The State in Its Relation to Trade
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In our eReader you can find the full English version of the book. Read The State in Its Relation to Trade 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 State in Its Relation to Trade
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If we say that mutton is worth a shilling a pound, we mean that a pound of mutton is worth one-twentieth of a gold sovereign ; if we say that wheat is 50s. A quarter, we mean that a quarter of wheat is worth two gold sovereigns and a half. Under this system the action of the Government in respect of silver coins differs from its action in respect to gold coins. In the case of gold coins, the Mint is obliged to coin all the gold which is brought to it, or, which comes to the same thing, to give ...gold coins for it — in short, to turn all the gold brought to it into gold coins. In the case of silver it is not under any such obligation, but it is bound to make and give silver coin when demanded in return for gold coin, to give twenty shillings in silver for every gold sovereign presented to it.
The supply of silver coins needed for the retail dealings of the country is easily effected through the banks. When they find that their customers want silver, they demand it through the Bank of England from the Mint, and pay for it in gold coin.
What to read after The State in Its Relation to Trade?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Henry Farrer Farrer to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
If we say that mutton is worth a shilling a pound, we mean that a pound of mutton is worth one-twentieth of a gold sovereign ; if we say that wheat is 50s. A quarter, we mean that a quarter of wheat is worth two gold sovereigns and a half. Under this system the action of the Government in respect of silver coins differs from its action in respect to gold coins. In the case of gold coins, the Mint is obliged to coin all the gold which is brought to it, or, which comes to the same thing, to give ...gold coins for it — in short, to turn all the gold brought to it into gold coins. In the case of silver it is not under any such obligation, but it is bound to make and give silver coin when demanded in return for gold coin, to give twenty shillings in silver for every gold sovereign presented to it.
The supply of silver coins needed for the retail dealings of the country is easily effected through the banks. When they find that their customers want silver, they demand it through the Bank of England from the Mint, and pay for it in gold coin.
What to read after The State in Its Relation to Trade?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Henry Farrer Farrer to read onlineMoreLess
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