Inhaltsangabe
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1896 Excerpt: ... become rich forms of property to hold, apart from the interest upon them, that is, apart from the use of them. Money is thus no longer freely exchanged, as it should be, for other forms of capital, but is either hoarded or loaned to such as can thoroughly assure its return in kind. It will, of course, be quoted as "easy" at such times, but this will by no means be a proof, as is often assumed, of its continuance in its former plentifulness relatively to the volume of trade, but of precisely the reverse. Interest is low in such a case not because money is as abundant as before, but because it is not, its scarcity having induced fall of prices and so paralysis in industry. Again and again in recent years the London Economist has reported money as easy but bullion in demand, low interest accompanying actual decrease in the volume of treasure.1 Many of our brightest writers upon the monetary problems of the years just past have apparently failed to master this point.2 A rise in prices, or, what is the same, a fall in the value of money, though also an evil, has this incidental advantage, that, unless so marked as to imply undue speculation or other morbid commercial conditions, it tempts money out of its hiding-places into circulation, giving briskness to business. But this never does good 1 Nicholson, Money and Monetary Problems, 98 sq. 2 See infra, the references to Krai, Laughlin, and Becker. Compare Sir Louis Mallet's note to the final Report of the Royal Commission on Changes in the Relative Values of the Precious Metals, esp. p. 120. He gives a table showing that although the precious metal production was very much smaller between 1844 and 1852 than between 1853-1863, the average rate of discount was lower at the same time. I enough to compensate for the ...
Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.
