Download Credit and State Theories of Money: The Contributions of A. by L. Randall Wray, A. Mitchell Innes PDF

By L. Randall Wray, A. Mitchell Innes

In 1913 and 1914, A. Mitchell Innes released a couple of articles that stand as of the simplest items written within the 20th century at the nature of cash. only in the near past rediscovered, those articles are reprinted the following for the 1st time. additionally, 5 new contributions learn and expand the process of Innes in a couple of instructions by means of together with old, anthropological, sociological, archeological, and fiscal analyses of the character of cash.

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Example text

It must be remembered that, until recent years there was no idea that in France or England there was one standard coin, all the others being subsidiary tokens representing a certain part of the standard. Quite the contrary; all were equally good or bad, all were equally good tender according to the law. Just as in Roman times, there was no obligation to give gold or silver for the over-valued coins, and none was ever given. The only reason why the intrinsic value of some of the coins ever equalled or exceeded their nominal value was because of the constant rise of the price of precious metals, or (what produced the same result) the continuous fall in the value of the monetary unit.

They were the collectors of inland taxes, and had to bring their revenues to London periodically. The bulk of their collections always consisted of exchequer tallies, and though, of course, there was often a certain quantity of coin, just as often there was none at all, the whole consisting of tallies. The general belief that the Exchequer was a place where gold or silver was received, stored and paid out is wholly false. Practically the entire 38 Credit and State Theories of Money business of the English Exchequer consisted in the issuing and receiving of tallies, in comparing the tallies and the counter-tallies, the stock and the stub, as the two parts of the tally were popularly called, in keeping the accounts of the government debtors and creditors, and in cancelling the tallies when returned to the Exchequer.

399] We can now understand the effect of the ‘mutations de la monnaie,’ which I have mentioned as being one of the financial expedients of mediaeval French kings. The coins which they issued were tokens of indebtedness with which they made small payments, such as the daily wages of their soldiers and sailors. When they arbitrarily reduced the official value of their tokens, they reduced by so much the value of the credits on the government which the holders of the coins possessed. It was simply a rough and ready method of taxation, which, being spread over a large number of people, was not an unfair one, provided that it was not abused.

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