Sound Money

Paperback | October 12, 2012

byJohn Arthur Fraser

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...have correspondingly depreciated in value--. labor, silver and commodities included, and as a result debtors are required to pay their debts in gold, worth much more than the money they borrowed, on account of the double burden you have thrown on gold by demonetizing and degrading its fellow servant, silver." ' 'That is the false foundation upon which most of your influence with the people at the present moment rests," declared Mr. McCabe. "Chairman Clench tells me that the question of work, wages and prices has been reserved for a later discussion and therefore I shall simply content myself by saying that it is not true that gold has appreciated, that it is true that silver has depreciated, but not because of demonetization entirely, or even mainly; and it is also true that by the universal use of bank checks and drafts and a limited amount of paper and silver the production of gold is so fully keeping pace with the demand for it that your idea that it can be cornered at the caprice of combinations of capital is untenable.' "To fully understand that gold has not appreciated it is necessary for us to know the use of money as a medium of exchange, as distinguished from its use as a standard of value. We can derive no immediate benefit from the actual possession of money, as it has no inherent qualities which immediately satisfy our wants or gratify our desires. We cannot eat it and we cannot wear it. It will not transport our goods, neither will it carry on our business. We merely use it as a means to attain these objects. We are indifferent whether these objects are accomplished by money or by its substitutes. Since we can derive no direct comfort, benefit or profit from its actual possession, we are induced to deposit it in banks for the...

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 edition. Excerpt: ...have correspondingly depreciated in value--. labor, silver and commodities included, and as a result debtors ar...

Format:PaperbackDimensions:58 pages, 9.69 × 7.44 × 0.12 inPublished:October 12, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217997333

ISBN - 13:9780217997331

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