chapter  Chapter IV
30 Pages

The Uses op Money; Its Value; Mint Price; The Value of Gold

ByRobert E. Wright, Richard Sylla

A medium of exchange is indispensable in a highly developed industrial state. Taking into consideration only a single series, several interchanges are necessary to complete an operation. The determination of the quantity of money is by some left perfectly arbitrary. Russia, Austria, Italy, and at present America, employ paper currencies admitting of augmentation atwill. Gold coins entirely disappeared from circulation, and unwieldy five-franc pieces were chiefly used. The double-standard system is found to cause one of the two metals involved to be treated as bullion, sending it to the crucible, or out of a country, but fails to impart steadiness to money. The Bank of England and all Government offices now receive gold money only by weight. They unhesitatingly mutilate all light pieces offered them, and hand back the mangled remains to the owner, or charge what will replace the loss which any unfortunate piece has sustained by wear and tear.