CHAPTER X. Of a Double Standard, and Subsidiary Coins. Page CHAPTER XI. Of Credit, as a Substitute for Money. § 1. Credit not a creation but a transfer of the means of pro- 2. In what manner it assists production. CHAPTER XII. Influence of Credit on Prices. § 1. The influence of bank notes, bills, and cheques, on price, a 2. Credit a purchasing power similar to money 3. Effects of great extensions and contractions of credit. Phe- nomena 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 power- 8. No generic distinction between bank notes and other forms - is safe if representing actual property. . of the doctrine that a convertible currency does not CHAPTER XIII. Of an Inconvertible Paper Currency. § 1. The value of an inconvertible paper, depending on its quan- 2. If regulated by the price of bullion, an inconvertible cur- 3. Examination of the doctrine that an inconvertible currency 83 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 never does exceed the inclination to consume 4. Origin and explanation of the notion of general oversupply - CHAPTER XVI. Of some Peculiar Cases of Value. § 1. Values of commodities which have a joint cost of produc- · 3. Influence of cost of carriage on international values CHAPTER XVIII. Of International Values. 2.- which depend on the Equation of International De- mand Page 84 CHAPTER XVII. Of International Trade. § 1. Cost of production not the regulator of international values 113 2. Interchange of commodities between distant places, deter- mined by differences not in their absolute, but in their comparative, cost of production 3. The direct benefits of commerce consist in increased effi- 4. 4. The law of values which holds between two countries, and 5. Effect of improvements in production, on international CHAPTER XIX. Of Money, considered as an ment • • 9. The cost to a country of its imports, on what circum- 6. The preceding theory not complete 7. International values depend not solely on the quantities CHAPTER XX. Of the Foreign Exchanges. § 1. Purposes for which money passes from country to country 3. Distinction between variations in the exchanges which are § 1. The substitution of money for barter makes no difference 2. The preceding theorem further illustrated 160 160 166 CHAPTER XXII. Influence of Currency on the Exchanges Page § 1. Variations in the exchange, which originate in the currency 181 2. Effect of a sudden increase of a metallic currency, or of the sudden creation of bank notes or other substitutes 3. Effect of the increase of an inconvertible paper currency. CHAPTER XXIII. Of the Rate of Interest. § 1. The rate of interest depends on the demand and supply of 2. Circumstances which determine the permanent demand 3. Circumstances which determine the fluctuations. 4. The rate of interest not really connected with the value of money, but often confounded with it. 3. Reasons for thinking that the Currency Act of 1844 pro- 5. Should the issue of bank notes be confined to a single § 1. Causes which enable one country to undersell another when peculiar to certain branches of industry but not when common to all . . . 5. Some anomalous cases of trading communities examined. 243 CHAPTER XXVI. Of Distribution, as affected by § 1. Introductory Remarks 2. Tendency of the progress of society towards increased - § 1. Tendency to a decline of the value and cost of production Page 239 2. except the products of agriculture and mining, which have a tendency to rise that tendency from time to time counteracted by im- 4. Effect of the progress of society in moderating fluctuations 246 249 250 5. Examination of the influence of speculators, and in parti- 257 258 |