Our Money And the State
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By this process the monarch was able to make a given amount of gold or silver go so much further in turning it into pieces that their unsuspecting subjects would take in exchange for goods, until the fraud was discovered and prices / adjusted themselves, more or less.
V Nowadays most commercial transactions, except the retail purchases on which we spend our pocket- money, are carried out by means of various forms of paper money, the most important of which, in England, is the cheque currency wi...th which our banking system provides us. Before the war, we ' used to carry gold and silver coins for retail pur- ! poses, but even then all big payments were made ■■ 52 [chap. Ill] MULTIPLYING PAPER 53 by cheque. Since the war, gold has practically van- ished from circulation, and its place has been taken by Treasury notes, issued under the Currency and Bank Notes Act of 19 14, and convertible on de- mand into gold at the Bank of England. This power, that a modern community has gained, of multiplying its currency by means of the printing press and of banking machinery, makes it easy for Governments when they want money and are shy of taking it directly and openly out of the pockets of the citizens, to debase the currency, not by fraud- ulently tampering with it in the medieval manner, but by merely multiplying the amount of the paper instruments that will be taken by the public in exchange for goods.
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To quickly assess the difficulty of the text, read a short excerpt:
By this process the monarch was able to make a given amount of gold or silver go so much further in turning it into pieces that their unsuspecting subjects would take in exchange for goods, until the fraud was discovered and prices / adjusted themselves, more or less.
V Nowadays most commercial transactions, except the retail purchases on which we spend our pocket- money, are carried out by means of various forms of paper money, the most important of which, in England, is the cheque currency wi...th which our banking system provides us. Before the war, we ' used to carry gold and silver coins for retail pur- ! poses, but even then all big payments were made ■■ 52 [chap. Ill] MULTIPLYING PAPER 53 by cheque. Since the war, gold has practically van- ished from circulation, and its place has been taken by Treasury notes, issued under the Currency and Bank Notes Act of 19 14, and convertible on de- mand into gold at the Bank of England. This power, that a modern community has gained, of multiplying its currency by means of the printing press and of banking machinery, makes it easy for Governments when they want money and are shy of taking it directly and openly out of the pockets of the citizens, to debase the currency, not by fraud- ulently tampering with it in the medieval manner, but by merely multiplying the amount of the paper instruments that will be taken by the public in exchange for goods.
What to read after Our Money And the State?
You can find similar books in the "Read Also" column, or choose other free books by Withers Hartley to read onlineMoreLess
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