fineness. In consequence of that act the great mass of the silver coin cur- rent in the United States previous to 1857 was foreign coin. Spanish-American countries from which we obtained our silver charged an export duty on silver bullion and made it an inducement for the owners of it to take it to their mints before exporting it to the United States; consequently, most of the silver re- ceived in the United States was in the shape of coin.
What to read after Analysis of the Functions of Money?
You can find similar books in the "Read Also" column, or choose other free books by Stewart, William M. (William Morris), 1827-1909 to read onlineMoreLess
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