Stabilizing the Dollar : a Plan to Stabilize the General Price Level Without Fixing Individual Prices
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A Constant 50% Reserve and a Variable Surplus.
A third method would differ from the second, as de- scribed in " D " above, only from a bookkeeping point of view. There would be some advantage in separating off any surplus gold above the legal 50%. This " sur- plus " would then be considered as a secondary reser- voir out of which the " reserve " proper could be main- tained at a constant level of 50%. Reversely, whenever this " reserve " should tend to exceed 50%, the excess would overflow into... the " surplus." The " reserve " proper would then be maintained at an unchanged ratio at all times.
We may, for convenience of thought, suppose the " reserve " and the " surplus " to be kept physically apart in two separate vaults in the Treasury and every week, or every day, the Treasury accounts to be squared ' off and gold physically transferred between the two rooms, in whichever direction it might be needed to keep the " reserve " at 50% and no more. We should then have a " reserve " the amount of which (in dollars, not weight) would always be 50% of outstanding certifi- cates, and a "surplus" which would represent all above 134 STABILIZING THE DOLLAR [App.
What to read after Stabilizing the Dollar : a Plan to Stabilize the General Price Level Without Fixing Individual Prices?
You can find similar books in the "Read Also" column, or choose other free books by Irving Fisher to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
A Constant 50% Reserve and a Variable Surplus.
A third method would differ from the second, as de- scribed in " D " above, only from a bookkeeping point of view. There would be some advantage in separating off any surplus gold above the legal 50%. This " sur- plus " would then be considered as a secondary reser- voir out of which the " reserve " proper could be main- tained at a constant level of 50%. Reversely, whenever this " reserve " should tend to exceed 50%, the excess would overflow into... the " surplus." The " reserve " proper would then be maintained at an unchanged ratio at all times.
We may, for convenience of thought, suppose the " reserve " and the " surplus " to be kept physically apart in two separate vaults in the Treasury and every week, or every day, the Treasury accounts to be squared ' off and gold physically transferred between the two rooms, in whichever direction it might be needed to keep the " reserve " at 50% and no more. We should then have a " reserve " the amount of which (in dollars, not weight) would always be 50% of outstanding certifi- cates, and a "surplus" which would represent all above 134 STABILIZING THE DOLLAR [App.
What to read after Stabilizing the Dollar : a Plan to Stabilize the General Price Level Without Fixing Individual Prices?
You can find similar books in the "Read Also" column, or choose other free books by Irving Fisher to read onlineMoreLess
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