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CHAPTER XIII. Of an Inconvertible Paper Currency.
2. If regulated by the price of bullion, an inconvertible cur-
4. – of the doctrine that an increase of the currency promotes
industry, . - - - - - - - - - -
5. Depreciation of currency a tax on the community, and a
Chapter XIV. Of Eocess of Supply.
. Cost of production not the regulator of international values,
mined by differences not in their absolute, but in their
comparative, cost of production, . - - - -
ciency of the productive powers of the world, .
... — not in a vent for exports, nor in the gains of merchants, .
1. The values of imported commodities depend on the terms of
international interchange, - - -
§ 1. The substitution of money for barter makes no difference in
exports and imports, nor in the law of international
values, . -
2. The preceding theorem further illustrated, . . . .
§ 1. Two contrary theories respecting the influence of bank
issues, - - - - - - - - - . 215
2. Examination of each, - - - - - . 218
3. Reasons for thinking that the Currency Act of 1844 pro-
duces a part of the beneficial effect intended by it, . . 222
4. — but produces mischiefs more than equivalent, . - . 228
5. Should the issue of bank notes be confined to a single estab-
lishment?. - . 242
6. Should the holders of notes be protected in any peculiar
manner against failure of payment?. - - - . 245