CHAPTER XI. Of Credit, as a Substitute for Money. § 1. Credit not a creation but a transfer of the means of pro- 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 Page 32 34 36 37 39 41 46 47 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 - of the doctrine that a convertible currency does not 6. Depreciation of currency a tax on the community, and a 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 3. 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- § 1. Cost of production not the regulator of international values 113 2. Interchange of commodities between distant places, deter- 3. The direct benefits of commerce consist in increased effi- ciency of the productive powers of the world. . . . 118 not in a vent for exports, nor in the gains of merchants 118 5. Indirect benefits of commerce, economical and moral; still - 124 7. International values depend not solely on the quantities demanded, but also on the means of production avail- able in each country for the supply of foreign markets 142 8. The practical result little affected by this additional ele- 9. The cost to a country of its imports, on what circum- 3. Distinction between variations in the exchanges which are CHAPTER XXI. Of the Distribution of the Precious Metals § 1. The substitution of money for barter makes no difference in exports and imports, nor in the law of international 2. The preceding theorem further illustrated 3. The precious metals as money, are of the same value, and 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 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. 4. but produces mischiefs more than equivalent. 6. Should the holders of notes be protected in any peculiar § 1. Introductory Remarks 2. Tendency of the progress of society towards increased 257 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 2. except the products of agriculture and mining, which - 264 |