Money; A Monthly Magazine Volume 1-2; V. 4

Money; A Monthly Magazine Volume 1-2; V. 4

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1898 edition. Excerpt: ...for by the preparations of Russia, Austria-Hunguy and Japan for their monetary reforms. In the case of Russia, particularly, gold which has been accumulating for years, much of it in bars, was passed through the mints to prepare for circulation. The completion of Russia's plans of monetary reform and the opening. to the uses of commerce of her great gold reserve, systematically gathered year by year until it is the greatest single hoard of gold the world ever saw, is in itself a notable event. The demands of Russia for this purpose have been a steady drain upon the gold supplies of the world. Every coin that went into the Russian reserve dropped out of sight for the time as completely as though dropped overboard in midocean On July 1, 1898, the Russian treasury held over $70,000,000 of United States gold coin, $50,000,000 worth of English sovereigns, $27,000,000 worth of German gold coins, and $15,000,000 in francs, besides the coins she may have previously melted and a great stock of bars. The Director discussed the manifest tendency of civilized nations to bring their own currencies into definite and stable relations with the money of the people with whom they trade, declaring: If the monetary systems of these countries have no common unit, if each nation in ignorance or misled independence prefers " an independent system of its own." they will inevitably vary in value to each other. and the profits of the international transaction we are considering are subject to these variations. Such variations are there fore a barrier to trade between the countries. They constitute a risk, additional to all the ordinary contingencies aflecting domestic trade, for which the trader must be reimbursed. Either the producer must sell...show more

Product details

  • Paperback | 214 pages
  • 189 x 246 x 11mm | 390g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236855345
  • 9781236855343