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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
production
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
53
4. Bills a more powerful instrument for acting on prices than
book credits, and bank notes than bills
58
6. Cheques an instrument for acting on prices, equally powerful
with bank notes...........
67
7. No generic distinction between bank notes and other forms of
credit
69
CHAPTER XIII. Of an Inconvertible Paper Currency.
§ 1. The value of an inconvertible paper, depending on its quantity, is a matter of arbitrary regulation
2. If regulated by the price of bullion, an inconvertible currency might be safe, but not expedient
3. Examination of the doctrine that an inconvertible currency is
safe if representing actual property
77
-
4. of the doctrine that an increase of the currency pro-
motes industry
81
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.
Page
83
84
91
92
94
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
98
100
CHAPTER XVI. Of some Peculiar Cases of Value.
§ 1. Values of commodities which have a joint cost of production 104
2. Values of the different kinds of agricultural produce...............
CHAPTER XVII. Of International Trade.
107
§ 1. Cost of Production not the regulator of international values....
2. Interchange of commodities between distant places, deter-
mined by differences not in their absolute, but in their
comparative, cost of production
110
112
3. The direct benefits of commerce consist in increased efficiency
of the productive powers of the world
115
4. 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
118
CHAPTER XVIII. Of International Values.
§ 1. The values of imported commodities depend on the terms of
international interchange
121
4. The law of values which holds between two countries, and two
commodities, holds of any greater number.........
129
5. Effect of improvements in production, on international values 133
6. The cost to a country of its imports, on what circumstances
dependent
138
CHAPTER XIX. Of Money, considered as an
Imported Commodity.
§ 1. Money imported in two modes; as a commodity, and as a
medium of exchange...........
141
2. As a commodity, it obeys the same laws of value as other im-
ported commodities
142
3. Its value does not depend exclusively on its cost of pro-
duction at the mines.
145
CHAPTER XX. Of the Foreign Exchanges.
§1. Purposes for which money passes from country to country
as a medium of exchange
147
2. Mode of adjusting international payments through the ex-
changes
3. Distinction between variations in the exchanges which are self-
adjusting, and those which can only be rectified through
prices
153
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
156
2. The preceding theorem further illustrated...................
3. The precious metals as money, are of the same value, and dis-
tribute themselves according to the same law, with the
precious metals as a commodity......
160
164
4. International payments not of a commercial character........
166
CHAPTER XXII. Influence of Currency on the Exchanges
and on Foreign Trade.
168
§1. Variations in the exchange, which originate in the currency
2. Effect of a sudden increase of a metallic currency, or of the
sudden creation of bank notes or other substitutes for money 169
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
174
178
2. Circumstances which determine the permanent demand and
supply of loans
179
3. Circumstances which determine the fluctuations..
182
4. The rate of interest not really connected with the value of
money, but often confounded with it...
185
5. The rate of interest determines the price of land and of secu-
rities
188
CHAPTER XXIV. Of the Regulation of a Convertible
Paper Currency.
1. Two contrary theories respecting the influence of bank issues 190
2. Examination of each..
193
3. Reasons for thinking that the Currency Act of 1844 produces
a part of the beneficial effect intended by it
197
4.- but produces mischiefs more than equivalent
201
5. Should the issue of bank notes be confined to a single estab-
lishment?
214
6. Should the holders of notes be protected in any peculiar
manner against failure of payment ?.................
216
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
219
222
X
§ 1. Exchange and Money make no difference in the law of wages
2. in the law of rent
231
234
235
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
2. Tendency of the progress of society towards increased com-
mand over the powers of nature; increased security; 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
243
244
250
2. except the products of agriculture and mining, which have
a tendency to rise
252
---
3. that tendency from time to time counteracted by improve-
ments in production
254
4. Effect of the progress of society in moderating fluctuations of
value
255
5. Examination of the influence of speculators, and in particular
of corn dealers
257