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§ 1. The value of money, in a state of freedom, conforms to the

value of the bullion contained in it

• * * * * * * * * * * - e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e - - - - - - - 23

2. — which is determined by the cost of production .................. 26

3. This law, how related to the principle laid down in the pre-

ceding chapter ............................................................... 28
§ 1. The influence of bank notes, bills, and cheques, on price, a part

of the influence of Credit ................................ ................ 50

2. Credit a purchasing power similar to money........................... 51

3. Effects of great extensions and contractions of credit. Pheno-

mena of a commercial crisis analyzed............................. ... 53

4. Bills a more powerful instrument for acting on prices than book

credits, and bank notes than bills....................................... 58

5. – the distinction of little practical importance 61

6. Cheques an instrument for acting on prices, equally powerful

with bank notes...................................................... --------- 67

7. No generic distinction between bank notes and other forms of

credit ........................................................................... 69

CHAPTER XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quantity,

is a matter of arbitrary regulation .................................... 72

2. If regulated by the price of bullion, an inconvertible currency

might be safe, but not expedient ....................................... 75

3. Examination of the doctrine that an inconvertible currency is

safe if representing actual property.................................... 77

4. – of the doctrine that a convertible currency does not expand

with the increase of wealth ......................... * - - - - - - - - - .......... 81

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