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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-
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
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 an Inconvertible Paper Currency.
§ 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
4. of the doctrine that an increase of the currency pro-
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
CHAPTER XVI. Of some Peculiar Cases of Value.
§ 1. Values of commodities which have a joint cost of produc-
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 . ... 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
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-
3. Influence of cost of carriage on international values
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
6. The preceding theory not complete
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-
9. The cost to a country of its imports, on what circum-
stances dependent .
CHAPTER XIX. Of Money, considered as an
§ 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
3. Distinction between variations in the exchanges which are
self-adjusting, and those which can only be rectified
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
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 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
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
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
CHAPTER XXIV. Of the Regulation of a Convertible
§ 1. Two contrary theories respecting the influence of bank
2. Examination of each
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 .
5. Should the issue of bank notes be confined to a single
6. Should the holders of notes be protected in any peculiar
manner against failure of payment ?
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
3. — when peculiar to certain branches of industry
5. — but not when common to all...
5. Some anomalous cases of trading communities examined. 243
CHAPTER XXVI. Of Distribution, as affected by
§ 1. Exchange and Money make no difference in the law of
2. In the law of rent
3. nor in the law of profits
INFLUENCE OF THE PROGRESS OF SOCIETY ON
PRODUCTION AND DISTRIBUTION.
CHAPTER I. General Characteristics of a Progressive
State of Wealth.
$ 1. Introductory Remarks
2. Tendency of the progress of society towards increased
command over the powers of nature; increased secu-
rity; and increased capacity of co-operation.
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 .
2. — except the products of agriculture and mining, which
have a tendency to rise
3. — that tendency from time to time counteracted by im.
provements in production
2. Effect of the progress of society in moderating fluctuations
5. Examination of the influence of speculators, and in parti-
cular of corn dealers