IV) Feller/Odermann, S. 311.
Schließen Berechnung des
Gold- u. Silberverhältnisses.
a) Handelsverhältniß von Gold u. Silber.
Seit 1848 Vermindrung des Goldwerths unverkennbar.
1 Beispiel: Welches Handelswerthverhältniß zwischen Gold u. Silber fand statt in Berlin, Frankfurt, Hamburg, Amsterdam u. Paris, als auf diesen Plätzen für feines Metall die nachstehnden Preise notirt waren?
Berlin | Frankfurt a.M. | Hamburg. | Amsterdam. | Paris. |
---|---|---|---|---|
292/3
Zusatz von Marx. Schließen (Th) für 1 Zollpfund feines Silber: 457 Zusatz von Marx. Schließen Th. für 1. Zollpfd feines Gold |
52 : 795 | 273/4 : 425 | (1442,6 f mit 11% Agio = 1601,286f.) | (218,89 Fs. mit 15 ‰ prime = 222,1733) |
104,5 : 1601,286. | 222,1733 : 3434,44 | |||
= 1 : 15,401. | = 1 : 15,192 | = 1 : 15,315 | = 1 : 15,323 | = 1 : 15,458 |
Der Durchschnitt dieser Werthverhältnisse 1 : 15,383 15,338. Kurz nach der Entdeckung von Amerika soll es gewesen sein 1 : 11.
2 Beispiel. Handelswerthverhältniß Ende 1858 in England, wenn St. Gold mit 77s. 9d., Standard Silber mit 61d. in London notirt war?
x oz. feines S. | = 1 oz. feines Gold |
11 | = 12 Standard. |
1 | = 773/4s. |
51/12 | = 1 oz. Standardsilber. |
40 | = 37 feines Silber. |
x | = 153/4. |
3. Beispiel: Welches Handelswerthverhältniß ergeben die gleichzeitigen Kurse folgender Plätze:
Louisdor. | Kronen. | |
---|---|---|
Leipzig | 93/8% | 9 Th. 5 Sgr. |
Hamburg | 10 M.B. 141/4β | 18 M.B. 21/2β |
Frankfurt. | 9f. 33xr. | 15f. 33xr. |
1) Leipzig. | 2) Hamburg. | 3) Frankfurt. | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Louisdor. | Kronen. | Louisdor | Kronen | Louisdor. | Kronen. | ||||||
x lb. feines S. | = 500 Gr. feines Gld. | x lb. feines S. | = 500 Gr. feines Gold | x M. feines S. | = 24 Kar. feines Gold. | x M. feines Silber | = 233,8555 Gr. feines Gold | x lb. feines Silb. | = 500 Gr. feines Gold | x lb. feines S. | = 500 Gr. feines Gold |
233,8555 | = 24 Kar. fein | 10 | = 91/6 Th. | 211/2 | = 351/6 Louisdor | 10 | = 185/32 M.B. | 233,8555 | = 24 Kar. | 10 | = 1 Kr. |
211/2 | = 35 1/6 Ldr. | 30 Th. | = 1lb. feines S. | 1 | = 1057/64 Th. | 273/4 | = 1 Mark feines S. | 211/2 | = 351/6 Ldor. | 1 | = 15,9f. |
20 | = 1093/8 Th. | 273/4 | = 1 M. feines Silber. | 1 | = 911/20f. | 521/2 | = 1lb. feines Gold. | ||||
30 | = 1lb. feines Silber. | 521/2 | = 1lb feines Silb. | ||||||||
x = 15,30. | x = 15,28 | x = 15,41 | x = 15,30. | x = 15,27 | x = 15,14.| |
b) Länder, wo Gold und Silber als gesetzliche
Zahlungsmittel gelten.
Hier handelt es sich um das gesetzliche Werthverhältniß beider Metalle.
1 Beispiel: In Preussen bisher 14 Th. aus der feinen Mark Silber und 3810/13 Friedrichsd’or à 5 2/3 Th. gesetzlichen Werths aus der feinen Mark Gold geprägt, Welches ist das dabei zu Grund liegende Verhältniß des Goldes zum Silber?
x | = 1 Mk. feines Gold. |
1 | = 3810/13 Friedrichd’or |
1 | = 52/3 Th. |
14 | = 1 Mk feines Silber. |
x = 15,692, Zusatz von Marx. Schließen Also Silber zu Gold. = 1 : 15,692. |
2. Beispiel: In Frankreich 200 Stück à 1 Fc. gesetzlich = 900 Grammes feines Silber; 155 20 Fcsstücke 900 Grammes feines Gold; welches Verhältniß entsteht dadurch?
x | = 1 Gr. feines Gold. |
900 | = 155 Stück |
1 | = 20 Fcs |
200 | = 900 Gr. feines Silber |
x = 15,5. Zusatz von Marx. Schließen Also Silber zu Gold = 1 : 15,5 |
Diese tabellarische Übersicht
befindet sich nicht in der Form bei Feller/Odermann,
sondern Marx stellt sich mit ihr an verschiedenen
Stellen des Werks (Feller/Odermann, S. 314/315)
vermerkte Angaben selbst zusammen. Er übertrug die
Übersicht in seinen Kommentar zu George Joachim
Goschen und kommentierte sie dort („1869 I Heft“,
S. 89). Schließen Das Durchschnittsverhältniß von Silber zu Gold |
= 1 : 15,338 | ||
Preussen (gesetzlich) | = 1 : 15,692 | Also Gold in Preussen zu hoch (also Silber zu niedrig) | = Feller/Odermann,
S. 314: 2,32%. Marx übernimmt den Abschreibfehler
bei seiner Übertragung der Tabelle in seinen
Kommentar zu George Joachim Goschen in „1869 I
Heft“, S. 89. Schließen 2,23% |
Fkh. | = 1 : 15,5. | in Frankreich zu hoch | 1,07%. |
So lange nun jenes durchschnittliche Handelswerthverhältniß fortbesteht, werden diese Länder nicht nur ihre Goldmünzen aus dem Ausland zurückkommen sehn, sondern es wird sich überhaupt das Gold nach ihnen drängen, wenn der Staat sich nicht in der Lage befindet die Goldausmünzung beschränken zu können, wie dieß z.B. in Preussen der Fall ist.
Diese Anhäufung von Gold führt aber zugleich einen vermehrten Abfluß des ungemünzten Silbers, so wie der Silbermünzen des Landes herbei, weil beide da, wo das Silber höher im Werth steht, mit Vortheil zu verwenden sind. Dies gilt jedoch nicht von den Ländern, wo Gold das Hauptzahlungsmittel ist, wie England u. U. St., weil sie da nur als Scheidemünzen dienen sollen, mit einem so hohen Prägeschatz ausgeprägt sind, daß ihre Verwendung im Ausland unmöglich.
Kommentar von Marx. Von Marx verwendet
in seinem Kommentar zu George Joachim Goschen („1869 I Heft“,
S. 89).
Schließen Wohl aber kann England, wenn es Silber z.B. für Ostindien
braucht, Gold nach Frankreich schicken, wo es mehr Silber dafür erhält als das Gold werth
ist.
3. Beispiel: 1£ gesetzlich = 123171/623 Troygrän u. 22 carats fein, 1 Sh. aber gesetzlich ein Gewicht von 873/11 Troygrän hat, u. 22 222dwts fein ist, welches demnach das gesetzliche Verhältniß von Gold u. Silber?
x oz. feines S. | = 1 oz. Gold. |
1 | = 480 Grains |
22 | = 24 rauh. |
123171/623 | = 20s. |
1 | = 783/11 873/11 Grains Silber. |
480 | = 1 oz. |
240 | = 222 feines Silber |
x = 14,28. |
Nach obigen Bestimmungen die | oz Standard Gold | = 777/8s. |
oz Standard Silber | = 66d = 51/2s. | |
Nimmt man nun den Marktpreis des | Standardsilber | = 61d., so die Valvirung des Silbers in der Ausmünzung um 8,2% zu hoch, denn: |
61 : 100 = 5 : x. |
c) Überschrift von
Marx.
Schließen Länder von
depreciirtem inconvertiblem Papiergeld.
Die Rechnungseinheit versteht sich hier schließlich nur in Papiergeld. Der Werth solcher Einheit in Papiergeld ist nur aus dem Preis zu ersehn, zu welchem man inländisches od. ausländisches Metallgeld kaufen kann.
Z.B. neuerdings kostete 1 Goldunze in Buenos-Ayres 340$ in Papiergeld. Zu gleicher Zeit galt die Unze = 65 englische Schilling.
x | = 1$ |
340 | = 65 engl. sh. |
20 | = 1£ |
66,284 68,284 | = 457 Thaler. (rth) |
1 | = 30 Sgr. |
x | = 1,92 Sgr. Also 1 Buenos Ayres Papierdollar = 1,92 Sgr. | |
d) China u. andre asiatische Länder.
Hier kein eigentliches Gold- u. Silbergeld. Man bedient sich der edlen Metalle nur in der Form von Barren, od. sonstigen, jedesmals jedesmal zu wiegenden Metallstücken, auch wohl des Goldes in der Form von Blattgold.
Zur Ausgleichung verwendet man eine Art von Scheidemünze von geringrem Metall, deren Werth sich aus dem Preis ergiebt, wozu ausländisches Geld steht.
So zahlte man, nach neuren Nachrichten, in Japan für 1 span. Piaster 1600 Cash, wovon 1000 = 1 Tael. Danach stellt sich der Werth des Tael in Cash:
x | = 1 Tael |
1 | = 1000 Cash |
1600 | = 1 Piaster |
20,462 | = 30 Th. |
x | = 0,91 Th. |
Ch. III) Causes unconnected with the Balance of Debt
Regulating the Nominal Rates of Exchanges.
The Exchange, or rather the nominal Rates of it, affected by any fluctuation in the value of the medium in which the payments are made. (83)
In der Evidence vor dem Committee ganz übersehn in what manner the balance was discharged; in paper or in gold; in paper of unexceptionable security, or in paper of no security at all; in pure gold, or in adulterated gold; in coin entire as when issued from the mint, or in a clipped and mutilated currency, in a mint currency, or in a currency of tokens, that is, of silver pieces, professing to represent a greater weight of silver than they contain. (84)
The Spanish dollars issued by the Bank, at 5sh.,
contain no more pure silver than 4s. 6d. English ought to contain; they are
therefore Zusatz von Marx.
Schließen (by Foster) called not 5sh., but
Hervorhebung in der Quelle.
Schließen tokens
for 5s … A promissory note should either have intrinsic value itself,
or else be merely representative of it: if it is issued as the value itself,
it can be no more valuable than the silver it contains; if issued merely as
the representative of value, why go to the expense of having it of such
precious materials? (84, Note)
The present pars of exchange were originally computed with a reference to the
quantity of the precious metals Foster:
contained in the currencies of the different
countries
Schließen contained in the
different countries. If the currency of any country has since been
altered in its value, the original par of exchange can be no longer the real
par, and, if still adhered to in computation, it is merely nominal. (84, 85)
If English foot reduced to 11/12 of its present length, 14 French feet would no longer be equal
to 15 English feet, as at present, but to 16 English feet and
4 inches. (85)
Par of exchange with Hamburgh z.B. 33 shill. 8 grotes Banko of Hamburgh represent nearly same quantity of precious metals as 1£. in England. If £ St. in England, that is, since the restriction, a pound note of the B.o.E. become becomes purchasable for 4 Spanish dollars f.i., instead of for 4 Spanish dollars + 2 English shillings … the Hamburgh merchants will no longer give as many of their shillings for it, when it can only purchase 4 Spanish dollars … If, under such circumstances, the poundnote should at any one time obtain the same quantity at Hamburgh as formerly, that is, if it should obtain a greater quantity of silver abroad, than it could at home, the only conclusion to be drawn is, that the exchange really is in our favour, though nominally at par; and that if the pound note could procure in exchange the same quantity of silver at home as formerly, it would procure a still greater quantity abroad. (86–88)
If the currency of any country becomes less valuable than formerly, it becomes exchangeable for a less quantity of the currency of any other country, which continues as valuable as formerly. (88)
The Banknote
Hervorhebung in der Quelle.
Schließen does not profess to represent any certain value, but a certain
weight of silver; and therefore if silver had risen 100% if the
Banknote did not rise 100% along with it, it would be depreciated. (87
Note)
Die currency of a country kann suffer a change in its value, and a consequent change in its ability to procure a certain quantity of any foreign currency, from different causes. (88, 89)
1)
Hervorhebung in der Quelle.
Schließen Seignorage on coinage, coin becomes of greater value = value of the
precious metals, + the amount of the seignorage. Provided the seignorage
does not exceed the expense of coinage; the value of the coin will then be
like that of every other article of manufacture, the price of the material
together with the price of the labour employed in producing it. Such the
decided opinion of A.
Smith. Thornton
dagegen. (89 Note) This accounts (Sieh J. Stewart
Political Economy
book IV.
ch. II
[)] for the exchange formerly appearing to be
constantly in favour of France, and against this country. (90,
91)
2) The Worn and degraded coin of any country in which the bills of exchange drawn on it are to be paid … Exchange becomes unfavourable to the extent that its coin has lost in its value … Instance davon. A. Smith sagt: „that before the reformation of the silver coin in King’s King William’s time, exchange between England and Holland, computed according to the standards of their respective mints, was 25 P.Ct. against England; but the value of the current coin of England, as we learn from Mr. Lowndes, was at that time 25% below its standard value.[“] (91, 92)
The debased silver currency of England and Ireland can never affect their exchanges, so long as the £ Sterling contains the same quantity of gold as formerly; because the silver bullion to be remitted in payment of the balance of debt against England, is purchased by the gold coin, and not by the silver. (91, Note)
3) Adulterated coin … the rates of exchange must be against the country, in proportion of to the depreciation of its currency. (92) Sultans z.B. adulterated their coins. 3 great such adulterations in 1770, 1787 and 1796. Before the frauds were resorted to, Turkish Piastre = 2s. 6d. English (contained about the same quantity of silver). In 1767, course of exchange shows, that 8 piastres were given for 1£ St, i.e. 800 for a bill of exchange on London for 100£. In Folge der 3 adulterations, amount of silver in piastre reduced to less than 1/2 of the quantity contained in 1767. Jezt 16 Turkish Piastres (at the present course of exchange) = 1£ St.; i.e. 1600 are paid by a Banker at Constantinople, for a bill of exchange of 100£ on London. (92, 93) Dennoch, in Folge der nature des Levant Commerce, der real exchange stets in favour of Turkey, England the debtor country. (94, 95)
The general character of the trade with Turkey is a barter of a small
quantity of English manufactures for a large quantity of Levant
produce: difference sent out by England in bullion. (95. Kommentar von Marx.
Schließen Warum wird hiedurch nicht enforced sending
out of more commodities, by enhancement in the value of gold, nach
Fosters fancy?)|
Nummerierung
von Marx.
Schließen 4)
A paper circulating medium may be depreciated either
through discredit or excess.
(97)
whatever causes shall make Zusatz von Marx.
Schließen (in Irland z.B.) the possessor of cattle, linen, corn, bullion, guineas, or any other
object of intrinsic value, to consider the Irish Banknote as equivalent to
1/2 of its nominal
value, in exchange for them, will produce the same effect in the possessor
of an English Banknote, or of a bill of exchange on London. Kommentar von Marx.
Schließen Hence zeigt sich im Wechselkurs. (99)
When depreciation does at least ensue (von addition to circulating medium), hat es nicht an exact proportion to the amount of the addition made, because the increased industry which it had produced demanded an increase of circulating medium. (100)
There is a happy mean between very small and an immoderate increase Zusatz von Marx.
Schließen (of Gold), which, while it encourages industry, does not give rise to
depreciation … it was always the interest, both of the bankers and the
merchants, to increase the circulating medium as much as possible; but as
often as depreciation through excess ensued, it became the interest of the
merchants to force the bankers, by a run on them for gold, to diminish the
circulating medium until that depreciation ceased. (102)
the banking system … seems to have a necessary tendency to increase the
quantity of circulating medium; but … so long as it is well regulated Zusatz von Marx.
Schließen (Note convertible) it never can increase it beyond the amount demanded by the increased
industry, which it likewise will have occasioned. ([102, ]103)
Zusammenfassung von Marx in eigenen Worten.
Schließen Fall des Wechselkurses in Frankreich in Folge
der Assignaten. Febr.
1789 Exchange not quite 8% against Paris; it fell gradually until March 1793, als zu 100% dagegen. (106) (The
Exchange with Paris is computed in the French crown of 3 livres, estimated
at 291/4d.
English money, which is the par between the 2 countries. l.c.
note.)
A paper convertible into the precious metals at the will of the holder … can no more become abundant than the precious metals themselves; for all that is superfluous of it will immediately be converted into the precious metals, and go abroad. This appears to be the principal use of gold and silver in the circulating medium of a great commercial country; – merely to keep steady the „measure of value“. (108)
Jezt, seit restriction: The notes once issued now, vestigia nulla retrorsum; they remain in circulation; and their amount being thus increased, the value of any given portion then becomes diminished. (109)
The Bank of England, exempted from
the obligation of paying in cash, has the power of becoming to this country
a New Peru, possessing mines of inexhaustible
fertility, which enable it at its pleasure to augment in amount, and reduce
in value, the circulating medium of this country in any conceivable
Hervorhebung in der
Quelle.
Schließen ratio; and this it may effect without ever issuing its paper, except upon the most perfect
security. (111)
Another ground of the opinion which has been advanced, that the Bank issues
Hervorhebung in der Quelle.
Schließen cannot
be excessive according to the present mode in which they are made, is,
that the
Hervorhebung in der Quelle.
Schließen supply follows
, and does not
Hervorhebung in der Quelle.
Schließen precede
the demand. (111) Aber: 1) the discounting of
merchants’ bills is not the only mode in which the notes of the B.o.E. come into
circulation. (112) 2) If the supply of the circulating medium falling
short of the demand for it, could prevent its depreciation, silver would not
have lost its value in consequence of the discovery of Peru, since, abundant
as the supply was, it certainly fell short of the demand of the
Spaniards. (112) So hier a demand for a quantity of Bank notes similar to
that which the Spaniards felt for silver. (l.c.)
U.a: By law the Bank are obliged to discount at 5%; but during war it is almost always possible to make more than 5% of money. If a merchant, under such circumstances, could obtain discounts to the amount of the security he could give, the issues of notes would soon amount to all the security that could be given, i.e. the value of all the fee-simple of all the lands in the kingdom, the purchase of all the personal property, including the amount of the national debt etc (113)
Die Bank kann jezt nur noch judge ob ihr paper is really excessive: 1) durch den average market price of gold, und 2) the average rate of foreign exchanges. (114) 3l. 17s. 101/2d. of Bank paper professes to represent an ounce of gold: yet 4l. 1sh. of bank paper must be given for it. No seignorage in England paid for the coinage. Also the difference between 4l. 1s. und 3l. 17s. 101/2d. seems to be the measure of the depreciation of English bank paper, as compared mit gold; that is, not quite 3l. per cent. (115)
Inhalt:
-
Wechselrechnung (Contin.)
-
Berechnung der Staatspapiere u. Aktien.
-
Gold- und
Silberrechnung.
-
I)
-
II)
-
III) Münzrechnung.
- 1) Uebersicht der Münzen in Bezug auf
ihr Gewicht.
-
2) Feingehalt der
Münzen nach ihrer gesetzlichen Ausprägungin
Tausendtheilen.
-
3) Uebersicht
der Münzfüsse.
-
4) Berechnung der
Ausmünzungsverhältnisse.
-
5) Berechnung
des Werths der Münzen.
-
I) Münzkursnotirungen nach Procenten u.
Stücken.
-
II) Münzkursnotirung al
marco.
-
IV) Silberscheidemünzen
Kupfermünzen.
- 1) Uebersicht der Münzen in Bezug auf
ihr Gewicht.
-
I)
-
IV) Berechnung des
Gold- u. Silberverhältnisses.
-
Merkantilische Berechnung der
Maaße und Gewichte.
-
Waarenrechnung.
-
Berechnung der Seeschäden oder
Havarien.
-
Preface.
-
Ch. I) General Nature and Effects of the
Balance of Trade
.
-
Ch. II. Operation of the Balance of Debt upon
Exchanges.
-
Ch. III) Causes unconnected with the Balance of Debt
Regulating the Nominal Rates of Exchanges.
-
Chapter IV. Causes and Effects of the Exchange between
Grt. Britain and Ireland.
-
V Chapter. General Remedy for unfavourable
Exchanges.
-
VI Chapter. Application of the Remedy in Ireland.
-
Appendix. N. VII. p. 208.
-
1) Vertheilung des Grundbesitzes.
-
2) Verhältniß der Zahl der
Grundbesitzer zum Flächenraum.
-
3) Schuldbelastung des
Grundbesitzes.
-
4) Agricole Bevölkerung.
-
5) Verhältniß der industriellen Bevölkrung zur
Agricolenbevölkerung.
-
6) Verhältniß der Industriellen Bevölkerung zur
Totalbevölkerung.
-
A. Landwirthschaft.
- B) Bodenerzeugnisse.
-
a) Getreide.
-
b) Reis (blos aus 3 Staaten Angaben)
-
c) Hülsenfrüchte. Hectoliter.
-
d) Kartoffeln.
- e) Runkelrüben.
-
f) Stoppel- u. Futterrüben.
-
g) Kopfkohl (Kraut.)
-
h) Wein.
- i) Rosinen (Cibeben u. Korinthen)
- k) Oel.
- l) Flachs.
- m) Hanf.
-
n) Baumwolle.
-
o) Hopfen.
-
p) Tuback.
-
q) Heu. (Angaben aus 8 Staaten)
-
r) Holz.
-
a) Getreide.
-
C) Thierproduktion.
-
Bodenwerth. (Angaben aus 15 Staaten)
-
Bergbau
-
Recapitulation der Urproduction. Jh. Gesammtwerth
derselb.
-
3) Industrie.