OF POLITICAL ECONOMY WITHI SOME OF THEIR APPLICATIONS TO SOCIAL PHILOSOPHY BY JOHN STUART MILL. IN TWO VOLUMES. VOL. II. FROM THE FIFTH LONDON EDITION. NEW YORK: D. APPLETON AND COMPANY, 1895. § 1. Purposes of a Circulating Medium, 2. Gold and Silver, why fitted for those purposes, 3. Money a mere contrivance for facilitating exchanges, which PAGE £3 4. Explanations and limitations of this principle, CHAPTER IX. Of the Value of Money, as dependent on § 1. The Value of money, in a state of freedom, conforms to the CHAPTER XI. Of Credit, as a Substitute for Money. § 1. Credit not a creation but a transfer of the means of produc- 2. In what manner it assists production, CHAPTER XII. Influence of Credit on Prices. § 1. The influence of bank notes, bills, and cheques, on price, a 2. Credit a purchasing power similar to money, 3. Effects of great extensions and contractions of credit. Phe- 4. Bills a more powerful instrument for acting on prices than CHAPTER XIII. Of an Inconvertible Paper Currency. 1. The value of an inconvertible paper, depending on its quan- 3. Examination of the doctrine that an inconvertible currency 93 4. of the doctrine that an increase of the currency promotes -- industry,. 5. Depreciation of currency a tax on the community, and a fraud on creditors, 6. Examination of some pleas for committing this fraud, CHAPTER XIV. Of Excess of Supply. - 105 CHAPTER XVI. Of some Peculiar Cases of Value. § 1. Values of commodities which have a joint cost of production, 120 § 1. Cost of production not the regulator of international values, 126 2. Interchange of commodities between distant places, deter- mined by differences not in their absolute, but in their comparative, cost of production, 3. The direct benefits of commerce consist in increased effi- 4. not in a vent for exports, nor in the gains of merchants, . CHAPTER XVIII. Of International Values. § 1. The values of imported commodities depend on the terms of 137 |