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The troubles arising because of errors or miscalculations of manufacturers, fall on them
Instead of on public. Concerning paper money public interest,
However, consists absolutely in other: consecutive and uniform
Regulation of their volume by the firm law is the purpose to which follows
To aspire, and harmful consequences of any error or the miscalculation in this case
Fall in much bigger degree on public, than on the emitter ". It is obvious that
- thought only of possibility of release of the same currency the various
Agencies, instead of about the different currencies competing among themselves.>
It is interesting, what even Herbert Spenser preached a limited principle,
According to which private enterprise it should be allowed to make that
Kind of money, as issued then the government, namely gold and
Silver coin. Probably, he considered as their unique kind of money, which
It makes sense to take into consideration. As consequence of it, Spenser considered that
Between the governmental and private money should be established
The fixed exchange rates (namely 1:1 for coins of one weight and test). In
These conditions if any manufacturer starts to deliver the low-standard
Money, the law of Greshema, really, should work. Abundantly clear,
That Dzhevons meant it as it proved the condemnation
Offers of Spensera as follows: "... Though in all another matters people,
Being guided by own interest, choose the best and reject the worst, in
Case of money they as it is represented, save paradoxical image the worst
Also get rid of the best "
As in literal sense the law of Greshema is, of course, shown that
People get rid of the worst, reserving the best for other purposes>.
- , as well as many other things, has looked through or has considered insignificant that the law
- the firm exchange rate is applicable only to various kinds of money, between
With which it is established by the law
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