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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.
31
33
§ 1. Credit not a creation, but a transfer of the means of production. 35
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 checks
36
CHAPTER XII.
Influence of Credit on Prices.
§ 1. The influence of bank notes, bills, and checks, on prices, a part of
the influence of Credit
2. Credit a purchasing power similar to money.
3. Effects of great extensions and contractions of credit. Phenomena
of a commercial crisis analyzed.
4. Bills a more powerful instrument for acting on prices than book credits, and bank notes than bills
6. Checks an instrument for acting on prices, equally powerful with
bank notes.
.
7. No generic distinction between bank notes and other forms of
credit.
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
- of the doctrine that an increase of the currency promotes in-
dustry
82
5. Depreciation of currency a tax on the community, and a fraud on creditors
CHAPTER XIV. Of Excess of Supply.
§ 1. Can there be an over-supply of commodities generally?... 90
2. The supply of commodities, in general, cannot exceed the power
3. - never does exceed the inclination to consume.
4. Origin and explanation of the notion of general over-supply
CHAPTER XV. Of a Measure of Value.
§ 1. A Measure of Exchange Value, in what sense possible.
2. A Measure of Cost of Production .
CHAPTER XVI. Of some Peculiar Cases of Value.
§ 1. Values of commodities which have a joint cost of production
2. Values of the different kinds of agricultural produce
CHAPTER XVII. Of International Trade.
§ 1. Cost of Production not the regulator of international values..
2. Interchange of commodities between distant places, determined by
differences, not in their absolute, but in their comparative, cost
of production
3. The direct benefits of commerce consist in increased efficiency of the productive powers of the world .
4.
-
112
115
117
118
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
CHAPTER XVIII. Of International Values.
§ 1. The values of imported commodities depend on the terms of inter-
national interchange
which depend on the Equation of International Demand
3. Influence of cost of carriage on international values
125
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 values
6. The cost to a country of its imports, on what circumstances de-
pendent
VOL. II.
136
141
CHAPTER XIX.
Of Money, considered as an Imported
Commodity.
§ 1. Money imported in two modes; as a commodity, and as a medium
of exchange
2. As a commodity, it obeys the same laws of value as other imported
commodities
144
145
148
3. Its value does not depend exclusively on its cost of production at
the mines
CHAPTER XX. Of the Foreign Exchanges.
§ 1. Purposes for which money passes from country to country as a
medium of exchange.
150
2. Mode of adjusting international payments through the exchanges 151
3. Distinction between variations in the exchanges which are self-
adjusting, and those which can only be rectified through prices 156
CHAPTER XXI. Of the Distribution of the Precious
Metals through the Commercial World.
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.
CHAPTER XXII. Influence of Currency on the Exchanges
and on Foreign Trade.
§ 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
172
173
CHAPTER XXIII. Of the Rate of Interest.
§ 1. The rate of interest depends on the demand and supply of loans . 182
2. Circumstances which determine the permanent demand and sup-
ply of loans
3. Circumstances which determine the fluctuation
4. The rate of interest not really connected with the value of money,
but often confounded with it
184
187
190
5. The rate of interest determines the price of land and of securities 193
CHAPTER XXIV. Of the Regulation of a Convertible Pa-
per Currency.
§ 1. Two contrary theories respecting the influence of bank issues
2. Examination of each
3. Reasons for thinking that the Currency Act of 1844 produces a
part of the beneficial effect intended by it.
201
but produces mischiefs more than equivalent .
206
5. Should the issue of bank notes be confined to a single establish-
ment? .
220
6. Should the holders of notes be protected in any peculiar manner
against failure of payment?
222
CHAPTER XXV. Of the Competition of different Coun-
tries in the same Market.
§ 1. Causes which enable one country to undersell another
2. Low wages one of those causes
224
228
CHAPTER XXVI. Of Distribution, as affected by Ex-
change.
§ 1. Exchange and Money make no difference in the law of wages
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 command
over the powers of nature; increased security; and increased
capacity of coöperation
248
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
except the products of agriculture and mining, which have a
tendency to rise.
256
3.
that tendency from time to time counteracted by improvements
in production
4. Effect of the progress of society in moderating fluctuations of
5. Examination of the influence of speculators, and in particular of
corn dealers
CHAPTER III.
Influence of the Progress of Industry and
Population on Rents, Profits, and Wages.
§ 1. First case; population increasing, capital stationary
2. Second case; capital increasing, population stationary
3. Third case; population and capital increasing equally, the arts of
production stationary.
4. Fourth case; the arts of production progressive, capital and pop-
ulation stationary