MONEY AND BANKING BY WILLIAM A. SCOTT, PH. D., LL. D. Director of the Course in Commerce and Professor of Political Economy, in the University of Wisconsin FIFTH EDITION REWRITTEN. REARRANGED AND ENLARGED NEW YORK HENRY HOLT AND COMPANY 1916 COPYRIGHT, 1910, 1916, BY HENRY HOLT AND COMPANY PREFACE TO THE FIFTH EDITION THE present edition is a reprint of the fourth with the addition of a section to Ch. X on the Federal Reserve Act and its operation and of such changes in Ch. XV and a few other chapters as the introduction of the Federal Reserve system has rendered necessary. Some other changes have also been made but they are relatively unimportant WM. A. S TT. UNIVERSITY OF WISCONSIN, December, 1915. PREFACE TO THE FOURTH EDITION The present edition of Money and Banking has been pre pared with two primary purposes in view firstly, the pre sentation of a fuller treatment of the subject of banking, especially of the banking systems of the chief countries of the world, than was given in previous editions, and secondly the rearrangement and restatement of portions of the sub ject matter of previous editions. To these ends the entire book has been rewritten with the exception of Chapters I, II, III, XVI and XVII which, with slight modifications, are reprints of Chapters I, II, III, XIV and XV of the old editions. Chapters VI, X, XI, XII, XIII, XIV and XV are entirely new, and Chapters IV, V, VII, VIII, and IX embody the substance of Chapters IV, V, VI, VII, VIII, IX, XI, XII and XIII of former editions with modifications, rearrangements and considerable new material. Additions have been made to the references so as to in clude recent books, but no attempt has been made to give completebibliographies of the subjects treated. The refer ences have been selected with the needs of American students primarily in view. As in previous editions those at the close of the chapters are sometimes abbreviated, full titles being given in the Appendix. When an authors name with out title is given, reference is made to the first book listed under the name in the Appendix. In the preparation of this edition the author has re ceived valuable assistance from his colleague, Professor Richard T. Ely, and from his former students, Professors R. H. Hess and G. D. Hancock, now Professors respect ively in the Universities of Minnesota, and Washington and Lee. WM. A. SCOTT. University of Wisconsin. July, 1910. CONTENTS CHAPTER I THE NATURE AND FUNCTIONS OF MONEY PAGE 1. THE STANDARD OF VALUE 2 2. THE MEDIUM OF EXCHANGE 6 3. CREDIT AS A MEDIUM OF EXCHANGE n 4. THE RELATION BETWEEN THE STANDARD OF VALUE AND THE MEDIUM OF EXCHANGE 13 CHAPTER II THE MEDIUM OF EXCHANGE ITS CHARACTERISTICS AND COMPOSITION, AND THE RELATION BETWEEN ITS CONSTITUENT ELEMENTS 1. THE IMPORTANCE OF AN ACCURATE, CONVENIENT, AND SAFE CURRENCY 14 2. CHARACTERISTICS OF A GOOD CURRENCY 16 3. THE COMPOSITION OF MODERN CURRENCIES 18 4. GRESHAMS LAW 24 5. STANDARD AND SUBSIDIARY COINS 28 6. THE CONCURRENT CIRCULATION OF METALLIC AND PAPER MONEY, 30 CHAPTER III THE STANDARD OF VALUE AND PRICES 1. THE UNIT OF VALUE AND PRICES DEFINED 32 2. THE RELATION BETWEEN THE STANDARD OF VALUE AND PRICES 33 3. PRIMARY AND SECONDARY STANDARDS 34 4. CHARACTERISTIC FEATURES OF STANDARDS OF VALUE 37 5. THE HISTORY OF STANDARDS AND UNITS OF VALUE 40 6. THE IMPORTANCE OF STABILITY OF VALUE IN THE STANDARD. . 43 7. DIFFICULTY OF SECURING A STABLESTANDARD OF VALUE... 46 8. THE INTERPRETATION OF PRICES 46 v CHAPTER IV THE VALUE OP THE STANDARD PAGE I. DSMAND FOR THE PRIMARY STANDARD 50 9. SUPPLY OP THE STANDARD COMMODITY 56 3. THE VALUE OF SECONDARY STANDARDS 58 4. THE QUANTITY THEORY 61 CHAPTER V THE ELEMENTS OF THE MEDIUM OF EXCHANGE 1. THE PURPOSE AND IMPORTANCE OF COINAGE 66 2. UNITS OF VALUE AND METHODS OF RECKONING 69 3. THE SIZE, WEIGHT AND FINENESS OF COINS 72 4. THE NAMING AND STAMPING OF COINS 74 5. SEIGNIORAGE 75 6. INCONVERTIBLE GOVERNMENT NOTES 79 7...
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