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Though we will name often the agencies which are letting out currency, is simple "banks",
It does not mean that all banks should emit money. The term "the exchange
The course "(rate of exchange) will be used for a designation of proportions of an exchange
Between currencies, and the term "a currency stock exchange" (currency exchange), entered on
Analogies to "Stock Exchange" (stock exchange), - for a designation
The organised market of currencies. We will sometimes speak about "substitutes of money"
(money substitutes) - by consideration of cases on the verge of a scale of liquidity,
Such, as traveller's cheques, credit cards and it
Received under the check over the rest on the current bill - the Comment it.>, when
It is impossible to tell precisely, are they a part of addressing currency or not.
The chapter XI. Possibility to supervise value of competitive currency
The control by means of purchase/sale of currency and short-term credits
Current emission policy
Determinative: demand for currency
Whether the competition will destroy this system?
Whether parasitizing currencies can to prevent the control over value of currency?
The main thing, than the emitter of competitive currency can involve the clients, is
The guarantee of that its value remains stable (or will vary
In the predicted image). We will postpone to section XII question on what
The stability sort will be preferred, most likely, by public. Now we will be engaged
The bank of issue competing to other emitters will be a question, whether
Similar currencies to have possibility to supervise size of own issue
So that to define a market rate of the currency.
Expected value of currency will be, of course, not a unique reason,
Forcing people to buy or borrow it. But its expected value will be
The determinative defining, how much this currency public will wish to have
On hands. The bank of issue will soon find out that desire of public to hold it
Currency will be essential circumstance on which its value depends.
In the beginning can seem obvious that the emitter of currency, completely
Supervising its offer, it will be capable to define its price until then,
While there is someone, ready to buy it under this price. However actually
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