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contents.
Chapter X. Of a Double Standard, and Subsidiary Coins. Page § 1. Objections to a double standard32 2. The use of the two metals as money, how obtained without making both of them legal tender34 Chapter XI. Of Credit as a Substitute for Money. § 1. Credit not a creation but a transfer of the means of production36 2. In what manner it assists production37 3. Function of credit in economizing the use of money40 4. Bills of exchange41 5. Promissory notes47 6. Deposits and cheques48 Chapter XII. Influence of Credit on Prices. § 1. The influence of bank notes, bills, and cheques, on price, a part of the influence of Credit51 2. Credit a purchasing power similar to money52 3. Effects of great extensions and contractions of credit. Phenomena of a commercial crisis analyzed54 4. Bills a more powerful instrument for acting on prices than book credits, and bank notes than bills59 5. — the distinction of little practical importance62 6. Cheques an instrument for acting on prices, equally powerful with bank notes68 7. Are bank notes money?70 8. No generic distinction between bank notes and other forms of credit72 Chapter XIII. Of an Inconvertible Paper Currency. § 1. The value of an inconvertible paper, depending on its quantity, is a matter of arbitrary regulation75 2. If regulated by the price of bullion, an inconvertible currency might be safe, but not expedient78 3. Examination of the doctrine that an inconvertible currency is safe if representing actual property80
