By W. Stanley Jevons
From Jevons in 1875 "In getting ready this quantity, i've got tried to put in writing a descriptive essay at the earlier and current financial structures of the area, the fabrics hired to become profitable, the laws lower than which the cash are struck and issued, the average legislation which govern their flow, the various modes during which they are changed by means of paper records, and at last, the strategy during which using funds is immensely economized via the cheque and clearing method now being prolonged and perfected."
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Extra info for Money and the Mechanism of Exchange
Shall we count in pounds, or dollars, or francs, or marks? Shall we have gold or silver, or gold and silver, as the measure of value? Shall we employ a paper currency or a metallic one? How long shall we in England allow our gold coinage to degenerate in weight? Shall we recoin it at the expense of the State or of the unlucky individuals who happen to hold light sovereigns? In America the questions are still more important and pressing, involving the return to specie payments, the future regulation of the paper currency, its partial replacement by coin, and the exact size and character of the American dollar, regarded in relation to international currency.
Accordingly, even if the medium of exchange varied considerably in value, people would go on making their payments in terms of it, as if there had been no variation, some gaining at the expense of others. One of our chief tasks in this book will be to consider the various materials which have been employed as money, or have been, or may be, suggested for the purpose. It must be our endeavour, if possible, to discover some substance which will in the highest degree combine the characters requisite for all the different functions of money, but we must bear in mind that a partition of these functions amongst different substances is practicable.
Wood on the Coin and Currency in the Leeward Islands," p. 34. ) Such endeavours to establish a kind of multiple currency will be found to possess considerable interest for us in a later chapter. The perishable nature of most kinds of animal food prevents them from being much used as money; but eggs are said to have circulated in the Alpine villages of Switzerland, and dried codfish have certainly acted as currency in the colony of Newfoundland. Manufactured and Miscellaneous Articles as Currency.