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The reference of coins as a medium of exchange in more extensive territories. In those
Times the state was unique institute which possessed the sufficient
Reputation to create at the population necessary confidence of quality
Coins. Having a state guarantee in conformity of weight and test of metal to face value
Coins, people could accept them without preliminary weighing and
Approbations. The second reason was that stamping of coins has appeared most
The form of gathering of the incomes convenient for the king. Today, continued Horn, this
Activity has ceased to be necessary as a replenishment source
The budget. even today bill issue represents
Itself the major source of the budget of a wartime., Anyway Besides, the state
Has ceased to remain the unique institute, capable to provide
Service of the monetary reference. If such firms, as the Parisian Rothschild
(Rothschild) or London Bering (Baring), undertook stamping of coins, them
Coins would be accepted by public so willingly, as well as state.
- together with Shevale and Kursel-Seneem, and also many other things less
Known participants of discussion rejected the thesis that banknotes are
Money. This question became one of the main things that to discussion between
Aforementioned authors and Volovski. In many cases this thesis of Horna
It was used (more often unfairly enough) only to "deduce"
Banknotes for limits of the royal privilege to mint coins. This dispute, such
In the image, represented no more than discussion of sophists with sophists. It is a lot of
Feathers it has been broken during this discussion, which subject at the nearest
Consideration there was an essence of definitions. The question actually consisted in
Volume, whether two concepts possessing the same characteristic feature owe,
To be designated by the same term; or these concepts, for the reason
Incompatibility, on other line it is necessary to oppose rigidly the friend
To the friend. It defined banknotes as money, as both coins, and banknotes
Make similar impact on trade and the price. It and others insisted
On necessity always to consider banknotes simply as substitutes
Coins, and under any conditions converted in them, as the approach, not
Accepting conditions of rigid convertibility, will inevitably lead
To superissue and unlimited depreciation of banknotes.
Concerning lacks of exclusive monopoly, Horn paid attention on
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