Bullion and Foreign Exchanges Theoretically and Practically Considered: Followed by a Defence of the Double Valuation, with Special Reference to the Proposed System of Universal Coinage

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E. Wilson, 1868 - Coinage, International - 700 pages
 

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Page 568 - The fact has been that almost every advance in the bank rate of discount is followed by a turn of the exchanges in favor of England ; and, vice versa, as soon as the rate of interest is lowered, the exchanges become loss favorable. . . . Foreign creditors give their English debtors a respite, and prefer to wait longer for remittances, gaining interest meanwhile at the profitable English rate.
Page 86 - Thirty days after sight of this first of exchange (second and third of the same tenor and date unpaid...
Page 587 - Whereas, in consequence of accidental and happy circumstances, the most important monetary units may be adapted to the French gold piece of five francs by means of very small changes, this piece seems the most convenient to serve as a basis of a monetary system ; and the coins issued upon such a basis may become, as soon as the convenience of the nations interested will permit, multiples of this unit.
Page 595 - I speak my own mind only, the Metric Committee of the British Association and the Council of the International Association having come to no resolution on the subject.
Page 587 - Coinage to that which may bo chosen as a uniform basis. 4. The series of Gold Coins now in use in France, being adopted by a great part of the population of Europe, is recommended as a basis of the uniform system. 5. Whereas, in consequence of accidental and happy circumstances, the most important monetary units may be adapted to the French Gold piece of five francs, by means of very small changes, this piece seems the most convenient to serve as a basis of a monetary system, and the Coins issued...
Page 587 - Gold piece of five francs, by means of very small changes, this piece seems the most convenient to serve as a basis of a monetary system, and the Coins issued upon such a basis may become, as soon as the convenience of the nations will permit, multiples of this unit. 6. It is desirable that the different Governments should decide that the Coins issued by each nation, in conformity with the uniform system proposed and agreed, should bear legal currency in all their countries.
Page 264 - ... There are about three hundred hands employed in the building. When the men enter in the morning they are made to divest themselves of their own clothes, and put on others belonging to the mint. At the end of the day's work a gong sounds, when the somewhat curious spectacle is presented of three hundred men springing from the ground on which they had been seated, throwing off their clothes, and rushing, a naked throng, to one end of a yard. Here they pass through the following ordeal, in order...
Page 394 - we may assume as a general rule, That when the French Exchange is at 25'10, it pays to send Gold from England to France ; And, when the Exchange is at 25'35, it pays to send Gold from France to England.
Page 590 - That the advantage of internationally, which the coinage of the metal taken for common standard would possess, is not a sufficient guarantee for its being maintained in circulation in all the States, but that it is necessary to stipulate that in the countries which continue to use the silver standard only, and in those which have a double standard, the relation between the value of gold and silver should not be established on too low a footing, in order to give due facility for the practical introduction...
Page 590 - That it is not possible to attain such identity, or even a partial coincidence, in such monetary types in an extended area, on the basis and on condition of the exclusive adoption of a silver standard ; but that it is possible to attain it on the basis of a gold standard, allowing each State to preserve the silver standard in a transitory manner. It was agreed by all, except the representatives of...

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