CHAPTER X. Of a Double Standard, and Subsidiary Coins.

§ 1. Objections to a double standard

2. The use of the two metals as money, how obtained without

making both of them legal tender

CHAPTER XI. Of Credit, as a Substitute for Money.

§ 1. Credit not a creation but a transfer of the means of pro-

duction

2. In what manner it assists production.

3. Function of credit in economizing the use of money

4. Bills of exchange

5. Promissory notes

6. Deposits and cheques

Page

32

34

36

37

39

41

46

47

CHAPTER XII. Influence of Credit on Prices.

§ 1. The influence of bank notes, bills, and cheques, on price, a
part of the influence of Credit

2. Credit a purchasing power similar to money

3. Effects of great extensions and contractions of credit. Phe-
nomena of a commercial crisis analyzed . .

4. Bills a more powerful instrument for acting on prices than
book credits, and bank notes than bills

5. the distinction of little practical importance

--

6. Cheques an instrument for acting on prices, equally power-

ful with bank notes

7. Are bank notes money

8. No generic distinction between bank notes and other forms

of credit

CHAPTER XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quan-
tity, is a matter of arbitrary regulation

74

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

rency might be safe, but not expedient

77

3. Examination of the doctrine that an inconvertible currency

is safe if representing actual property

79

4. of the doctrine that an increase of the currency pro-

-

Page

84

86

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.

§ 1. Can there be an oversupply of commodities generally?

2. The supply of commodities in general, cannot exceed the

power of purchase

3.

never does exceed the inclination to consume

4. Origin and explanation of the notion of general oversupply

CHAPTER XV. Of a Measure of Value.

§ 1. A Measure of Exchange Value, in what sense possible

2. A Measure of Cost of Production

888888

103

CHAPTER XVI. Of some Peculiar Cases of Value.

§ 1. Values of commodities which have a joint cost of produc-

tion.

2. Values of the different kinds of agricultural produce

CHAPTER XVII. Of International Trade.

§ 1. Cost of production not the regulator of international values 112

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-

ciency of the productive powers of the world. . . .

not in a vent for exports, nor in the gains of merchants

5. Indirect benefits of commerce, economical and moral; still

greater than the direct

CHAPTER XVIII. Of International Values.

§ 1. The values of imported commodities depend on the terms

of international interchange.

115

118

118

121

124

- which depend on the Equation of International De-

mand

126

4, The law of values which holds between two countries, and

two commodities, holds of any greater number

5. Effect of improvements in production, on international

values.

Page

132

136

140

6. The preceding theory not complete

7. International values depend not solely on the quantities

demanded, but also on the means of production avail-

able in each country for the supply of foreign markets 142

8. The practical result little affected by this additional ele-

9. The cost to a country of its imports, on what circum-
stances dependent

CHAPTER XIX. Of Money, considered as an

Imported Commodity.

§ 1. Money imported in two modes; as a commodity, and as a

medium of exchange

2. As a commodity, it obeys the same laws of value as other

imported commodities .

3. Its value does not depend exclusively on its cost of produc-

tion at the mines

CHAPTER XX. Of the Foreign Exchanges.

§ 1. Purposes for which money passes from country to country

as a medium of exchange

2. Mode of adjusting international payments through the

exchanges.

3. Distinction between variations in the exchanges which are
self-adjusting, and those which can only be rectified
through prices

147

150

154

155

158

160

160

166

CHAPTER XXI. Of the Distribution of the Precious Metals

through the Commercial World.

§ 1. The substitution of money for barter makes no difference

in exports and imports, nor in the law of international

values

2. The preceding theorem further illustrated.

3. The precious metals, as money, are of the same value, and
distribute themselves according to the same law, with
the precious metals as a commodity .

4. International payments of a non-commercial character

CHAPTER XXII. Influence of Currency on the Exchanges
and on Foreign Trade.

Page

§ 1. Variations in the exchange, which originate in the currency 181

2. Effect of a sudden increase of a metallic currency, or of

the sudden creation of bank notes or other substitutes

for money

3. Effect of the increase of an inconvertible paper currency.

Real and nominal exchange.

CHAPTER XXIII. Of the Rate of Interest.

§ 1. The rate of interest depends on the demand and supply of

loans

2. Circumstances which determine the permanent demand

and supply of loans.

182

187

191

192

195

198

3. Circumstances which determine the fluctuations.

4. The rate of interest not really connected with the value

of money, but often confounded with it.

5. The rate of interest determines the price of land and of

securities

CHAPTER XXIV. Of the Regulation of a Convertible

Paper Currency.

§ 1. Two contrary theories respecting the influence of bank

issues

2. Examination of each

3. Reasons for thinking that the Currency Act of 1844 pro-

duces a part of the beneficial effect intended by it

but produces mischiefs more than equivalent.

201

210

4.

-

216

5. Should the issue of bank notes be confined to a single

establishment ? . .

230

6. Should the holders of notes be protected in any peculiar

manner against failure of payment ?

232

CHAPTER XXV. Of the Competition of different Countries

in the same Market.

§ 1. Causes which enable one country to undersell another

2. Low wages one of those causes

234

237

5. Some anomalous cases of trading communities examined. 243

CHAPTER XXVI. Of Distribution, as affected by

Exchange.

§ 1. Exchange and Money make no difference in the law of

INFLUENCE OF THE PROGRESS OF SOCIETY ON

PRODUCTION AND DISTRIBUTION.

CHAPTER I. General Characteristics of a Progressive

State of Wealth.

2. Tendency of the progress of society towards increased

command over the powers of nature; increased secu-

rity; and increased capacity of co-operation

257

258

CHAPTER II. Influence of the Progress of Industry and

Population on Values and Prices.

§ 1. Tendency to a decline of the value and cost of production

of all commodities . .

264

2. except the products of agriculture and mining, which

have a tendency to rise

266

-

3. that tendency from time to time counteracted by im-

provements in production

268

2. Effect of the progress of society in moderating fluctuations

of value

270

5. Examination of the influence of speculators, and in parti-

cular of corn dealers

271