The Value of Money

Name: The Value of Money
Author: Anderson, Benjamin M. (Benjamin McAlester)

Anderson, Benjamin M. (Benjamin McAlester)

Money

Origin of gold money: ornament; store of value; social
    prestige of prodigality and of ornament; love of
    approbation, sex-impulse, and competitive display;
    elastic value-curve of gold; industrial employments
    of gold                                                    407-413

  Distribution of wealth and power, and value of gold          413-416


CHAPTER XXII

THE FUNCTIONS OF MONEY AND THE VALUE OF MONEY

  Classification                                               417-418

  Measure of values (standard of value) distinguished
    from medium of exchange; former does not add value
    to money metal, latter does                                418-424

  Reserve function                                                 424

  Money as "bearer of options"; distinguished from store of
    value; the _dynamic_ function of money _par excellence_;
    explanation of low rates on call loans, and short loans,
    and low yield of high grade bonds, which share "bearer of
    options" function; "pure rate" of interest _vs._ "money
    rates": Austria; the New York money market                 424-432

  Legal tender; the _Staatliche Theorie_                       432-436

  Standard of deferred payments; which functions add to
    value of money metal?                                          436

  Relation of money rates to capital value of money            436-442

  Agio when coinage is restricted: India _vs._ Western World   442-450

  Equilibrium of gold in arts and gold as money: difficulties
    of marginal analysis; the money-market phenomena           450-458


CHAPTER XXIII

CREDIT

  Analysis rather than definition: "futurity" not essence
    of credit; credit part of general value system; stocks
    as credit instruments; juridical and accounting phases     459-462

  Confidence; involved in general value phenomena as well
    as credit; social psychology of confidence; contagions;
    influence of centers of prestige; nothing unique in
    credit; selling _vs._ borrowing                            462-469

  Definition of credit; credit _vs._ credit transaction;
    credit and exchange; bulk of credit grows out of
    dynamic conditions                                         469-474

  Functions of credit; increasing saleability of
    non-pecuniary wealth; corporate organization;
    limits of credit expansion                                 475-478

  Consideration of objections: that personal loans do not
    rest on wealth; public loans; that value behind loan
    would not exist if loan were not made                      478-484

  Schumpeter's "heresies"; his view of the function of the
    banker: "dynamic credit"; America _vs._ Continental
    Europe                                                     484-488

  Peculiarities and functions of bank credit; technique of
    banking: capital; assets; reserves; "liquidity"; money
    market                                                     488-496


CHAPTER XXIV

Public-domain text, read in full here on John Shaqi.

The Value of Money

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