Publisher's Synopsis
Excerpt from Money and Currency in Relation to Industry, Prices, and the Rate of Interest
The theory of money and credit is developed in the first four chapters. All the remaining chapters are illustrative of the theory. In order that the illustrations may be in harmony with actual conditions, the forces governing the ebb and ?ow of currency and gold are described in Chapter V.' Chapters VI, VII, and VIII Show how important is the relation which money and credit, through the medium of price and the rate of interest, bear to industry and the general welfare of society. The use of gold and silver as money is considered in the next four chapters, the issues raised in the long debate over bimetallism and the free coinage of silver being reviewed in order that the principles at stake may be brought to light. Fiat money constitutes the important subject of Chapters XIII and XIV, the author's theory and conclusions being reenforced by facts from the experience of several countries. Credit money, which is not money at all, but a form of credit possessing general accept ability, is treated in Chapter XV. The need for an elastic element in the currency a need that can be satisfied only by credit money is here considered. The last two chapters deal with the monetary experience of the United States. Here, as elsewhere, principles are made more conspicuous than the facts of coinage and legislation, it being manifestly more important to know why silver dollars are valuable than to know how many of them have been coined.
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