Currency fallacies refuted, and paper money ... - University Library

XVICONTENTS.The paper money of solvent issuers incapable of depreciation— Example, the notes of a public Banking Company— Adequate check against excessive issues, in homeand foreign competition — Consumers cannot be chargedbeyond the addition of taxation to natural prices —Gold will not fluctuate when it has once found its level inpaper — Tables offorthe assumed and natural price of cornthe last 140 years — Remarks to which they give rise.Untrue " that the Currency Club propose to commit anopen fraud by means of a bank note engraver, acting undercover of an act ofparliament , when they cannot perpetratea direct robbery, by destroying the bond, without incurringthe penalties of the law " — By means of paper money, thepublic creditor is placed on the same footing as the landowner— State of the two compared — The parallelperfectif the public creditor is paid in paper money — Otherwisenot — Gross injustice of paying back the money in gold—Private creditors uninjured by paper money.What sorts of paper money are capable of depreciation — Aproper paper currency does justice to all, and provides for/ all emergencies — Gold and silver radically defective in thisrespect— Example — Taxation by reducing profits comparedwith taxation by a rise of prices— Loss to the country,from high prices in a metallic currency, enormous—Guardedagainst by allowing goldto exchange against paper for thedifference — Importance of this protection of price not onlyto the merchant and manufacturer, but to the landowner—Happy effects of such a system.APPENDIX.No. I. Articles from the Times paper — No. II. Illustrationsfrom the Report of the Bank Charter Committee — No. III.Table of Exports and Imports.