The Real History of Money Island |
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accepted amount Anarchists became become better Bimetallism bought BROTHERHOOD Bucolicus capitalists and landlords cattle CHAPTER cheques circulation co-operative societies co-operative stores coins compound interest consequence consume cost creditors crisis CROYDON currency debtors debts demand earned employers Exchange Bank money Exchange money exportation factories finally formerly gold and silver gradually Guernsey history of Money immense improvement income increase investments land legal tender LEO TOLSTOY means of production ment MICHAEL FLÜRSCHEIM middleman millions sterling mines modities Money Island money representatives Monometallism monopoly mortgages natural needed notes obtained owners paid paper money payment Plutus pounds precious metals premium present products of labor profits purchasing power quantity question raw materials reform rent saving Socialists soon special commodity spurious capital store of value things trade unions tribute claims vote wages wanted wealth Wholesale Society workers
Popular passages
Page 48 - ... to the marking of proportions. Just so, the unit in money can have no invariable determinate proportion to any part of value; that is to say, it cannot be fixed in perpetuity to any particular quantity of gold and silver, or any other commodity.
Page 47 - Money, which I call of account, is no more than an arbitrary scale of equal parts, invented for measuring the respective value of things vendible. Money of Account therefore is quite a different thing from money-coin, and might exist, although there was no such thing in the world as any substance, which could become an adequate and proportional equivalent for every commodity.
Page 128 - ... of justice in social matters, but our friend the scavenger played a prominent part therein. Truly this scavenger is a most important person. Ye,t one would not suppose that the whole cosmic scheme revolved on him- as on an axis: one would not imagine, him to be the keystone of European society — at least his appearance and his wages would not justify such an assumption. But I begin to believe that the fear of the scavenger is really the source and fountain-head.
Page 48 - None ; and there is no necessity of any other than what, by convention, mankind think fit to give. " The first step being perfectly arbitrary, people may adjust one or more of those parts to a precise quantity of the precious metals ; and so soon as this is done, and that money becomes realized, as it were, in gold and silver, then it acquires a new definition ; it then becomes the price, as well as the measure of value. "It does not follow, from this adjusting of the metals to the scale of value,...
Page 127 - heard an argument or read an adverse letter or speech against the claims of justice in social matters, but our friend the scavenger played a prominent part therein. Truly this scavenger is a most important person. Yet one would not suppose that the whole cosmic scheme revolved on him as on an axis; one would not imagine him to be the keystone of European society — at least his appearance and his wages would not justify such an assumption. But I begin to believe that the fear of the scavenger...
Page 48 - Money, as has been said, is an ideal scale of equal parts. If it be demanded, what ought to be the standard value of one part? I answer by putting another question : what is the standard length of a degree, a minute, or a second ? None ; and there is no necessity of any other than what, by convention, mankind think fit to give.
Page 47 - Money of account performs the same office with regard to the value of things that degrees minutes, seconds, etc., do with regard to angles, or as scales do to geographical maps, or to plans of any kind. In all these inventions there is some denominator taken for the unit.
Page 49 - Guineas, sovereigns, livres, etc. would then really constitute mere tickets or counters, to be used in computing the relative value of property, and in transferring it from one person to another; and as a small quantity of such tickets or counters would serve for this purpose quite as well as a large quantity...
Page 47 - ... general. Sir James Stewart, in whose works we first find distinctly set forth the existence and uses of a money of account, did not speak of it nor propose it as a currency ; he did not regard it as money. We give his own words : — " Money which I call of account is no more than a scale of equal parts, invented for measuring the respective value of things vendible. " Money of account is, therefore, quite a different thing from money coin, and might exist although there was no such thing in...