The Credit System
The Credit System
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In our eReader you can find the full English version of the book. Read The Credit System 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 The Credit System
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tific. It is calculated to intensify the natural; bimetallic law, by creating a wider margin of common cases, where silver or gold may indifferently be demanded. If the enact- ment provides that debts may be paid in the ratio of 16 to 1, no matter what they be, whether incurred at the grocery store or on a contract for railroad supplies, the field for the substitution of the f aUing metal is increased. For, if silver drops so that 17 ounces may be acquired with 1 of gold, in the open market, th...en every debtor, whether he be the railroad or the citizen with the account at the grocer's, will buy silver with his gold at the rate of 17 to 1, and then will pay his creditors with 16 ounces of silver, and have 1 ounce left as profit. The effect of debtors' general seeking of silver for payment is to stop its fall more promptly than would have been the case under the natural bimetallism already described.
10. Apart from any question of the honesty or dis- honesty of such a proceeding, — of the prescribing that a metal shall be used for payment of debts, which was not the intended and customary standard of value and means of pay- ment in the market in which the obUgation was contracted, — there are other drawbacks to the bimetallic institution.
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You can find similar books in the "Read Also" column, or choose other free books by W G Langworthy William George Langworthy Taylor to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
tific. It is calculated to intensify the natural; bimetallic law, by creating a wider margin of common cases, where silver or gold may indifferently be demanded. If the enact- ment provides that debts may be paid in the ratio of 16 to 1, no matter what they be, whether incurred at the grocery store or on a contract for railroad supplies, the field for the substitution of the f aUing metal is increased. For, if silver drops so that 17 ounces may be acquired with 1 of gold, in the open market, th...en every debtor, whether he be the railroad or the citizen with the account at the grocer's, will buy silver with his gold at the rate of 17 to 1, and then will pay his creditors with 16 ounces of silver, and have 1 ounce left as profit. The effect of debtors' general seeking of silver for payment is to stop its fall more promptly than would have been the case under the natural bimetallism already described.
10. Apart from any question of the honesty or dis- honesty of such a proceeding, — of the prescribing that a metal shall be used for payment of debts, which was not the intended and customary standard of value and means of pay- ment in the market in which the obUgation was contracted, — there are other drawbacks to the bimetallic institution.
What to read after The Credit System?
You can find similar books in the "Read Also" column, or choose other free books by W G Langworthy William George Langworthy Taylor to read onlineMoreLess
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