Anglický jazyk

Minot, R: Our Money (Classic Reprint)

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O knihe

Excerpt from Our Money

The ideal coinage would be of international gold units universally current. Ideally, the sole use of paper money is to represent gold coin unit for unit, for convenience only. Gold circulates thus by proxy as effectively as in itself and performs the functions of circulation while remaining still in one spot. It is somewhat like the heart and the blood. The pump remains in one spot the circulation is everywhere. Or we may call gold deposited at a central point the power-house, paper the trolley-wire by which the electricity of value circulates freely and universally.

Paper credits must be constantly distinguished from paper money. Paper money should bear precisely the same relation to gold coin that a title-deed does to a lot of land. The deed is not the land, but only evidence Of title to land. Paper money should be evidence of title to gold coin and issued dollar for dollar. The first dollar of paper issued in excess is the beginning of that sinister complication called in¿ation. It is the same as issuing one hundred and one title-deeds to lots when there are only one hundred lots. That over-issue of one title-deed is the precise point where trouble begins.

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