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Chapter XT. Of Credit, as a Substitute for Money.


§ I. Credit not a creation but a transfer of the means of production . • 309

2. In what manner it assists production 310

3. Function of credit in economizing the use of money ..... 311

4. Bills of exchange ....... 312

5. Promissory notes 314

6- Deposits and cheques 315

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 316

2. Credit a purchasing power similar to money 317

3. Effects of great extensions and contractions of credit. Phenomena

of a commercial crisis analysed 318

4. Bills a more powerful instrument for acting on prices than book

credits, and bank notes than bills 320

5. — the distinction of little practical importance 322

6. Cheques an instrument for acting on prices, equally powerful with

bank notes 324

7. Are bank notes money? 326

8. No generic distinction between bank notes and other forms of credit 327

Chapter XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quantity, is

a matter of arbitrary regulation . 328

2. If regulated by the price of bullion, an inconvertible currency

might be safe, but not expedient 330

3. Examination of the doctrine that an inconvertible currency is safe

if representing actual property 331

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

industry 332

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

creditors 334

6. Examination of some pleas for committing this fraud ..... 334

Chapter XIV. Of Excess of Supply.

$ 1. Can there be an oversupply of commodities generally? .... 336

2. The supply of commodities in general, cannot exceed the power of

purchase 337

3. — never does exceed the inclination to consume 338

4. Origin and explanation of the notion of general oversupply . . . 339

Chapter XV. Of a Measure of Value.

§ 1. A Measure of Exchange Value, in what sense possible .... 341

2. A Measure of Cost of Production 342

Chapter XVI. Of some Peculiar Cases of Valve.

§1. Values of commodities which have a joint cost of production . . 345

2. Values of the different kinds of agricultural produce 344

Chapteb XVII. Of InternationaLTcade.


$ 1. Cost of production not the regulator of international values . . . 347

2. Interchange of commodities between distant places, determined by

differences not in their absolute, but in their comparative, cost

of production 348

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

the productive powers of the world 349

4. — not in a vent for exports, nor in the gains of merchants . . . 350

5. Indirect benefits of commerce, economical and moral; still greater

than the direct 351

CHAPTER XVIII. Of Tnternatipnal Vahies.

.'$ 1. The values of imported commodities depend on the terms of inter-

national interchange 352

2. — which depend on the Equation of International Demand . . . 353

3. Influence of cost of carriage on international values 356

4. The law of values which holds between two countries, and two

commodities, holds of any greater number 356

5. Effect of improvements in production, on international values . . 358

6. The preceding theory not complete 360

7. International values depend not solely on the quantities demanded,

but also on the means of production available in each country

for the supply of foreign markets . 361

8. The practical result little affected by this additional element . . 363

9. The cost to a country of its imports, on what circumstances

dependent 365

Chapter XIX. Of Money, considered, as an Imported


11. Money imported in two modes; as a commodity, and as a medium

of exchange 367

2. As a commodity, it obeys the same laws of value as other imported

commodities 367

3. Its value does not depend exclusively on its cost of production at

the mines 369

Chapteb XX. Of the Foreign Exchanges.

51- Purposes for which money passes from country to country as a

medium of exchange 370

2. Mode of adjusting international payments through the exchanges. 370

3. Distinction between variations in the exchanges which are self-

adjusting, and those which can only be rectified through prices. 373

Chapter XXI. Of the Distribution of the Precious Metals
through tlie Commercial World.

§ 1. The substitution of money for barter makes no difference in exports

and imports, nor in the law of international values 374

2. The preceding theorem further illustrated 376


§ 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 . 379

4. International payments of a non-commercial character .... 379

Chapteb XXII. Influenre of Currency on the Exchanges and

on Foreign Trade.

§ 1. Variations in the exchange, which originate in the currency . . 380

2. Effect of a sudden increase of a metallic currency, or of the sudden

creation of bank notes or other substitutes for money .... 381

3. Effect of the increase of an inconvertible paper c irrency. Eeal

and nominal exchange '384

Chapteb XXIII. Of the Rate of Interest.

% 1. The rate of interest depends on the demand and supply of loans . 385

2. Circumstances which determine the permanent demand and supply

of loans 386

3. Circumstances which determine the fluctuations 388

4. The rate of interest, how far, and in what sense, connected with

the value of money 390

5. The rate of interest determines the price of land and of securities. 393

Chapteb XXIV. Of the Regulation of a Convertible

Paper Currency.

§ 1. Two contrary theories respecting the influence of bank issues . . 394

2. Examination of each 395

3. Reasons for thinking that the Currency Act of 1844 produces a

part of the beneficial effect intended by it 397

4. — but produces mischiefs more than equivalent 400

5. Should the issue of bunk notes be confined to a single esta-

blishment? 408

6. Should the holders of notes be protected in any peculiar manner

against failure of payment? 409

Chapteb XXV. Of the Competition of different Countries

in the same Market.

§ 1. Causes which enable one country to undersell another .... 410

2. Low wages one of those causes 411

3. — when peculiar to certain branches of industry 412

4. — but not when common to all 414

5. Some anomalous cases of trading communities examined.... 414

Chapteb XXVI. Of Distribution, as affected by Exchange.

§ 1. Exchange and Money make no difference in the law of wages . . 416

2. — in the law of rent. . . 417

S. — nor in the law of profits 418

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Chapteb V. Consequences of the Tendency of •Profits to
a Minimum.


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