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$ 14. Refutation of Mill .
16. The Funds are Property.
16. On Tithes
17. History of Tithes
18. Origin of Tithes in England
19. Interest of the Clergy in Tithes
20. On the Right of Tithes
21. Tithe Commutation Acts.
22. Policies of Insurance
23. On Rights of Expectation
24. Capital and Shares of Commercial Companies
25. Property in Ideas .
26. No patent in a general principle
29. GOODWILL of a business.
30. PRACTICE of a profession .
31. TOLLS, FERRIES, and STREET CROSSINGS
THE THEORY OF THE EXCHANGES.
On Mill's doctrine of International Trade and International Values.
$ 1. Mill's doctrine of Value contrary to the Principles of Physical
2. Error of Mill's doctrine of International Values
3. Exchanges between Lille and Ghent
4. There can be only one General Theory of Value
5. Error of the Ricardo-Mill Theory of Economics
ON TAK THEORY OF THE EXCHANGES.
1. DEFINITION of the Exchanges.
2. Difference between Money Changing and Banking
Definition of PAR of EXCHANGE
Depreciation of the Coinage causes a Fall in the Foreign
This disturbance of the Exchange expressed in two ways 290
3. No true Par of Exchange between Countries which use differ-
The NoMINAL EXCHANGE and the REAL EXCHANGE.
Rule to ascertain the true state of the Exchange when the
Currency is depreciated
4. ON THE NATURE OF AN EXCHANGE.
Par time of Exchange
5. On FOREIGN EXCHANGES
On Fixed and Variable Price .
Table of Exchanges
6. On the Limits of the VARIATION of the EXCHANGES
§ 7. Effects of an INCONVERTIBLE PAPER CURRENCY on the Foreign
A Rise in the Market or Paper Price of Bullion above the
Mint Price, and a continuous state of the Foreign Ex-
changes below the limits of the Real Exchange, are the
proof and the measure of the Depreciation of the Paper
8. On EXCHANGE OPERATIONS
Causes which produce temporary fluctuations of the Ex-
change beyond the specie points
Arbitration of Exchanges
9. On the REAL or COMMERCIAL EXCHANGE
Two branches of trade in Bullion .
1. With bullion-producing countries
2. With non-bullion-producing countries
Movements of Bullion influenced by SEVEN causes.
Bullion the most unprofitable article of commerce
Doctrine of the Balance of Trade
Examples of trading
Causes of an influx or outflow of Bullion
10. On the RATE of Discount as affecting the EXCHANGES .
11. On Foreign Loans, SECURITIES, and REMITTANCES as affecting
the Exchanges .
Examples of foreign remittances
12. Payment of the French Indemnity.
13. On MONETARY and POLITICAL CONVULSIONS as affecting the Ex-
14. On the MEANS OF CORRECTING an adverse EXCHANGE
Rate of Discount the most powerful method of acting on the
15. Apparent violation of this Law in 1866
Explanation of this case.
ON SOME THEORIES OF CURRENCY.
§ 1. It is necessary not only to ascertain the true principles of
monetary science, but to point out the fallacy of false
2. One of these may be called LAWISH
3. Statement of the question
4. Peculiarity of Law's system
5. It is a violation of the fundamental conception of a Currency
established in this work
6. Precursors of Law .
7. Some account of Law's Theory of Money
8. The same continued
9. The same continued
$ 10. The same continued
11. The same continued
12. The same continued
13. The same continued
14. The same continued
15. The same continued
16. The essence of Lawism is that money represents commodities
and that paper currency may be based upon commodities;
MONBY DOES NOT REPRESENT COMMODITIES, BUT ONLY DEBT,
OR SERVICES DUE, WHICH HAVE NOT YET RECHIVED THEIR
EQUIVALENT IN COMMODITIES
17. The theory of basing a paper currency upon commodities in-
volves the palpable contradiction in terms that a person
may buy commodities and keep his money as well
18. Law's idea
19. Law was no advocate of an unlimited incontrovertible paper
20. The most celebrated examples of Lawism
21. Account of the French Assignats
22. The same continued
23. The same continued
24. The same continued
25. The same continued
26. The same continued
27. Extracts from Sir Archibald Alison's History regarding the
28. His extraordinary inconsistency
29. The same continued
30. Practical results of Law's theory
31. Fourth example of Lawism-The Bank of Norway.
32. Fifth example—The American banking convulsions of 1837-9 359
33. The principle of basing a paper currency on the public funds
is identical with and is as vicious as basing it on land 360
34. Fundamental vice of the constitution of the Bank of England 361
35. The consequences of this vicious principle are prevented by
its being limited to that single instance
36. ON THE THEORY OF BASING A PAPER CURRENCY ON THE
COUNT OF MERCANTILE BILLS
37. Refutation of this theory by the Bullion Committee
38. This refutation incomplete
39. Demonstration of the fallacy of this theory on the principles
of this work
40. The same continued
41. Specific meaning of over-issue
42. Fallacy of the expression “good bills ?
43. Adam Smith adopts both these currency fallacies
44. Bullion as the representative of debt is the only proper basis
upon which to found a paper currency
§ 46. Bullion is the only regulator of its amount
46. Specie and credit form the only true circulating medium
47. Specie and credit must always increase and decrease together 371
48. Problem to discover the true mode of acting upon the paper
49. The rate of discount is the true mode of acting upon the
50. Arguments applicable to the wheat also apply to debt
51. Effects of the action of this principle
52. In all commercial crises production should be curbed
53. Consequences of violating this principle
54. The same continued
55. Perverse opposition to this law of nature
56. Error of a prevalent theory
57. Historical proof of the fallacy of this theory
58. Mistaken view of Sir Archibald Alison
59. When the foreign exchanges are adverse the Bank must con-
tract its issues
60. Consequences of adopting Sir A. Alison's plan
61. Absurdity of it
62. Other considerations which prove that the rate of discount
is the true mode of acting on the paper currency
63. Advantages of a proper attention to the rate of discount 379
64. The truth of the preceding principles ex
on various occasions.
ON THE DEFINITION OF CURRENCY.
$ 1. Bank Act of 1844 based on a peculiar Definition of Currency 381
2. Dooms of the Anglo-Saxons regarding the sale of goods, mer-
chandise, or cattle
3. Still in spirit the common law of England
4. Rules of Law regarding lost or stolen instruments
5. Judicial decisions as to the meaning of CURRENCY
All Negotiable Instruments subject to same rule of CURRENCY 389
6. All Negotiable Instruments are CURRENCY
7. Bank Credits are “ Ready Money”.
8. Bank Credits are CURRENCY
9. Writers who include Bank Credits are Currency
10. Modern Opinions on Currency
11. COBDEN on Currency
12. Mr. G. W. Norman on Currency
13. Lord OVERSTONE on Currency .
14. Discussion between Hume and Lord Overstone
15. TOOKE on Currency
16. Colonel TORRENS on Currency
§ 17. Examination of the modern opinions on Currency.
18. Legal and Philosophical errors of these opinions
19. Consequences of these opinions
20. Opinion of M. Michel Chevalier
ON THE ORGANISATION OF THE BANK OF ENGLAND: AND ON
THE BANK CHARTER ACT OF 1844.
$ 1. Importance of the Bank Charter Act of 1844.
2. The Chinese invented Bank Notes .
Evil effects of Paper Money in China
The “ CURRENCY PRINCIPLE" asserted in China
3. Banks in Europe constituted on the Currency Principle. 445
4. No English Banks on this Principle
5. Law's Theory of Money and the Currency Principle founded
on the same error
6. Foundation of the Bank of England in 1694.
7. The Bank increases its Capital
8. This principle erroneous .
9. Further increase of Capital
10. The Bank suspends cash payments in 1696 and 1797
11. Partial resumption of cash payments in 1816 .
12. Total suspension of cash payments in 1819
13. Peel's doctrines in 1819.
14. Provisions of Peel's Act of 1819
Misconceptions respecting this Act.
The Bank resumes cash payments in 1821
15. The Bank adopts the Principles of the Bullion Report in 1827 461
16. Method adopted to carry them into effect
17. Peel's opinion in 1833
18. The Bank's Monopoly of " Banking”
19. Failure of the Bank's Theory in 1836 and 1839
20. Condemnation of the Bank Theory
21. Peel adopts the modern opinions in 1844
22. Provisions of the Bank Charter Act of 1844
23. The Bank Act does not carry out the “ Currency Principle 473
24. Arithmetical error of the Bank Charter Act
25. Failure of the “ Mechanical" action of the Bank Act in 1847 476
26. Explanation of this failure
27. The RATE OF Discount is the true governing power of the
Universal adoption of this principle
28. On the causes which compelled the Suspension of the Bank
Act in 1847, 1857, and 1866
The EXPANSIVE and the RESTRICTIVE Theories.
29. The Monetary Crisis of 1793 .