IV)  Feller/Odermann, S. 311.
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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.
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(Th) für 1 Zollpfund feines Silber
: 457 Zusatz von Marx.
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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.|

17

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.
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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.
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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).
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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).
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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.
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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.

Berechnung des Werths des Papierdollars.
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. |

18

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.
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(by Foster)
called not 5sh., but  Hervorhebung in der Quelle.
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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.
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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.
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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.
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Warum wird hiedurch nicht enforced sending out of more commodities, by enhancement in the value of gold, nach Fosters fancy?
)|

45

 Nummerierung von Marx.
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4)
A paper circulating medium may be depreciated either through discredit or excess. (97)

whatever causes shall make  Zusatz von Marx.
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(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.
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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.
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(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.
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(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.
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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.
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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.
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cannot
be excessive according to the present mode in which they are made, is, that the  Hervorhebung in der Quelle.
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supply follows
, and does not  Hervorhebung in der Quelle.
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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:

  • Inhaltsverzeichnis von Friedrich Engels
  • Heft II. 1869
  • The Daily News, 20. Mai 1869
    • Notiz
      • Kaufmannsrechnung. (Continuatio)
      • John Leslie Foster, (of Lincoln’s Inn): An Essay on the Principle of Commercial Exchanges. London. 1804.
      • Ch. Lyell. Principles of Geology. 7th ed. London 1847.
      • Otto Hausner: Vergleichende Statistik von Europa (Lemberg. 1865) II. Band.
      • Michael Thomas Sadler. M.P.: Ireland; its Evils and their Remedies. 2nd ed. London. 1829