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 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- 2. If regulated by the price of bullion, an inconvertible cur- 3. Examination of the doctrine that an inconvertible currency 5. Depreciation of currency a tax on the community, and a 6. Examination of some pleas for committing this fraud, CHAPTER XIV. Of Excess of Supply. 1. Can there be an oversupply of commodities generally? . 105 3. never does exceed the inclination to consume, 4. Origin and explanation of the notion of general oversupply,. 110 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 which depend on the Equation of International Demand, 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, 5. Effect of improvements in production, on international . The preceding theory not complete, 7. International values depend not solely on the quantities de- 8. The practical result little affected by this additional element, 2. Mode of adjusting international payments through the ex- 3. Distinction between variations in the exchanges which are CHAPTER XXI. Of the Distribution of the Precious Metals § 1. The substitution of money for barter makes no difference in 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, PAGR CHAPTER XXII. Influence of Currency on the Exchanges § 1. Variations in the exchange, which originate in the currency, 193 2. Effect of a sudden increase of a metallic currency, or of the 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 3. Circumstances which determine the fluctuations, . 4. The rate of interest not really connected with the value of 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, 5. Should the issue of bank notes be confined to a single estab- 6. Should the holders of notes be protected in any peculiar CHAPTER XXV. Of the Competition of different Countries in the same Market. when peculiar to certain branches of industry, 4. but not when common to all, . - 1. Introductory Remarks,. 2. Tendency of the progress of society towards increased com- 271 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 2. except the products of agriculture and mining, which - 278 |