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CHAPTER X. Of a Double Standard, and Subsidiary Coins.
Page
$ 1. Objections to a double standard
32
2. The use of the two metals as money, how obtained without
making both of them legal tender
31
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
36
37
39
41
46
47
CHAPTER XII. Influence of Credit on Prices.
50
51
53
§ 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
58
.
61
67
69
71
CHAPTER XIII.
Of an Inconvertible Paper Currency.
74
§ 1. The value of an inconvertible paper, depending on its quan-
tity, is a matter of arbitrary regulation
2. If regulated by the price of bullion, an inconvertible cur-
rency might be safe, but not expedient
3. Examination of the doctrine that an inconvertible currency
is safe if representing actual property
77
79
81
86
88
4. of the doctrine that an increase of the currency pro-
motes 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.
§ 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
92
94
95
97
CHAPTER XV. Of a Measure of Value.
§ 1. A Measure of Exchange Value, in what sense possible
2. A Measure of Cost of Production
101
103
CHAPTER XVI. Of some Peculiar Cases of Value.
§ 1. Values of commodities which have a joint cost of produc-
tion.
107
2. Values of the different kinds of agricultural produce
110
O
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
115
3. The direct benefits of commerce consist in increased effi-
ciency of the productive powers of the world . ... 118
4. - not in a vent for exports, nor in the gains of merchants 118
5. Indirect benefits of commerce, economical and moral; still
greater than the direct
121
CHAPTER XVIII. Of International Values.
§ 1. The values of imported commodities depend on the terms
of international interchange .
2. - which depend on the Equation of International De-
mand .
3. Influence of cost of carriage on international values
124
126
131
4, The law of values which holds between two countries, and
two commodities, holds of any greater number
. . 132
5. Effect of improvements in production, on international
values
136
6. The preceding theory not complete
140
7. International yalues 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-
ment
147
9. The cost to a country of its imports, on what circum-
stances dependent .
150
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
154
155
158
160
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
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
159
2. The preceding theorem further illustrated
173
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 .
177
4. International payments of a non-commercial character 179
CHAPTER XXII. Influence of Currency on the Exchanges and on Foreign Trade.
§ 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
182
3. Effect of the increase of an inconvertible paper currency.
Real and nominal exchange .
187
191
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 .
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
192
195
198
201
CHAPTER XXIV. Of the Regulation of a Convertible
Paper Currency.
§ 1. Two contrary theories respecting the influence of bank
issues
203
2. Examination of each
206
3. Reasons for thinking that the Currency Act of 1814 pro-
duces a part of the beneficial effect intended by it 210
4. but produces mischiefs more than equivalent .
216
5. Should the issue of bank notes be confined to a single
establishment P..
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
3. — when peculiar to certain branches of industry
239
5. — but not when common to all...
241
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
wages
2. In the law of rent
3. nor in the law of profits
246
249
250
BOOK IV.
INFLUENCE OF THE PROGRESS OF SOCIETY ON
PRODUCTION AND DISTRIBUTION.
CHAPTER I. General Characteristics of a Progressive
State of Wealth.
$ 1. Introductory Remarks
257
2. Tendency of the progress of society towards increased
command over the powers of nature; increased secu-
rity; and increased capacity of co-operation.
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