Download Credit and State Theories of Money: The Contributions of A. by L. Randall Wray, A. Mitchell Innes PDF

By L. Randall Wray, A. Mitchell Innes

In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the easiest items written within the 20th century at the nature of cash. just recently rediscovered, those articles are reprinted the following for the 1st time. additionally, 5 new contributions study and expand the technique of Innes in a few instructions by way of together with historic, anthropological, sociological, archeological, and monetary analyses of the character of cash.

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It must be said, however, that there is evidence to show that the kings of this dynasty were careful both of the weight and the purity of their coins, and this fact has given colour to the theory that their value depended on their weight and purity. We find, however, the same pride of accuracy with the Roman mints; and also in later days when the coinage was of base metal, the directions to the masters of the mints as to the weight, alloy and design were just as careful, although the value of the coin could not thereby be affected.

A first class credit is the most valuable kind of property. Having no corporeal existence, it has no weight and takes no room. It can easily be transferred, often without any formality whatever. It is movable at will from place to place by a simple order with nothing but the cost of a letter or a telegram. It can be immediately used to supply any material want, and it can be guarded against destruction and theft at little expense. It is What is Money? 31 the most easily handled of all forms of property and is one of the most permanent.

Impotent to carry out their well-meant but mistaken measures, the kings had to cancel their edicts, or to acquiesce in their remaining a dead letter. The most famous of these attempts to return to ‘forte monnaie,’ by means of a reduction of the price of silver, was that introduced by Charles the Fifth, the pupil in financial matters, of Nicole Oresme. With the most praiseworthy obstinacy he stuck to his point, persuaded that he could force the recalcitrant metals to return to their old prices. As the coins disappeared from circulation, owing to their bullion value being higher than their nominal value, the king manfully sacrificed his silver plate to the mint as well as that of his subjects, and persuaded the Pope to excommunicate the neighbouring princes who counterfeited his coins, or at least manufactured coins of less value for circulation in France.

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