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CHAPTER X. Of a Double Standard, and Subsidiary Coins.

Page § 1. Objections to a double standard ...........

32 2. The use of the two metals as money, how obtained without making both of them legal tender ........

............ 34

CHAPTER XI. Of Credit, as a Substitute for Money.

§ 1. Credit not a creation but a transfer of the means of pro

duction...................... 2. In what manner it assists production ......... .............. 3. Function of credit in economizing the use of money ........... 5. Bills of exchange .... 5. Promissory notes ....................................................... 6. Deposits and cheques ......................

CHAPTER XII.

Influence of Credit on Prices.

50

§ 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. Pheno

mena of a commercial crisis analyzed ......... 4. Bills a more powerful instrument for acting on prices than

book credits, and bank notes than bills.......... 5. — the distinction of little practical importance .................. 6. Cheques an instrument for acting on prices, equally powerful

with bank notes ........... 7. No generic distinction between bank notes and other forms of credit

.........

..........

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CHAPTER XIII. Of an Inconvertible Paper Currency

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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 a convertible currency does not expand with the increase of wealth...........

...........

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5. — of the doctrine that an increase of the currency promotes

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

fraud on creditors ............ 7. 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 ..................................................... 3. — never does exceed the inclination to consume ............... 4. Origin and explanation of the notion of general oversupply...

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CHAPTER XV. Of a Measure of Value.

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§ 1. A Measure of Exchange Value, in what sense possible ......

2. A Measure of Cost of Production ...

....

101

CHAPTER XVI. Of some Peculiar Cases of Value.

§ 1. Values of commodities which have a joint cost of production 105

2. Values of the different kinds of agricultural produce ......... 108

CHAPTER XVII, Of International Trade.

§ 1. Cost of Production not the regulator of international values 111 2. Interchange of commodities between distant places, deter

mined by differences not in their absolute, but in their
comparative, cost of production ........

............

113 3. The direct benefits of commerce consist in increased efficiency

of the productive powers of the world.............................. 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 ........

.............. 119

116 116

CHAPTER XVIII. Of International Values.

§ 1. The values of imported commodities depend on the terms of international interchange ...........

122 2. — which depend on the Equation of International Demand... 124 3. Influence of cost of carriage on international values..............

129

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