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Chapter XXII. Influence of the Currency on the Exchanges

and on Foreign Trade

§ 1. Variations in the exchange which originate in the currency 629

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

the sudden creation of bank notes or other substitutes

for money 630

3. Effect of the increase of an inconvertible paper cur-

rency. Real and nominal exchange 634

y Chapter XXIII. Of the Rate of Interest

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

of loans *. 637

2. Circumstances which determine the permanent demand

and supply of loans 638

3. Circumstances which determine the fluctuations . . . 641

-4. The rate of interest, how far and in what sense connected

with the value of money 644

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

securities 649

^chapter XXIV. Of the Regulation of a Convertible Paper

Currency

§ 1. Two contrary theories respecting the influence of bank

issues 65J

2. Examination of each 653

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

duces a part of the beneficial effect intended by it . . 656

4. — but produces mischiefs more than equivalent . . . 662

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

establishment? 674

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

manner against failure of payment? 676

^chapter XXV. Of the Competition of Different Countries in the same Market

§ 1. Causes which enable one country to undersell another . 678

2. Low wages one of those causes 680

3. — when peculiar to certain branches of industry . . 682

4. — but not when common to all 684

5. Some anomalous cases of trading communities examined 685

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