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CHAPTER X. Of a Double Standard, and Subsidiary

Coins.

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§ 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
4. of the doctrine that an increase of the currency promotes in-

dustry
6. Depreciation of currency a tax on the community, and a fraud on

creditors

6. Examination of some pleas for committing this fraud

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1. The substitution of money for barter makes no difference in ex-

ports and imports, nor in the law of international values
2. The preceding theorem further illustrated .
3. The precious metals as money, are of the same value, and distrib-

ute themselves according to the same law, with the precious

metals as a commodity

4. International payments not of a commercial character

§ 1. Variations in the exchange, which originate in the currency
2. Effect of a sudden increase of a metallic currency, or of the sud-

den creation of bank notes or other substitutes for money .

3. Effect of the increase of an inconvertible paper currency. Real

and nominal exchange

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