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Considerations on a New Monetary System for China

Considerations on a New Monetary System for China


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ...five years the amount to be coined, the profit on the coinage at twenty per cent., the amount in circulation, the per centage of the circulation to be held as a gold reserve, the amount of that reserve, and the amount to be supplied to the gold reserve fund by loan or otherwise outside of the coinage profit. ISt$ 80$16 $ So 2nd8016160 3rd8016240 4th8016320,5th8016400 TABLE III. Percentage of A mount to be y.ar Amount Coinage Amount circulation Rtserve supplied coined. profit, in circulation, in reserve " from loan fund. or tax. 75 $60 $44 50 80 4 42! 103 7 37rV "9 33! '35 Total, $400 $80 $400 $135 $55 It will be noted that the larger part of the loan or special tax is called for during the first year. There are two reasons for this. In the first place, the special runs on the new system are likely to occur during the first year rather than later. On that account it might be thought advisable, for a time at least, to be ready to supply gold if necessary to a certain extent in exchange for the new silver coins within the country itself at a charge equivalent to the cost of shipment of gold from Europe. This should not be adopted as a general policy, and it is questionable whether it should be done at all; but provision for a very large reserve to guard against possible runs should be made. In the second place, while the bulk of the circulation is still in other coins or in bullion, especially before their importation is stopped, it is possible that, in order to test the system, a very large percentage of the new coins would be presented to buy gold exchange with, even at the rather high rates charged for bills of exchange. After the system is finally established, the withdrawal of the coins from circulation on their presentation to buy bills would...


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Product Details
  • ISBN-13: 9780217276368
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 34
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 0217276369
  • Publisher Date: 01 Jul 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 82 gr


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