Parte Prima:

Es erwähnt Algarotti Vertrag zwischen Justinian u. Ellesteo  Zusatz von Marx.
Schließen (!) (re degli Etiopia  #e* Etiopia°] Bei Mussida, S. 71: Etiopi
Schließen ) dieser hat ihm Hilfe zu leisten gegen die Perser nemici dell’impero: dahingegen verpflichtet Justinian seine sudditi die drappi di seta nicht mehr aus Persien zu beziehn, sondern aus den Ländern des neuen Confederate. (71)

As to Getreidepreis, lombardischer agriculteur würde sagen: gäb’s selbst „una media … dei prezzi del grano“ – für die ganze Welt, so würde es wenig „mir“ nützen. »Tale media io cerco d’ottenerla col vendere ogni settimana una porzione del mio grano e cosi faccio di tutti gli altri miei prodotti, locchè, oltre ad agevolarmi la vendita, mi toglie il pericolo di perdere, essendo poco il capitale affidato in terze mani.« (p. 110)

Più sono coruttibili corruttibili i prodotti, meno sopportano la concorrenza; più sono inalterabili e la concorrenza si manifesta maggiore. (117)

Il Commercio non è industria. (143 142) il commercio, mezzo di circolazione della ricchezza, muss unterschieden werden von den Industrien die Reichthümer produciren. (149)

⦗Dictionair  #e60 Dictionair BISBoccardo.°] Gerolamo Boccardo: Dizionario della economia politica e del commercio … Vol. 1–4. [Torino?] 1857–1861. – Bei Mussida, S. 145–148.
Schließen (economico od. commerciale) des Boccardo .⦘

Parte Seconda etc.

 Bemerkung von Marx.
Schließen Das Ganze Eselei.

Cap. VI: Banco-Giro dell’Olanda e della Germania.

Bank v. Amsterdam u. die ihr nachgestifteten in Holland u. Deutschland waren una specie di rivolta del commercio contro le monete coniate, die der fürstlichen Fälschung unterlagen.

In Holland strömten ein monete di Spagna, Francia, England, Deutschland; ihr eignes gvt. änderte Münzfuss. Der fiorino olandese sollte nach Gesetz v. Carlo V (von 1522) wiegen 3961/2 As.  #e* As°] Älteste römische Kupfermünze, die ursprünglich das Gewicht eines Pfundes hatte (doch so, daß sie nur etwa 4/5 der gewöhnlichen Libra entsprach). Im Laufe der zeit wurde sie immer mehr reduziert, so daß sie in der späteren Kaiserzeit nur noch 1/36 ihres ursprünglichen Gewichts wog. Alle Kupfermünzen des alten Italien waren entweder eine Mehrheit oder ein Bruchteil des As.
Schließen di fino argento; wog nur 225 im Jahr 1606, nach einer decisione des republik. governments of that year. Um den Chicanen etc zu entgehn, beschlossen die Kaufleut sich gemeinsame Kassirer zu erwählen, di depositare dei fiorini di vecchio stampo presso quelli u. di fare i pagamenti con assegni tratti su essi. Diese Entschlüsse missfällig dem Publicum u. der Regierung. Ersteres klagte die  Kaufleute
Schließen Kaufleit an die alten u. guten Florine seltner zu machen; u. das governo sah darin Revolte gegen Gesetz des Landes. Hence gegen die neue Gewohnheit der Handelsleit Prohibitiv Gesetze v. 1604, 1606, 1608; aber sie gaben nicht nach. So 31 Januar 1609 beschlossen Stiftung der „Amsterdamsche Wisselbank“ (= Banco-Giro), die im Grossen zu thun, was der Handel mit der Institution der cassieri comuni zu thun versucht hatte. U. a. im Statut: »tutte le cambiali di valore maggiore ai 600 fiorini devono essere pagate per assegni sulla Banca.« fiorino di Banca pari a 211.91. As. di fino argento. Erst nach den ersten Jahren die Einrichtung gemacht dass die depositanti nicht facultà ihr Geld zurückzuziehn (d. h. nicht von der Bank, nur »girando ad altri il certificato, che la Banca gli consegnava ed ordinando la trascrizione del credito nei libri della Banca«.)

Law sagt in „Considérations sur le Numéraire et le Commerce“, c. III, p. 291, Econ. financiers: „Per la costituzione della Banca di Amsterdam la somma intera per la quale essa apre credito, dovrebbe restare nella Banca; tuttavia gli amministratori prestano somme per fare il lombardo (imprestito sopra pegno) e si dubita che prestino anche considerevoli somme per altri oggetti.“ Indeed, als die   #e13 die BIS bemächtigten°] Die Niederlande beteiligten sich ab 1793 am ersten Koalitionskrieg gegen das revolutionäre Frankreich. Ende 1794 besaßen die Franzosen im Gegenzug bereits das ganze linke Rheinufer (außer Mainz und Luxemburg) und einen Teil der holländischen Festungen (Amsterdam war die wichtigste holländische Stadt). 1795 wurden die Niederlande durch General Pichegru vollständig erobert und nach französischem Vorbild als Batavische Republik gegründet (benannt nach dem Stamm der Bataver an der Rheinmündung im 1. Jh. v. Chr.), eine französiche Tochterrepublik, die bis 1806 bestand.
Schließen Franzosen 1794 sich Amsterdam’s bemächtigten, fehlten dem Bankschatz: 10,624,793 florin, geliehn der comune di Amsterdam, der Compagnia Olandese delle Indie, den provincie d’Olanda u. di Frisia. Die Banca era »cosa del Comune ed erano magistrati comunali che la amministravano«. Nachahmung der Bank v. Amsterdam: die v. Hamburg (20 Feb. 1619), Nürnberg (1621), Rotterdam (1635)

Davanzati hatte gesagt in „Lezione sulle monete“: „… l’umano commerzio ha tante difficoltà e fastidj per conto di queste benedette monete, che sarebbe forse meglio far senza e spender l’oro e l’ariento a peso e taglio, come ne’primi tempi, e ancor oggi usano quei della Cina, i quali per loro arnesi in seno portano loro cesoie e saggiuolo.“ Selbes Lob über |12 Chinesen in Versammlung zu Hamburg 1768: „In verità che i Chinesi sono persone assai sapienti. Essi non fanno attenzione ad alcun conio; ma ricevono l’oro e l’argento a peso. Se noi li imitassimo non avremmo più a romperci il capo e faremmo i nostri conti con maggiore semplicità e sicurezza.“

Ignaz Bidermann: „ Über die Wiener Stadtbank informiert sich Marx in seinen weiteren Exzerpten aus Rotas „Storia delle banche“.
Schließen Die Wiener Stadtbank. Wien 1859.“

VII Cap. Banken in England, Schottland u. Irland.

1826: Bank v. England pose ihre ersten succursali (Zweigbanks) zu Glocester, Manchester, Swansea, Birmingham, Liverpool, Bristol, Leeds, Newcastle, Hull, Norwich, Portsmouth, Leicester, Exeter (von letztrem später transportirt nach Plymouth)[.] Erlaubt durch Gesetz v. 1826 Schöpfung v. Banken mit Zahl v. socii höher als 6; aber alle mit illimited liability, nur die Bank v. England restò sola società a responsabilità limitata.

Gesetz v. 1833: Noten der Bank v. England »legal tender«. Diese  Ausdruck von Marx.
Schließen Lausebank wollte die joint stock banks in London verhindern cheques auzugeben unter Vorwand dies verletze ihr Privileg Noten innerhalb 65 miles round London auszugeben. Diese Prätention wurde niedergeschlagen vom Parlament.

Gesetz v. 1844. U. a. Die Bank v. England – wenn andre existirende (Notenausgebende Bank) durch irgend Ursache verlieren od. verzichten auf Emissionsrecht – Bank o. E. berechtigt ihre Circulation zu vermehren um 2/3 der eingegangnen Circulation andrer Banken. So die circulation (autorisirte) der Bank v. England war nach Gesetz v. 1844 = 14 mill. £. St., ist jezt (in Folge des Eingangs der Noten andrer Banken) = 15. Diese autorisirte Circulation gedeckt = 11,015,000£ Staatsschuld an Bank, u. f. die 3,985,000 – cartelle di rendita pubblica.

⦗Walter Bagehot: Lombard Street etc. 1873.⦘

1862 erlaubt auch Constitution von Bankgesellschaften mit limited liability. (Die note issuing konnten in England nicht davon profitiren, weil durch Gesetz v. 1844 zum Aussterben bestimmt) ⦗Zwei der Emissionsbanken – Bank of Whitehaven u. Worcester City and County constituirten sich 1862 in societät mit limitirter responsibility⦘

  #e23Ueber BIS 9%°] [Sir] Robert Harry Inglis Palgrave: Notes on banking in Great Britain and Ireland, Sweden, Denmark, and Hamburg; with some remarks on the amount of bills in circulation, both inland and foreign, in Great Britain and Ireland; and the banking law of Sweden. [Read before the Statistical Society of London, 18th February, 1873. In: Journal of the Statistical Society of London. Published quarterly. Vol. 36. Part 1. March 1873. London [1874,] S. 27–152, besonders S. 79–85.
Schließen Ueber clearinghouse: Journal der Statist. Society v. London (Nummer v. March 1873) Danach: 1844 die Summe der Banknoten in Circulation zur Summe v. Exports u. Imports wie 1 : 3; 1872 wie 1 : 4; also kein Wachsthum der Noten in Proportion zur Vermehrung des engl. Handels. Während 1844 die Operationen (jährlichen) des Clearing House Summe gaben = 40 × die Notencirculation, dagegen 1872 = 135 × die Notencirculation; hence in 28 Jahren die Wichtigkeit der cheques u. Clearinghouse im Vergleich zur Banknote mehr als verdreifacht. Während der [Jahre] 1868–1872 um 71% die Operationen des Clearing House zunahmen u. um 29% der Foreign Trade, wuchs die Circulation der Banknoten kaum um 9% (p. 209, 10)

In London Ausser 40 privatdisconteurs 3 DiscontoGesellschaften mit limited liability, deren Position war am 31 Dec. 1872:

1844 waren 204 Privatbanken, 1872 nur noch 119; 1844 – 72 Joinstock, 1872 nur noch 56. In fact das Gesetz v. 1844, arbeitet auf Extinction aller Notenausgebenden bancs in England u. Wales, save B. o. E. (211) Bankinstitute in England ausser der B. o. E. u. ihren 11 branches – 1670; also eine bank auf 13 000 Einwohner. (212)

Schottland: Seit dem Gesetz v. 1845 verboten Constitution neuer Notenausgebender Banken; Notenausgabe wird so Privilegium der vor 1845 existirenden Banken. ⦗Nach dem Gesetz v. 1844 in England: wenn sich mehre Notenausgebenden Banken vereinen, z. B. 3, wovon eine 1, andre 2, dritte 3 Mill. £ authorised Circulation hatte – so dürfen die 3 vereinigten Banken nur 3 Mill. ausgeben; in Irland u. Schottland (nach Gesetz v. 1845[)] dagegen = 6 Mill.; die Summe der früher v. den 3 selbsständigen Banken ausgegebnen Noten) . (Auch dürfen sie in Irland u. Schottland Noten unter 5£ ausgeben⦘

Volle Freiheit existirte in Schottland bis 1845. Es hatte damals 17 Banken; diesen wurde concessa eine autorisirte Circulation von zusammen 3,187,209£. St.; ging herunter auf 2,749,271 nach 1857 in Folge des Bankerutts der Western Bank ; Zahl der Banken vermindert seit 1857 u. Tendenz unter den Banken sich zu verbinden, während sich die Zahl der branches vermehrt, die jetzt = 790; in den letzten Jahren Perther Bank incorporirt der Union Bank; Dundee Bank mit Royal Bank; Eastern u. Edinburgh u. Glasgow Bank mit Clydesdale Bank, u. schliesslich: 1868 die Central Bank mit Bank of Scotland; so 1872 nur noch 11 Banks.  Bemerkung von Marx.
Schließen (heute: 24 Oct. 1878 in Folge des Bankrutts der Glasgow Bank nur noch 10) Diese 11 Banken bilden das ganze Banksystem v. Schottland; sind zugleich Banche v. Emission, Deposit, Giro, Sconto, banche fondiarie, casse di risparmio, machen enfin alle Bankoperationen. 801 Bankinstitute in Schottland (nämlich 790 Branches dabei gerechnet), 1 Institut auf 4250 Einwohner. Von diesen 61 in villages mit unter 1000 Einwohnern, 70 in villages mit Einwohner v. 1000–2000. Clearing-Room (zu Edinburgh) der schott. banks 2 × die Woche. ⦗früher suchte eine die andre caput zu machen, by collecting her notes and suddenly presenting them for payment. Dies kann jetzt nur an den 2 Clearing Tagen in der Woche geschehn.⦘ Zweitens –  Rota, S. 119/120, argumentiert dafür, dass der Clearing-Room der erste Schritt gewesen sei, mit dem sich die schottischen Banken begonnen haben zu verhalten, als wären sie eine einzige Bank. Der zweite Schritt sei die Angleichung der Diskont- und Zinsrate der schottischen Banken durch regelmäßige Treffen ihrer Direktoren.
Schließen weiterer Schritt zur Vereinigung, wenigstens quasi Action, als ob eine Bank – in den letzten Jahren, rate of discount and interest same for all scotch banks; the bank directors meet once every 15 days, and in that meeting, having examined state of market, fix – in the name of their respective banks – rate of discount and interest, which to pay for deposits or receive on advances; a circular informs of this all the banks and branches.|

Den schottischen banks eigen der cash credit.

Palmers   #e31Palmers BIS St.°] Bei Rota: S. 223/224.
Schließen   #e32Palmers BIS 1873°] In der von Rota zitierten Quelle ist nicht von Palmers, sondern von Palgrave die Rede. – Siehe Mr. Palgrave on the deposits and resources of English banks …. In: The Economist, Nr. 1539. 22.Februar 1873, S. 222.
Schließen (in a speech to Statistical Society, see:   #e*Economist vom 22 Feb. 1873°] Business notes. Mr. Palgrave on the deposits and resources of English banks. In: The Economist, Weekly Commercial Times, Banker’s Gazette, and Railway Monitor: a political, literary, and general newspaper. Vol. 31. No. 1539. London, 22. Februar 1873, S. 222.
Schließen Economist vom 22 Feb. 1873) giebt so die Ressourcen der Banken des U. Kingd. an:

»Londra infine è la banca et le Clearing-house del mondo. Londra occupa ora quella posizione, che Roma ebbe nell’età antica e che ebbero la le città italiane nel medio-evo, ed Amsterdam in tempi più recenti. Però si può con sicurezza asserire che, se a Roma, a Genova, a Firenze, a Venezia, ad Amsterdam, il commercio ed il credito non si esercitarono con cosi meravigliosa economia come a Londra, riposarono però sopra basi più sicure e più ferme.[«] (224, 225)

Cap. IX) Le banche negli Stati Uniti e nella Svizzera.

Schon vor Unabhängigkeitserklärung hatten Maryland u. Massachussets biglietti  Zusatz von Marx.
Schließen (Staatsgeld mit Zwangskurs), 1773 ausser Kurs gesetzt, weil Niemand sie nehmen wollte. Erster Congress v. 1774 exploitirte Papiergeld als Kriegsführungsmittel gegen England; 1781 in Circulation 362 Millions Dollar in biglietti federali; 500 Papier Dollars one time nöthig um 1 Dollar in Metall zu kaufen; um abzuhelfen, schuf 1781 Moris , Finanzminister, Bank mit kleinem capital von 400,000 Doll., mit Sitz in Philadelphia, nannte sich Banca nazionale ; ihre Noten sollten an Stelle des Papiergelds treten. ⦗in selber Art u. mit selbem Zweck ungefähr 25 Jahre später die Oestreichische Bank gegründet.⦘ Die Nationalbank nicht günstig aufgenommen v. Handel; 1785 versagte ihr Congress das v. ihr verlangte Privileg; aber 1791 erhob sich v. neuem das System privilegirter Bank, mit der Banca degli Stati Uniti , mit Capital v. 10 Mill. Doll., erhielt vom Congress Privileg f. 20 Jahre. 1811 – nach Expiration des terms des Privilegs – verweigert der Congress es zu verlängern; Bank musste liquidiren; 1816 wieder Resurrection derselben; das government wollte sich aus dieser Bank einen ausiliario machen; unterstützte sie; sie hatte Capital v. 35 Mill. Dollars, getheilt in 350,000 Actien, wovon gehörten der Regierung 62,000.|

Zur Seite der Bank der Stati Uniti, deren Noten (Kurs hatten) circulirten in der ganzen Confederation, andere kleine banks, v. den governi der einzelnen Staaten autorisirt Banknoten auszugeben, circulirten nur innerhalb der Grenzen der  Bei Rota, S. 281: dei singoli Stati
Schließen Sonderstaats, nannten sich Banche di Stato, während die Banca degli Stati Uniti wahre Banca Nazionale war. Den banche di Stato schuldet die Confederation speciell die Entwicklung ihrer Industrie u. Agricultur; die Activität derselben nicht eingeschlossen in den grossen Städten; ausgedehnt ai centri minori; keine borgata od. villaggie wo nicht eine Bank existirt hätte; stets den Credit zur Seite. Die banche folgten dem movimento colonizzatore verso il lontano occidente. (Far West) Ihr (der Bank, die sich neben ihnen, nach einigem Culturbeginn u. Consociation v. families of pioneers, angesiedelt) vertrauten sie ihre Capitalien, damit sie nicht inerti blieben, u. deren Noten dienten der neuen Colonie als Geld. (Sieh Michel Chevalier: Lettres sur l’Amérique du Nord. T. 2. p. 25–26. Bruxelles 1838)

1839 Terrible crisis, 959 Banken mussten Zahlung suspendiren. Nun Sturm gegen die Freiheit der Banken; da letztre als Grund der Crisis betrachtet; hence in fast allen Stati BankGesetze; am strengsten im Süden; weniger im Norden, gar kein regomento o controllo in  Rhode Island
Schließen Rodheisland ; ( die Banken in Rhode Island
Schließen letztre leistete leisteten ihrem Staat grosse Dienste (Sieh Carey   #e*Carey°] Siehe Henry Charles Carey: Principles de la science sociale. Trad. par M. M. Saint Germain, Leduc Plancha. Vol. 2. Paris 1861, S. 450. – Siehe Rota, S. 285.
Schließen .)

1857 wieder Crisis; Buchanan (Präsident) in Message an Congress (1857) bezeichnet die soverchia emissione delle Banche als Ursache der Crisis. Sagt u. a.: „Tutte le crisi precedenti potevano essere prodotte dal concorso di diverse cause; ma così non è della crisi, alla quale soggiacciamo in questo momento. Egli è evidente che le nostre disgrazie provengono unicamente dal nostro sistema vizioso di moneta di carta e di Banche, che spinge il popolo americano alle avventate speculazioni ed ai giuochi di borsa. Queste crisi ritorneranno periodicamente, finchè la circolazione della moneta di carta, i prestiti, gli sconti, saranno affidati alla direzione di 1400 Banche non responsabili etc“ (p. 285, 86)

Die Circulation der Banken in den U. St. – was die Grösse der Notenausgabe betrifft – sehr übertrieben v. den MacCulloch’s u. andern Knechten privilegirter Banken  Zusatz von Marx.
Schließen (wie B. o. E.) Vergleicht man aumento der Banknotencirculation von 1835–1860 in den Vereinigten Staaten u. in Frankreich, so verdreifacht Circulation in Frankreich während dieser Zeit, wachsend von 200 auf 800 Millionen fcs, während in den Ver. St. kaum verdoppelt, von 103 auf 207 Mill. Doll. Die Metallreserve der amerikanischen Banken immer besser als die der privilegirten Banken. In Europa allgemein geglaubt dass 1/3 (im Verhältniss zur Gesammt Notencirculation) mehr als zureichend, u. indeed (ausgenommen Momente der Pletora) die privilegirten Banken kaum 1/3 halten, so haben die amerikanischen Banken dagegen fast immer about für 1/2 der Circulation Metallreserve. (Horn: la liberté des banques. Paris 1866)

Januar 1863, in Gesammtbilanz der amerikanischen Staaten Circulation v. 238 Mill. Doll. mit Reserve v. 101 Mill. Ferner bei den Banche uniche die Circulation mindestens 3 od. 4 × grösser als das Capital der Bank, dagegen bei den amerikanischen Banken zeigte (Jan. 1863) Werth der Circulation = about 1/2 des Capitale versato, welches nämlich = 405 mill. doll.

Das Fehlerhafte an den amerikanischen Banken war nicht übergrosse Emission v. Noten; sondern zogen durch hohen Zins grosse Depositmassen an, die sie festsetzten in prestiti auf langen Termin an Agricultur und società costruttrici v. Eisenbahnen. Im Panic remboursement v. den Depositors verlangt, Krach. Ursachen der Crisen Speculationsgeist; »che in certi tempi invade quel paese  Zusatz von Marx.
Schließen (America) e che viene stimolato dagli stessi progressi meravigliosi e dalle fortune, che rapidamente vi si creano.« (289)|

Natürlich, gab auch faule Fische unter den amerikanischen Banken. Einige gegründet von tristi speculatori, nur bezweckend a far fortuna gabbando il pubblico. Der Mangel an wahrer pubblicità manchmal Schuld, dass Publicus eine Bank für reich u. blühend hielt, die bereits seit lang in faulen Speculationen nicht nur ihr eignes ganzes Capital verloren, sondern auch Theil des ihr von Clienten anvertrauten. In einigen Staaten hatten die Banken auch schädlichen politischen Einfluss erworben u. waren in Händen der Partheien istrumento di prepotenza, di tirannia. Manchmal erzwangen die Banken Ausdehnung ihrer Zettelcirculation durch unehrbare Mittel. Man weiss v. einigen dass, während sie ihre Zettel in einer grossen Stadt in Circulation setzten, sie ihren Nominalsitz aufschlagen in einem entfernten u. oscuro villagio wo allein si obbligavano a dare il cambio dei biglietti. Andere bewilligten nur Anleihen unter Bedingung, dass der Empfänger dovesse dare den Noten »a good circulation«, i. e. sie bringen (die Noten) in una città lontana o in distretti rurali, hoffend, dass sie so erst nach langer Zeit zur Auslösung präsentirt werden würden. ⦗Im 18. Jhdt, ein schott. banker gab aus Noten zu Aberdeen u. verpflichte verpflichtet sie in Geld zu zahlen nur in London. Viele engl. country bankers wandten während gewisser Zeit selbe List an. ⦗A. Mann:   #e40Mann BIS 1872°] Diese Quelle von Charles A. Mann exzerpierte Marx, angeregt durch Rota, noch im vorliegenden Heft (siehe Marx’ Inhaltsverzeichnis S. 000 sowie S. 000-000).
Schließen Paper Money. The root of evil. 1872⦘ ⦗Francis Bowen: American Political Economy. New York 1870⦘

Von 1816–1836 dauerte die grosse Nationalbank: »Banca degli Stati Uniti«, woneben zahlreichste andre Lokalbanken, regolate da leggi dei diverse Stati. Die Banca degli Stati Uniti hatte ihren Sitz in Philadelphia, 25 Succursalen in den Hauptstädten der Federation; ein Viertel der Aktien der Bank (sieh oben  #e* sieh oben°] Siehe S.000-000 ((am Schluß der Originalseite 14)).
Schließen : 350,000 Actien wovon 62,000 dem government gehörten) war in Händen von englischen Kapitalisten; die circulation der Bank si aggirava intorno ai 15 milioni di dollari. Die Bank war den Commercants verhasst wegen ihrer despotico dispotico u. prepotente Manier\modo worin [sie] governata; wegen ihrer eifersüchtigen Conkurrenz gegen die andern Banken; f. alberne Speculationen, worin sie sich zum grössten Nachtheil des Landes einliess; dann verhasst politisch, weil sie mehr u. mehr polit. Instrument, Freiheitsgefährlich, zu werden drohte.

1833 – trotz des public Antagonism – accordirte Congress der Bank die Prolongation des Privilegiums, das dovea cessare 1836; aber Präsident Jackson legt Veto ein, heisst unter andrem in suo Messaggio: „L’equilibrio stabilito dalla nostra costituzione sarebbe rotto quando noi soffrissimo più a lungo la esistenza di corporazioni investite di privilegi esclusivi. Questi privilegi non tardano a procurare ad esse i mezzi di esercitare una potente influenza sopra la condotta politica delle masse, poichè mettono in potere di esse corporazioni il lavoro ed i guadagni della classe più numerosa. Dovunque lo spirito di monopolio si è alleato al potere politico si è veduta nascere la tirannia.“ Darauf lamenti u. intrigues u. Opposition der Amici della Banca; Jackson darauf befahl dem Schatzsecretair der Bank der Stati Uniti die bei ihr deponirten Regierungsgelder zu entziehn, beliefen sich auf 10 Mill. Doll., der  Bei Rota, S. 291/292: segretario del tesoro
Schließen Staatssecretär wollte nicht gehorchen; Jackson entlässt ihn, ernennt mehr gefügigen. Diese Massregel hatte 2 Folgen: Bankparthei vermehrt durch Leute, die Jackson’s Verfahren willkührlich fanden; zweitens verursachte es wahre commercielle Crise. Die Bank nämlich beschränkte sehr ihren Discont u. advances; andrerseits die andern banks, denen der Schatzsecretair die governmental Deposits anvertraut, wagten nicht dem beängsteten commerce zu Hilfe zu kommen, aus Furcht vor der Nationalbank, die schon früher gezeigt come facilmente essa potesse disfarsi delle Banche rivali.|

im inverno 1834 lebhafteste politische u. commercielle Agitation; Jackson stramm gegen lamentations, Drohungen, tumulti di piazza, ihm vom Senat inflicted Censur und:

1836 Ende der Banca degli Stati Uniti ; aber obgleich sie aufhört als Nationalbank, dauerte sie fort als banca di Stato, indem sie sich schon vor 1836 im Staat Pennsylvanien ein Approbationsdekret verschafft; ihr Name nun: »Banca di Filadelfia«; machte miserablen Bankerutt in Folge verunglückter cottonspeculation in den Jahren 1838 u. ’39.

Seit 1836 keine durch Governmentsprivilegien überwiegende Bank od. solche mit Character v. Nationalbank. Nur noch Banche locali od. banche di Stato; in manchen Jahren ihre Anzahl über 1000; dies dauert fort, bis Ende 1863 Gesetz, vorgeschlagen v. Schatzsecretär Chase , approbirt vom Congress, das radicale Aenderung im amerikanischen Bankwesen hervorbringt.

Das Gesetz v. 1863 war Nachahmung eines andern, das bis Ende 1838 vigente im Staat New York; hier glaubte man den Crisen vorbeugen zu können, indem man die Banken verpflichtete zu deponiren eine Summe in cartelle di rendita publice pubblica di un quarto superiore alla loro emissione. So glaubte man die convertibility der Noten gesichert; als ob in momenten der Crise die public funds nicht selbst stark erschüttert. In fact le crisi tornarono e più violenti, le Banche di Nuova York furono le prime a cadere. Trotzdem Chase’s Project von Congress approbirt 23 Februar 1863; der wahre Zweck des Gesetzes war aber auch nicht savio ordinamento des Bankwesens f. die ganze Confederation, sondern: künstlich Nachfrage f. die cartelle del debito pubblico u. hence deren Kurssteigerung zu bewirken.

Hauptelemente des Gesetzes: Ernannt ein comptroller of the currency; hat die nach dem neuen Gesetz geschaffnen Nationalbanken zu überwachen; Solche Bank muss wenigstens Kapital v. 100,000$ haben; von 200 000$ in Städten mit Bevölkerung über 50,000 Einwohner; Vor Eröffnung der Bank 1/2 des Capitals einzuzahlen, die andre Hälfte in 5 rate mensili. Vor Beginn des Geschäfts muss die Bank consigniren dem comptroller 1/3 ihres Kapitals in United States Bonds, wofür sie erhält von ihm currency circulating notes in blank für eine Summe = 90% des current Preises der deponirten bonds. Alle diese Noten (circulating notes) von derselben Form; in Circulation gesetzt von der Bank, che vi aggiungerà la sua firma, u. diese Noten können sein v. 5, 10, 20, 50, 100, 500 u. 1000$; die Totalsumme der in Circulation gesetzten Noten kann nicht höher sein als 300 Mill. $.

In Gesetz v. March 1863 festgesetzt, dass diese Summe vertheilt vom comptroller unter den Banken der verschiednen Staaten, halb in Proportion zur Bevölkerung, halb nach dem arbitrio des comptroller.

1864 (Gesetz) dem comptroller piena libertà gelassen in der Repartition, u.

1865 (März; letztes zusätzliches Gesetz) fixirt un diritto di precedenza zu Gunsten der Banche di Stato, die sich convertono in Nationalbanken. Die Noten der Nationalbanken empfangbar in Zahlung von Steuern; verweigert eine Bank eine ihrer Noten in Geld auszulösen, so Protestaufnahme Seitens der Porteur’s der Note, worauf der Comptroller die Bank suspendirt u. verkauft die deponirten Bonds um zu zahlen die bearers der notes. Die banks in den Städten New York, Philadelphia, Boston, Albany, St. Louis, New Orleans, Louisville, Chicago, Detroit, Milwaukee, Cincinnati, Cleveland, Pittsburg, Baltimore, |18 Leavensworth, San Francisco, Washington müssen Metallreserve haben, wenigstens gleich 1/4 des Belaufs ihrer Circulation u. der Deposits, u. die in andren Städten eine MetallReserve = 17% des Belaufs der Circulation u. Deposite. Diese Reserve, während des Cours forcé kann sein, in carta-moneta governativa, u. die Banche waren solite, quando erano in corso, tenere per riserva biglietti governativi, che portavano interesse. Die Banken haben jährlich zu zahlen dem Schatzmeister der Federation 1% auf ihre durchschnittliche jährliche Circulation, 1/2% auf den Durchschnitt der Deposits u. andres 1/2% auf das Capital nicht deponirt in United States Bonds. Die Banche di Stato, die fortfahren werden zu existiren, müssen jährlich zahlen 10% auf ihre durchschnittl. jährliche Circulation, 1/2% auf la media der deposits u. andre 1/2% auf das Capital.

Was dies Gesetz überhaupt erreichen wollte; in poco tempo hatte sich ein debito enorme accumulirt; die bonds scapitavano assai di valore u. das neue Bankgesetz sicherte lo spaccio di bonds per 340,675,000 dollari = 1 milliarde e 700 milioni di lire (= francs) nostre. (p. 297) Francis Bowen „American Polit. Economy“ bemerkt daher: „La garanzia del biglietto in circolazione non è più il credito privato, ma il credito dello Stato; per ciò pare che sarebbe più opportuno che il governo stesso si valesse del credito del quale gode ed emettesse i biglietti per proprio conto, invece di concedere l’emissione, come un lucroso privilegio, ad alcuni privati.“ Den Nationalbanken wurden daher leichte Steuern auferlegt, dagegen enorme den Banche di Stato, damit sie sich in nationale zu verwandeln.

⦗ Max Wirth (Handbuch des Bankwesens. Köln 1870) berechnet dass: una società bancaria con un capitale di dollari 100,000, wenn sie sich den Dispositionen des amerik. Gesetzes unterwirft, sicher ist 15,045$ im Jahr zu gewinnen.⦘ Auch haben in epoche di assoluta quiete 10 Nationalbanken gekracht. Doch wird »questa legge« als »unico mezzo« der Rettung in Italien v. gewissen Seiten her geltend gemacht. (p. 299)

Durch das amerikanische Gesetz: Ai biglietti delle Banche Nazionali si diede corso per tutta la Confederazione ed il governo diede ad essi quasi il corso legale e perchè la circolazione di questi biglietti non venisse da alcuno ostacolo ritardata, il governo entrò in mezzo come assicuratore di fronte ai portatori di biglietti e disse a questi: Io sono garante del pagamento di questi titoli fiduciarî, se la Banca non paga, pagherò io coi bonds da essi essa depositati. Aber während Krise fallen alle Credittitel, u. speciell die der fondi pubblici etc (297, 98)

Andrerseits durch minutiöse Bestimmungen des Gesetzes ein System v. grösserer Regierungseinmischung als bei den grossen privilegirten Staatsbanken in Europa; der Comptroller hat Einsicht in die Register, zählt i cambiali ed il denaro[, welche] v. diesen banks besessen etc (300)

Der  große
Schließen grausse Wolowski (gegen Michel Chevalier etc) nennt dies –  Bemerkung von Marx.
Schließen horrible dictu –  Bemerkung von Marx.
Schließen ⦗wie Mac Leod hier den Law-is-mus herauswittert⦘ „la monetazione del debito pubblico“.  Bemerkung von Marx.
Schließen ⦗u. dies Law! Horrible!⦘  Zusatz von Marx.
Schließen Weiter der grandissimo Wolowski: „Monetizzare la rendita è tanto pericoloso che monetizzare la terra.“ ⦗Wolowski: La question des Banques. Paris. 1864.⦘|

Gesetz vom 12 Mars 1870 hat erhoben v. 300 zu 354 Mill. $ die Maximalgrenze der Circulation der Nationalbanken. Actuell in U. St. 2123 Nationalbanken ⦗die Banche di Stato ganz verschwunden in Folge der gravi tasse die ihnen auferlegt.⦘ Ihre Totalcirculation 354 Mill. $ u. die Rente deponirt bei comptroller Werth v. 400 Mill. $. Die Nationalbanken sind zugleich banks of emission, deposits, discounts, and of credito mobiliare. Sehr viele davon employ beträchtlichen Theil ihrer capitali in acquisti di terre, di rendita pubblica, di azioni industriali.

Das amerikanische Staatsgeld mit Zwangskurs: das v. den Rebellen emittirte, schon vor Einnahme v. Richmond hatte kaum 1/100 seines Nominalwerths u. nach der Einnahme no value whatever. Anders mit dem Papiergeld des Federal Government.

Das Papiergeld, being un titolo di credito, so hängt sein Werth zunächst von fiducia ab in das Government welches selbiges ausgiebt; als Circulationsinstrument wirkt es auf Preise alle cose, also auch die des Goldes, in Verhältniss della sua quantita; in seinem Verhältniss zum Gold fühlt es Einfluss aller cause, die in gewissen Epochen das Gold mehr od. minder gesucht machen, u. dessen Werth erhöhen od. senken; u. sicher die bedeutendste solche Ursache ist der Foreign Course of Exchange; so dass in Epochen von Zwangskurs si vede sempre il corso dei cambî e il valore dell’oro in confronto alla carta procedere del pari. (303)

Januar 1862 autorisirte Congress den Schatzsekretär zu Emission v. Papiergeld f. 150 Mill. $, welches zu dienen als legales Geld für alle Zahlungen, ausser der der dazî di importazione u. der interessi del debito pubblico. Greenbacks; dies carta-moneta portò seco subito l’aggio, das jedoch bis Juli selben Jahres non si elevò al dissopra del 10%.

Juli 1862 autorisirte Congress 2te Emission v. greenbacks von 150 Mill. $; doch solle nicht mehr als 1/3 dieser Summe sein in biglietti di taglio inferiore ai 5$ u. keine Emissionen of fractional currency od. of Noten unter un dollaro. Diese Resolution erhob bald das Agio auf 20% u. die Emission war noch nicht fertig, als Agio zu 35%. Neben dem hohen Agio 2tes Uebel bald, nämlich completa scomparsa di moneta spicciola; Congress daher gezwungen in selbem Monat Juli 1862 zu authorisiren eine Emission v. 30 milioni $ in fractional currency. ⦗Auch in America in den ersten Momenten des corso forzoso si dovettero adoperare come moneta i francobolli postali.⦘

Jan. 1863 Congress authorisirt 3te Emission v. greenbacks v. 100 Mill. u. Agio bald auf 50%. Doch reichte das all nicht hin für die immer steigenden Bedürfnisse des erario. Darauf emitirt andre Sorte Papiergeld, viz: Noten für Summe von 400 Mill. $, die dienen sollten als moneta legale al pari der andern „greenbacks“, u. für welche das government Zins v. 6% versprach. Man hoffte (sieh Francis Bowen   #e* sieh Francis Bowen°] Siehe Francis Bowen: American political economy. New York 1870, Kapitel 15.
Schließen ), dass die porteurs dieser noten, um nicht Zins zu verlieren, sie nicht in Circulation werfen würden, sodass sie nicht beeinflussen werden das Agio; statt dessen schädlichster Einfluss auf Circulation: diese 6% Zinstragenden Notes nämlich entzogen von den Privaten wenn eransi accumulati sopra essi gli interessi, aber si gettavano poi in grande quantità nella circolazione subito dopo il pagamento semestrale degli interessi, producendo |20 quindi repentine variazioni nell’agio. Diese Form v. Noten ward so unerträglich gefunden, dass man darauf dachte ihnen andre zu substituiren, nämlich von Noten 6% Zinstragend, welcher Zins aggiunto al capitale alle 6 Monate, aber erst auszuzahlen nach 3 Jahren zusammen mit dem Capital. Aber diese Noten zeigten dieselben schlechten effects wie die ersten.

30 September 1863 in Circulation Noten verschiedner Natur f. 422 Mill. $ u. das Agio, nachdem erreicht 75% sul finire di febbraio, era andato oscillando zwischen 40 u. 50%.

1864: Stieg noch höher 1864 u. diede luogo a più rapide e più notevoli mutazioni.

Während 1864 nahm zu la carta-moneta in circolazione u. erreichte die Summe v. 690 Mill. u. das Agio, welches = 50 in Januar, war 130 in December; d. h. damals 230 dollari nothwendig in carta um zu kaufen 100$ in oro. Dies jedoch nicht der höchste Punkt des Agio; stieg Juli auf 185%, fiel auf 90% in September, stieg von neuem auf 160 in November, und fand sich, nach andren Oscillationen, auf 130 gen Ende December 1864.

Diese grandiose u. rapide variazione im Werth der moneta legale waren Ursachen von disastri immensi u. di una completa rovina delle industrie e dei commerci; nur die Speculation excited u. speciell die Speculation auf oro, u. die Regierung:

Juni (1864?) verbot jeden contratto a termine sull’oro, mit Drohung del carcere f. die Contravenienten. Dies jedoch ohne den gewollten effect; Speculation wurde noch lebhafter; Agio stieg – trotz seiner schon erreichten Höhe – noch um 35% in 5 Tagen.

Dies Decret (i. e. Gesetz des Congresses) bekannt als Stevens’ Gold Bill. Nach Den Congressmembers war nur die Speculation am hohen Agio Schuld. Andres abgeschmacktes Mittel des governo gegen das Agio: Es Accumulirte in den cellars des Treasury enorme quanta Gold u. Silber um sie adoperarle als un uno spauracchio gegen die Speculation in metalli preziosi; schöne Politik; machte wachsen das Agio durch Entziehung enormer Summen v. Metallgeld aus der Circulation; um sie dann als Zügel gegen das elevarsi del aggio loszulassen. (Charles A. Mann l. c. p. 167)

1864: die Ursachen der Variationen des Agio mehr politisch als ökonomisch; die scorrerie ribelli in Maryland, im Juli, trieben Agio v. 100 auf 185; u. die Reelection Lincoln’s, lo porta in November, von 110 auf 160. Dazu aber auch Einfluss ökonomischer Umstände, viz: ein Anleihn, negotiirt von der Regierung in Europa u. speciell Deutschland während des Monats Juli, fece affluire denaro in die U. St. u. dies einer der Hauptgründe warum in wenigen Monaten – von Juli bis October – Agio herabstieg von 180 auf 90.

1865: Nach Einnahme v. Richmond, Niederlage von Lees, la resa di Johnston   #e* la resa di Johnston°] Am 26.April 1865 kapitulierte der General der Konföderierten J. E. Johnston bei Durham in North Carolina.
Schließen , Agio fällt v. 130 auf 50 u. Ende des Jahrs auf 45.

Noch immer Papier mit Zwangskurs, aber Agio sehr niedrig, verglichen mit dem was 1864 u. Anfang v. 1865. Agio variirt nun zwischen 13% u. 18%, u. in Circulation carta-moneta governativa für Summe v. 397 Mill. $ ⦗während Ende 1864 für 700 [Mill.] $.⦘ wie(?) dies giebt |21 für 1 Nov. 1873 (Bericht v. Knox , comptroller der Circulation). Die 397 Mill. $ nämlich:

Ueber Schweitzer Banken sieh: Kautsch: Das Bank u. Börsenwesen. Stuttgart. 1872

 Das Kapitel trägt die Überschrift „Giovanni Law“.
Schließen ch. VIII.

Unter Louis XIV suchte man der wachsenden blassen Finanznoth zu helfen durch emission von rendite vitalizie u. perpetue, aber stets mit enormem Verlust, Capitalisten wussten wie durch Ukas  #e* durch Ukas°] Bei Rota, S. 229: con un decreto i patti
Schließen herabgesetzt die contrahirten Zinsen der Anleihen etc; durch Geldverschlechterung (Einziehung des umlaufenden Geldes, Ausgabe v. neuem mit weniger edlem Metall); durch Stiftung neuer Aemter, für welche Geld deponirt in Staatskasse verlangt; so Industrie u. Handel gedrückt durch Unzahl v. impiegati visitatori, pesatori, controllori, saggiatori etc, die ihr Office gekauft hatten, hence Privileg zu entrare in tutti gli affari u. zu préléver big provision for themselves; diese neuen Aemter nutzlos, lächerlich oft, stets dannosissimi; ferner durch Institution von Lotterien; Fortfahrende emission von biglietti della cassa di prestiti wenn auch nur noch verkaufbar zu 40% ihres Nominalwerths; endlich unter dem Namen v. anticipations verpfändet die Einkünfte von più anni successivi. So hinterliess Louis XIV (der Sonnenkönig) seinem Nachfolger 2 Milliarden consolidirter Schuld u. 11/2 Milliarden detta flottante.

Unter dem Regent (duc d’Orléans): Visa (general revision der titoli del debito fluttuante [)] (edict vom 7 Dec. 1715) reducirt die 600 Millionen auf 250 u. den alten titoli substituirt andre neue genannt biglietti governativi mit Zins v. 4%. Letztre verloren bald 70% ihres Nominalwerths. (231)

20 März 1717: geschlossen die Camera di giustizia; processati 4410 individue individui, ⦗nämlich Untersuchung gegen alle die Finanzaffär mit Staat gehabt hatten seit 1689; die Camera di giustizia, d. h. die Untersuchungs[-] (u. zugleich Straf-) Commission erwählt Nov. 1716⦘, für 219 millions di lire di quel tempo Strafgelder, = about 393 millions di lire nostre; della qual somma l’erario non incassò che la metà. (233) Nach den 2 Versuchen v. »Visa« u. »Camera di giustizia« blieb nichts mehr übrig ausser Bankerutt. Da trat auf Law etc. (geb. zu Edinburg, 1671), sein Vater goldsmith, der united, wie damals costume, all’arte dell’oreficieria il commercio di banca. (233) ⦗Cochut: Law, son système etc. Paris 1853. Levasseur: Recherches historiques sur le système de Law. Paris 1854. Heymann: Law u. sein System München 1853. Horn: Jean Law. Leipzig. 1858⦘

Banque générale Laws (Private Bank patentirt 2 Mai 1716) Vor Institution dieser Bank nicht möglich in Frankreich discont der besten effetti cambiarî zu finden unter 30%; Law offered zu discontiren zu 6%. (241)

4 Dec. 1718 diese Bank in „royale“ verwandelt (246) Février 1720. „System“ auf Höhe – aber auch schon – Wendepunkt. (259) Von September 1719 bis December 1720 der ⦗officielle⦘ valore delle monete [d’oro] fu mutato 28 × (par ordre royal) u. 35 × il valore delle monete d’argento. (262)

10 Octob. 1720 Todesdecret. (269) Vgl. über die nachträglichen Folgen des „système“ in Frankreich Galliani, Della Moneta, vol. 2, p. 220 (Custodi);  Marx setzt seine Exzerpte aus Rotas „Storia delle banche“ im November 1878 in Heft VII fort.
Schließen ⦗er nennt das Jahr 1720 »un anno di giubileo simile a que’degli Ebrei⦘ |

ch. I) On the precious metals as a circulating medium etc.

»the cheapness and abundance of fertile land … enable us to endure the most barbarous system of finance in Christendom, without sinking the mass of the people in pauperism.« (Preface  V) »The science of political economy has been fully elaborated in Great Britain … Political economy, as a science, has as yet been but feebly developed in the U. St.; partly because self-government and abundant land have saved us from those disastrous social phenomena which lead to the investigation of social science, and partly because we never had any class that could spare time from money-grubbing to devote to study … the chief attempt to pursue the subject originally – that of H. C. Carey – contains little that is reliable, being disfigured at every step by the vain endeavour to prove the absurd theory, that the way to diversify home industry is to put a duty on pig iron.« (l. c. Preface V, VI)

⦗ Zusatz von Marx.
Schließen Er räth zu lesen: „Revenue Reports“ von Welles Wells ; Walker’s: „Science of Wealth“ u. Grosvenor: „Does Protection protect?“ as to facts and figures with reference to the financial condition of the country.⦘

The amount of gold, gesetzlich to be stamped as a dollar (in the U. St.) = 23.22 grains of pure gold, or 25.8 grains of gold, 9/10 fine. (5 4) Coin nur unterschieden von bullion durch die cost of coining, z. B. = 1/2%; if coin is worth more than bullion by at least that percentage, the holders of the bullion send it to the mint to be coined. If, on the other hand, coin is not worth more than bullion by a fraction equal to the expense of coinage, it goes to the melting pot. (5, 6)

The saving of labor which the use of machinery affects, is the chief source of the accumulated wealth of the highly civilized nations, and the means by which they attract to themselves the necessary supplies of the precious metals. (15)

A commodity which, produced by direct labour, would require the time of a workman for weeks, or months, can be produced by the aid of machinery in a few days. But to those who have no machinery such a commodity represents as much labor as it would cost them to produce it without machinery. Z. B. piece of cloth, which in England would require labor equivalent to that of one workman for 2 days, would require, if made in the mining states of South America, or in the wheat districts of Russia, the labor of one workman for a month, and the homespun article produced would be a sorry substitute. The South American, and the Russian accordingly, are glad to unite their rude labor directly with the gifts of Nature, and to exchange the gold and wheat for the cloth of the Englisman Englishman, the product of skilled labor aided by machinery. Commodities, then, may be said to attract the precious metals according to the amount of labor they represent. Raw produce attracts them the least, manufactured articles the most. (15)

Andrer Grund influencing die  Bei Mann, S. 15: circulation of the precious metals
Schließen circulation more and more mit progress of civilization, particularly potent in our own country at the present time … the movement of capital from one country to another for purposes of investment. (15, 16.)

Foreign capital attracted to a country for security of the principal od. in order to realize higher rates of interest. (16) Z. B. English capitalist, attracted by high rates of interest, wünsches wishes to invest in |23 in American securities; in London [an] American projector sells him railway bonds; mit diesem Geld kauft er entweder direct railway iron in England u. verschifft selbes nach New York; hier transfer of capital without ⦗international⦘ transfer of money; aber der railway  Bei Mann, S. 16: constructor
Schließen contractor mag vorziehn sein Eisen in Pennsylvanien  Bei Mann, S. 16: to buy
Schließen zu verkaufen. Ist wie meistens der Fall – der exchange in favour of England, so deponirt er das aus sale seiner bonds realisirte Geld in London, u. mit den proceeds of the sale of his bill on London, pays for his iron; in diesem Fall wieder transfer of capital without shipment of Gold; aber die bill on London, sold in New York, has been purchased by some one, who, without it, would have been compelled to have shipped specie to England to have met his payments there. (16) So in Folge der high rate of interest, confidence existing, tends to attract capital to the country which can afford to pay it; zieht entweder Gold in das Land, or keeps at home a portion of that already there, u. this influence may act irrespective von purchasing power of money, as marked by the scale of general prices in the respective countries. (16, 17)

Aber capital sent abroad for investment usually takes the form of a loan; debt so creirt, must früher od. später be liquidated, u. der interest darauf paid as it accrues. Hier  Zusatz von Marx.
Schließen (nach Mann) »as the rate of profits« to be »derived from the differences of prices is greater than the interest paid for the use of capital«, folgt, »that the controlling cause in determining the circulation of the precious metals remains the exchange value of money. They seek the country where they buy the most. Gold flows from California, where interest is 2% per month, and commodities are correspondingly high, to Holland, where interest is 2% p. annum; and commodities are low  Zusatz von Marx.
Schließen (!) The flow of the precious metals to India and the East proceeds from the same  Bei Mann, S. 17: cause
Schließen source.« (17)

Prices in each country must bear their proper relation to prices in every other, and this relation is adjusted by the flow of the precious metals through the channels of commerce, and, as no other commodities possess the same quality of universal circulation, nothing else can ever be substituted for them as money. (19) Gold only is current between nations, and its most important function is to act as a regulator of international prices. (l. c.)

ch. II) The different sorts of Paper Money.

Nimm an circulation (in gold, liege in einer bank) v. 90 Mill. dollars; 60 würden exported in return for foreign produce; bank giebt nach wie vor f. 90 Mill. Noten aus, wovon für 30 Gold in ihrem Geld gedeckt, aber 60 Noten, die nichts kosten als expense v. paper u. printing. Das Land gewinnt dabei. Hauptgainers aber durch die Operation – die banks; haben gained the use of 60 Mill. $ at a nominal expense; diese notes it loans to its customers u. it adds 60,000,000$ to the loanable capital of the country, which is used to increase its production u. wealth. ([24,] 25)

Ob Banknotes für legal tender erklärt od. nicht, ändert nichts; use macht sie zu money. During der Suspension in England war die Banknote nie legal tender; sie wurde nicht mehr money 1834, als die B. o. E. notes legal für legal tender erklärt. In den U. States hat kein State »the power to make banknotes a legal tender zwischen individuals[«]; sehr fraglich ob das general gvt. diese Power  Zusatz von Marx.
Schließen (mit Bezug auf banknotes) besitzt. Die Courts however haben nullified this provision by holding that a tender of banknotes is good, unless specifically objected to at the time of the tender, and statutory legal tender required instead. So mit English country banknotes, good tender, unless objected to. This quality belongs to no other form of credit, nor to any article of merchandise. Vor 1862 waren banknotes, ausser Gold u. Silber das Einzige in U. St. which could be used in immediate payment of pecuniary obligations, u. were commonly so used to the exclusion of the latter. Banknotes by force of custom had |24 usurped its place  Zusatz von Marx.
Schließen (den des Goldes), and all contracts were made with reference to the custom. ([26,] 27, 28)

Aber, gesetzt Bank, die issued die notes, kracht; dann sagt man »banknotes do not finally close the transactions in which they are employed; the receiver of the broken bill would have recourse to the person from whom he received it«; aber auch »in the case of a counterfeit coin, the person paying it out is bound to make it good« … The courts of most of the  Bei Mann, S. 29: States
Schließen federate »States« hold that the receiver of a bill of an insolvent bank must return it fortwith forthwith to the person from whom he received it, and that any delay in so doing discharges the latter. And the courts of some of the States have gone so far as to hold that banknotes do close transactions in which they are employed; that giving them for a debt without objection is payment, and that the risk of the solvency of the bank is thrown on the receiver. (28, 29)

Das paper money  Bemerkung von Marx.
Schließen (issued by Banks; er spricht nämlich hier noch v. Banknoten) of a country kann at one time be in volume = dem v. ihm displacirten specie, zu andrer Zeit exceed it. In letztrem Fall may people dessen – (der redundancy) – nicht gewahr werden of the change; so lang alles gut geht, banknotes nur presented for coin in small amounts; u. diese nach wie vor »redeemed« durch die banks. Aber wenn aus irgend einer Ursache, z. B. demand for specie to ship abroad, or weil distrust has entered the public mind, notes presented for redemption in large amounts, wird offenbart der fact dass die Banknoten had driven too much gold out of the country and that they were in excess of the natural specie circulation.  Zusatz von Marx.
Schließen (?!) Dann specie payment suspended u. wir haben: »notes, circulating as money, not convertible into coin on demand.« Such war das Circulating Medium dieses Landes periodisch, nach jeder commerciellen Crise; aber diese Circulation inconvertibler Banknoten stets nur v. temporärer Dauer, u. in violation of law; was result of a panic, belonged to a stage of transition von a period of speculative excitement, to one of ordinary quiet. (30, 31)

Andre Sorte v. Geldpapier:  Zusatz von Marx.
Schließen Staatspapiergeld – a legal tender for the payment of debts, not required to be redeemed in coin. Such the present currency of the U. St., … paper money proper. (31)

Natürlich, bei Gelegenheit v. civil commotion, war unter distressed circumstances etc: »to borrow gold will then be difficult, while to borrow inconvertible bankbills will be to pay the banks heavy interest for the use of printed slips of paper; which the Government can print as well as they. (31) The opportunity of making a forced loan without interest will become a temptation too strong to be resisted, and the sinews of war will be obtained by issuing legal tender notes.« (l. c.) Based upon kein Princip »but that of the thief«, od. darauf: »money is a mere unit of circulation.« „The dollar is wholly an arbitrary conventional standard.“ (31) First conspicuous advocate … John Law . „Money,“ says he „is only the sign which represents riches in circulation. A crown is a note of which the impress of the prince is the signature“ etc (Cit. aus Laws „Money and Trade considered etc.[“] Edinburgh, 1705) Paper money in these days is made a legal tender only as a revolutionary currency. (32) The law has given them with us every quality of real money except the fundamental one of stability in value, which law cannot give. (35)

Convertible Banknotes – paper taken on the credit of the issuers and this credit differs |25 from other forms of credit – ist „coined credit”, constituirt »a credit currency«. (36)

ch. III. Of the Instruments of Credit used as Currency.

Ausser bankbills  Bemerkung von Marx.
Schließen (bei ihm = banknotes): Promissory notes; bills of exchange; bank checks od. deposits. (39)

1) Promissory Notes. Say A, a country dealer in dry goods, kauft a bill of merchandise zum Betrag von $1000 von B, a jobber in benachbarter Stadt. A erhält die gewöhnliche Zeit on his purchase, sage 90 Tage; is put down in the books of B as his debtor für den Preis der Waaren, zahlt Schuld in Verfallszeit. Dieser purchase on credit, so far as concerns the currency used to effect it, is dasselbe als a purchase for cash. Dies case of bookcredit. (39, 40) Wenn aber A giebt seine Note for the amount, payable to the Order of B. B kann diese Note bei seiner Bank discontiren u. mit dem Geld andre Waaren zum Ersatz seines stock kaufen. Vermittelst der Note so ein purchase mehr gemacht »within the time of the credit« als ohne sie; im übrigen die note nur used »as an evidence of indebtedness« od. »security for the payment of money«. B may aber auch endorsiren die Note over to C, a jobber at the commercial centre of the country, in payment for a bill of goods, dieser zu D, an importer, for merchandise purchased of him u. D erhält das payment of it when due. Hier zwei neue transactions, »within the time of the credit«; die note has been the instrument for making these exchanges – has been part of the currency of the country for that purpose. The quality, die promisory promissory note von simple credit unterscheidet u. gives it efficacy as currency, is the quality of negotiability under the Law Merchant. Ist Nicht nur transferable v. Person to Person, sondern A, who made it, kann nicht set off gegen die Bank which discounted it, od. gegen any other holders for value, any claim he may have against B, but must pay it when it falls due, without question (40)

B may auch die Note als security halten until paid; dann ist est es wie any other money security, a mere evidence of indebtedness u. würde keine Geldfunction vollzogen haben; so für die Bank which discounted it, blosse security wie a government bond. ([40,] 41)

In U. St. der use of promissory notes as currency ist comparatively limited; sind gewöhnlich held for investment, od. discounted by the banks, od. bought u. sold like other money securities. (l. c.)

2) Bills of Exchange; häufig current in selber Art als promissory notes, by virtue of their negotiability. In England, domestic bills of exchange largely used in Fällen wo, with us  Zusatz von Marx.
Schließen (yankees) notes have taken their place. (l. c.) At one time bills of exchange fast die ganze currency of Lancashire, f. sums über 5£. (l. c.)

In den United States … inland bills of exchange u. drafts generally used für ihren original Zweck; zur Erleichterung der exchanges zwischen verschiednen Orten, ohne die expense u. risk attending an actual transfer of money. In making these exchanges they act the part of currency. Z. B. A, Kaufmann in New York, verkauft dry goods für $[1000] an B, Kaufmann in Chicago. C, ein andrer Kaufmann in Chicago , verkauft breadstuffs f. 1000$ an D, Kaufmann in New York. B, statt Geld selbst an A zu remittiren, kauft von Nachbar C a bill of exchange drawn by him on his debtor D in New York u. remits it to his creditor A, who collects it of D, u. so beide transactions closed by the one payment made in New York, u. ohne  Bei Mann, S. 42: two transfers of money
Schließen 2 transfers v. der einen Stadt zur andern, passing one another on the journey. ([41,] 42) In |26 der Praxis zeigt sich das oft somewhat verschieden. Die merchants v. Chicago schulden zusammen grosse Summen den merchants v. New York u. die Kaufleute v. New York denen v. Chicago. Die bills of exchange drawn in New York auf Chicago u. drawn in Chicago auf New York, od. die promissory notes made payable in that city, od. mit exchange on it, sind collected through the banks, direct, or being received on deposit, and the drafts of the bankers substituted. Die banks settle the account unter einander u. make an actual transfer of money only to adjust the balance of exchange. Die bills u. drafts perform one of the functions of money, that of being a medium of exchange. It is not simply that they are an obligation to pay money, transferable etc, but the quality of being negotiable, so that no other claim can be set off against them in the hands of a bona fide holder that causes them actually to represent money, and act the part of currency; doch letztres nur one of their uses wie bei promissory notes. (42, 43)

In foreign commerce spielen bills of exchange noch wichtigere Rolle als in internal trade. Die Waaren verschifft v. einem Land zum andern, sind repräsentirt durch bills of exchange drawn against them, which bills are current from hand to hand; u. das Land das mehr Waaren v. andrem erhält als es sendet, must pay the balance in coin od. bullion. 9/10 des Welthandels durch bills of exchange transacted.

3) Bank deposits u. checks drawn against them … Banks of deposit increase the amount of loanable capital in a country. (44)

In kleineren places »checks on each bank may be deposited in each of the others.« Dann die »banks, at the close of business, exchange the checks they respectively hold against each other, and each one pays each other in money the ballance balance, if any, over and above the amount of its checks it holds. In large cities, wo clearing houses established, selbst dies payment made ohne den actual use of money. Checks on one common bank are substituted, od. securities are deposited in a trust company, for which certificates are given, od. money is loaned to the government, for which certificates are issued, u. these are used to settle balances at the clearing house.[«] ([46,] 47) In den U. States »where capital is scarce in proportion to the uses for it, bank deposits consist largely of loans made by the bank, by crediting the account of its customers with certain sums, and taking obligations for the repayment thereof.[«] (48)

Durch den use of the economizing expedients, the wholesale business der U. St. effected by handling of comparativ wenig Geld. When the parties residirend an selbem Ort, checks are given; wenn their places of business in verschiednen Städten, Zahlungen gemacht durch bankers’ drafts, welche nur sind checks of a bank in one city upon a bank in another city, u. are credited to the account of the depositor like any other check. In retail dealings u. payment of wages, meist actually money used; in den rural districts, wo banks are far apart, mehr money used in Verhältniss to business done als in den cities, u. der amount of bank deposits proportionell smaller. Der Kauf v. farm products from first hands generally made with money and not checks. Large shipments of currency v. den commercial centres folglich jedes Jahr gemacht to move the crops; which currency finds its way back in payment for the goods purchased by the country merchants. (48, 49) In den U. St., wo man always gewöhnt von banks of |27 deposit, war man nicht conscious of the economy there is in using them. (49)

Anfang 1860 Circulation der banks der U. St. = 207 mill. $ in notes; hatten specie = 831/2 mill. Considerable Theil of specie in the hands des people, worüber nur conjuncturale Veranschlagung; aber scheint sicher, dass Total Circulation der Ver. St. in 1860, mit Einschluss v. specie in banknotes, nicht viel über 400 Mill. $ (leaving the Pacific States out of the calculation) (50)

The effective power of money (eingeschlossen darin banknotes u. specie as measured by the amount of exchanges it effects) ist mindestens 3 × so gross in Great Britain as in France u. 2 × so gross in U. St. als in France (52) the amount of bank deposits in Frankreich (wo ausserdem hoarding immer noch habit generally diffused) nur 1/8 as large as in the U. St. Frankreich braucht desshalb mindestens 2 × so viel Geld as we do to effect the same amount of exchanges; that country is kept from accumulating wealth by having so much of its capital invested in them (53)

Andrerseits: In Gr. Britain u. den reicheren portions of the U. St., würde capital hinreichend ökonomisirt werden durch den use of banks of deposit u. der transferable instruments of credit, ohne any issue of banknotes. Durch den use der letzteren das economizing v. Specie carried so far that it ends in insecurity u. die fluctuations that result produce a waste both of labour and capital. (53) While deposits are currency they are not money. They are used to exchange values, but not to measure them. (l. c.)

 Zusatz von Marx.
Schließen In Antwort auf J. St. Mill , der sagt (nach Tooke etc): „I apprehend that banknotes, bills or checks, as such do not act on prices at all. What does act on prices is credit, in whatever shape given, and whether it gives rise to any transferable instruments capable of passing into circulating or not.“  Zusatz von Marx.
Schließen Darauf Mann: »1) neither bills of exchange, checks, nor deposits perform all the functions of money. They are instruments used in making exchanges, but … not the standards of value  Zusatz von Marx.
Schließen (!), by reference to which it is ascertained how much of one article ought to exchange for a given quantity of another« (54, 55)

2) Error … that … credit acts on prices. The real cause, of which credit is but the effect  Zusatz von Marx.
Schließen (!), is still more remote. Whatever affects values, affects prices … But credit has no effect on values. It is brought into use when some cause that changes values, changes prices  Zusatz von Marx.
Schließen (!) So wenn Ausfall in Ernte wächst value of wheat; hence speculative demand u. credit is resorted to. (55)  Kommentar von Marx.
Schließen ⦗Der Mann irrt darin: Whatever affects values, affects prices (dies ist sogar Cardinalgesetz); aber nicht umgekehrt: whatever affects prices, affects values ⦗also credit can affect prices without affecting values; but it can also affect values f. i. capital advanced on credit for introduction of inventions etc⦘ (55)

»The use of credit and its transferable instruments, therefore, has no effect on the values of commodities compared with each other. But it may be said that they might elevate all prices in the same proportion, thus leaving prices higher, but relative values the same. But here another limit is met. Gold is the regulator of international prices, and, under the law of its circulation, prices in differrent countries are too closely related to permit such an enhancement in any country[«] (55, 56)

Credit u. transferable instruments haben daher keinen Einfluss auf Prices; d. h. »no such effect in the long run; but the course of prices, while they are in the process of adjustment to values, is fluctuating and irregular. … Over the final adjustment of … price … to value, neither credit, nor its transferable instruments, have any control; but over the intermediate fluctuations of price they may have a temporary influence. |28 While the adjustment of prices to values is in process, the extent to which purchasers can use credit, and its transferable instruments, may have a certain influence over the fluctuations of prices, without changing this ultimate adjustment. (55, 56)  Bemerkung von Marx.
Schließen ⦗Er sieht hier nur Waarenspeculation; wie credit (als advance of capital) wirkt auf Production, u. by it, auf prices ⦗respective even upon values⦘ er sieht nich. Uebrigens versteht er unter value in fact equation of demand und supply, obgleich er allerdings früher sagt quantity of labor sei ein Hauptmoment in seiner Bestimmung.⦘ Ferner to consider the »defects in the machinery for effecting exchanges[«] ; die value-saving machines which credit supplies are not perfect; ihr Hauptmangel die »economy of gold« zu weit zu treiben, so as to produce »scarcity of that article« und »a consequent rise in its value [«]  Zusatz von Marx.
Schließen (!) Derangement daher der whole machinery, explosions. (56)

3)  Bemerkung von Marx.
Schließen Mann geht aus v. der false Theory (die er richtig als bei demselben J. St. Mill vorhanden citirt) dass, wie Herr Mill sagt: „that an increase of the quantity of money raises prices, and a diminution lowers them, is the most elementary proposition in the theory of currency.“  Zusatz von Marx.
Schließen Herr Mann sagt: »When the scale of general prices in any country in one year is compared with their state in a prior year, the difference is found to depend principally on the amount of money in circulation at the respective periods.«  Zusatz von Marx.
Schließen Nach ihm aber sind »banknotes – money«, daher »mit coin« einzuschliessen im »amount of money by which general prices are determined«. ([56,] 57) Folgt daher nicht, dass sie diesen effect haben Preise mehr zu erhöhen als der Fall sein würde, wenn blos Gold circulirte. [»]Inconvertible banknotes issued in excess of natural circulation haben unleugbar den effect. Dass sie ihn manchmal haben können, before the stage of inconvertibility is actually reached, nicht beweisbar, aber wahrscheinlich aus vielen später anführbaren facts.« (57[, 58])

[»]In the average that constitutes general prices, not only the prices at which the commodities sell, enter, but also the quantities of them sold.« Dieselbe Geldmasse circulirt »a small crop at high prices« u. »a large crop at low prices.« (58)

Banknotes are paid out as money. Checks u. notes of hand are given, that the holder may collect money, or transfer the right to collect it, and the money finally collected is usually banknotes. Z. B. Ich zahle in shop mit Banknote. (58) Man kann sagen dasselbe könnte mit checks geschehn; aber der fact, dass es nicht generally practice. »If the time ever arrives that bank checks are used as freely as banknotes, they will become as much money as the latter.« (59)

Banknotes displace specie dollar for dollar, or nearly so, less the reserve to meet them; while the other instruments of credit displace specie to an amount much smaller than their own sum. They economize the use of money by increasing its activity of circulation. They add to the effective power of the money on hand; while banknotes drive coin away, and take its place. The limitation on the amount of the latter that can circulate is imposed by the law of circulation of the precious metals, and until that limit is reached, they can be issued, while used in retail trade, and in payment of wages, without regard to the supply and demand of commodities. But credit and its instruments cannot increase, while the demand for commodities remains the same. They are the effect of such a demand, and not the cause of it. (59) Mit Bezug auf  Bei Mann, S. 59: transferable instruments of credit
Schließen transferable instruments – im Gegensatz zu Banknotes, they increase |29 not the quantity of money but its activity of circulation, and it is only the special prices  Zusatz von Marx.
Schließen ⦗nicht wie bei money = coin u. notes – general prices⦘, or those towards which speculation runs, that are enhanced, while the special demand resulting from a change in values, and not the credit given, which causes the enhancement. (59, 60)

An increase of banknotes is possible without any increase of the amount of exchanges to be effected. An increase of notes, bills of exchange, and loans by deposit, can only take place on account of an increased demand for money, that is, of the amount of exchanges to be effected. Banknotes perform both of the functions of money. They are used to measure  Zusatz von Marx.
Schließen (!) values, as well as to effect exchanges, though in measuring values they fill the place of gold partially and imperfectly; die andern instruments of credit haben nur die eine function of facilitating exchanges. (60)

The amount of deposits is as directly affected by, and dependent on, the quantity of money in circulation, wie die prices of commodities. (60, 61)

Money is always a commodity, and trade equivalent to barter. (61)

Money, like any other tool, is a form of capital, but the accumulations of labor called capital may exist in almost as many forms as there are objects of human desire. But when capital is loaned it is usually computed in money. The name dollar, in expressing capital, is more nearly a mere unit of computation than at any other time. Loan of moneyed capital geschieht meist durch some of the transferable instruments of credit, meist durch check auf eine bank, u. selten the money actually counted out; just as commodities are paid for by transferring a credit, ohne counting out any money. In beiden Fällen receiver entitled to demand the dollars in actual specie; Umstand, dass specie selten called for, macht die transaction in dem einen Fall nicht weniger a payment of money, als in dem andern a loan of money. Capital … is the thing loaned, aber capital in the form of money. Hence popular usage richtig, wenn bezeichnend »the loanmarket as the moneymarket [«]. Ohne Credit müsste das moneyed capital stets actually in coin gezahlt werden. Der Name wurde gegeben bevor Credit existirte – als a loan of money and the interest of money were paid in specie, and not by a symbolic transfer … Error daher entsprungen. Weil das interest paid for the use of capital is said to mark the value of money, wird unterstellt a direct connection between these two things  Zusatz von Marx.
Schließen ⦗nämlich der Werth des Gelds (of gold, Silver[)] als Waare, also auch ihr Effect upon general prices⦘ (61, 62)

Money in itself, is no more a ticket or order ⦗so that the one who lends it only transfers the right to receive a certain portion of the produce of the country⦘ than wheat or any other commodity. (61, 62) Money itself is as much capital as the wheat, though it is also the instrument of transferring capital, and paper money, so long as it remains convertible into coin on demand, is equivalent to capital, and costs every holder of it, except the issuer, as much capital as if it were coin. (63)|

ch. IV) Of convertible banknotes in excess of the natural circulation.

Die Frage ob banknotes to class mit credit od. money in their effect on prices, nur praktisch wichtig, soweit beweisbar, dass, while retaining their convertibility into coin on demand, they can be issued in excess of the specie, which, without them, would naturally circulate in the country. (65)

Mr. Amasa Walker in „Science of Wealth“ (Boston. 1866) sucht hauptsächlich durch facts zu zeigen, dass die banks haben great power in expanding their issues, and thus engendering a rise in prices. Das Motiv haben sie undoubtedly; »This sort of money costs only the expense of engraving and printing, and yields to those who lend it as high a rate of interest as real money. The more of it they can keep afloat, the greater their profits.[«] (66)

Erstes  Zusatz von Marx.
Schließen (angebliches) Beispiel v. excess v. convertible Banknotes A. Smith (book II, ch. II) über Scotch Banks u. Bk. o. E. (67) (Darüber auch Ricardo: Polit. Econ., ch. XXVII.)

Zweites Beispiel der redundant banknote currency nominally convertible into coin in U. States vor 1862.  Bemerkung von Marx.
Schließen (See A. Walker) p. 70 ⦗nachzusehn wieder diese page, wenn die Sache nicht in Walker⦘

Die mania for paper money im 18. Jhdt nirgend more prevalent than in North America. Die meisten colonies emitted bills of credit made by law a legal tender. The Continental money of the Revolution was but an extension of the currency used before the war commenced. (70) the paper money of the U. St. has seldom been truly convertible into coin on demand. (75) Specie payments suspended 8 times in 64 years. (l. c.)

In Great Britain die Praxis – the device of issuing notes in one city, redeemable only in a distant city, wurde in England suppressed durch Statute of 1826. (78)

Loans (in U. St.) oft gemacht mit express understanding u. agreement that the notes should receive … a good circulation; i. e. in taking them to a distant place and paying them out for purchases in the rural districts, where envious brokers u. rival bankers would no longer be able to hurry them back forthwith to their issuers. Viele small banks, bes. of the Eastern u. Middle States, lived wholly by their circulation, thus kept afloat in the Western States at high rates of interest. The scarcity of loanable capital in those States rendered it easy to circulate any thing that purported to be money. (78, 79) Hauptmittel in den U. St. – issue of notes of small denomination. (79 sqq) ⦗»elementary principle, that the poorer currency always supersedes the more valuable. A person who has in his pocket both gold and doubtful banknotes, naturally prefers to rid himself of the latter.[«] (80[)]⦘ ⦗Sieh p. 80, 81 sq. über small notes, retail trade prices etc⦘ (81, 82, 83) Die practice established in many der States  Zusatz von Marx.
Schließen (der Amerikanischen Union) of requiring the banks to deposit with a public officer collateral securities for the redemption of their circulating notes; dies giebt dem quasi government indorsement; impede their return for redemption; enable the issuers to keep a greater amount afloat with a limited reserve of specie. That banknotes thus secured circulate on the credit of the securities as much as of the banks issuing them, zeigte sich bei Ausbruch der Rebellion  #e* Ausbruch der Rebellion°] Im April 1861 erklärten 11 Südstaaten ihren Austritt aus der Union und begannen damit den Nordamerikanischen Bürgerkrieg.
Schließen : damals die Western bank currencies, |31 founded on Southern State bonds, depreciated as these bonds declined in price, with occasional exceptions of solvent issuers, involving in ruin merchants who received such notes in the course of trade, and bankers who took them on deposit. (84) Aber vor der Rebellion die »periods« in den U. St. worin »banknotes … in excess of the natural circulation« were »always limited. The ultimate regulator of the amount of banknotes that can be kept convertible is the movement of the precious metals. When not redeemable in coin, there is no limit to the amount that can be circulated.[«] (84) So long als banknotes convertible in coin, haben die banks no power of issuing them so as to permanently elevate the prices of commodities. Yet this does not affect the conclusion that they have this power temporarily. When prices rise, the gold is exported gradually, and an inflation may continue for a considerable period before the natural check of an exportation of specie brings it to an end. It is natural, also, that the banks should exercise this power, where small notes are issued more frequently than when they are prohibited. For, in the latter case, the enhancement of prices begins in the wholesale markets, and is felt immediately on the international exchanges. (85)

ch. V. Speculation and Panics, as affected by a mixed currency.

Speculation … an effort of those making exchanges to profit by real or expected variations in the values of commodities or securities. It is the change of the immediate value of a commodity produced either by a diminished supply of it or an increased demand for it, on which most speculations [are] based. (87) In the markets for merchandise, it is commonly a short supply of any thing that changes its value relative to other commodities, and thus puts up its price … Stocks laid in in order to gain the increased price. The prospect of realizing an easy fortune by buying at one price to-day, and selling at a higher to-morrow, attracts numerous buyers from those engaged in other pursuits, and a speculation for a rise takes place. Selber effect produced durch a new demand for any commodity, wie f. arms, salpetre, naval stores in den Amerikanischen Märkten zur Zeit des Ausbruchs of a European war etc (87, 88) ⦗bei Ausbruch v. Krieg etc geliefert Beispiel »of the effect of a new demand concurring with an expectation of a reduced supply … by the course of bread-stuffs[«]⦘

Doch der speculative effect of an increased demand directer sichtbar in market for securities als in market for commodies. (88) »banknotes« do not »create speculation«, aber »they foster its excesses.« (90)

⦗»Speculation is a necessity which cannot be escaped, until supply and demand never vary, and capital ceases to accumulate. In its right place it is a benefit. It opens a proper outlet for human activity. It is the excess of it that is an evil.[«] (90)⦘

Book credit, simpelste Form Credit zu geben. In meisten branches of trade, by the custom of merchants, a buyer is allowed a specified term of credit on his purchases; nur am End des term is his account presented u. the payment asked. (p. 90)

( Die Kapitel VI und VII exzerpierte Marx später, ab Seite 83 des vorliegenden Hefts.
Schließen Von diesem u. 2 folgenden chapters sieh cont. p. 83 )|

Ch. VIII. „The Theory of Greenbacks.“

Issue of government paper to circulate as money nothwendige Folge der Situation, worin die Banks bei Ausbruch der  Bei Mann, S. 147: rebellion
Schließen Revolution (nämlich ihr suspension of specie payments)[.] Gvt. hatte nur Wahl to borrow the bills (i. e. notes) of suspended banks – es that so während des Kriegs v. 1812; gvt. damals sold its bonds at 20% discount, taking for them inconvertible bank paper at par – od. to issue circulating treasury notes, wie geschah 1862. (147) Paper money war damals a political necessity. The loan without interest, and the illusive prosperity, which resulted from ascending prices, they found a strong assistance at the polls. (148)

Erstes internal revenue law ⦗womit Steuer zur Kriegführung Anfang gemacht⦘ kam in Operation 1 Oct. 1862, an welchem Tag Gold sold at 1233/4 u. das Premium had reached 70% before the effect of the law in producing revenue was fully felt. (149)

While in the beginning it was claimed that a dollar is whatever the law makes a dollar, now it is attempted to transmute paper into gold by insisting that a dollar is 258/10 grains of gold of 9/10 fineness. (153) A greenback purports on its face to be a promise of the U. St. to pay to the bearer a dollar. It also purports on its back to be, and by law is, made a legal tender to pay all debts, public and private, within the U. St. … The U. St. are under no legal obligation whatsoever to redeem these promises to pay a dollar by the payment of a coined dollar. The dollar … intended is a dollar of account.  Zusatz von Marx.
Schließen (Sieh auch die legal opinion p. 154) ⦗Ein distinguished jurist, sagt in dem Process Metropolitan Bank vs Van Dyck: „By the arrangements of the legal[-]tender-act, the notes are not payable in coin, for the quality which makes them receivable for all public and private debts authorizes the government to redeem them in other notes of the same kind, so that they are to constitute a medium of payment and exchange, which is to be quite distinct from gold and silver money, and not convertible into it.“ (l. c.)

Was greenback sonst sein may, as a government security, in seinem character of money, ist es nur a stamped counter. (l. c.) Gerichte entscheiden demgemäss by »invalidating specific contracts to pay in coin.« (l. c.) A debtor can agree to pay coin, and the law will none the less uphold him in paying legal-tender notes. For the latter (heisst in Urtheil) „are lawful money, and have a legal value equal to that of coin in the cancellation of debts.“ (155)

⦗ Zusammenfassende Bemerkung von Marx.
Schließen Aus den Citaten der richterlichen Urtheile, die er giebt p. 156–158 klar, dass diese Juristen verstanden unter the Constitutional power of Congress „to regulate the value of money“ – a power to debase the coin after the manner of Henry VIII )⦘ ⦗In einem dieser Urtheile heisst: „All that the debtor contracts to do, is to return to his creditor in dollars and cents as much as he received, and the advance and repayment are alike to be made in that which by competent and valid authority is made the medium of account and payment.“⦘ ⦗Heisst in andrem judgment: „A treasury note of the denomination of 10$ is legally as valuable for the purposes of money as a coined eagle. The value of each is fixed at 10 dollars money of account. If a gold eagle be worth more in the market than a ten |33 dollar legal-tender note, it is because it is wanted to pay duties and settle balances abroad. The market value of gold is therefore regulated by the demand and supply. This demand for gold may be for legitimate purposes, as suggested, and it may be for speculative or illegitimate purposes; and, unfortunately, at the present time, most of the difference in value of gold coin and legaltender notes is the result of a species of gambling in the metallic medium of circulation as private or publick stocks are gambled with. It cannot be said that a measure of value thus affected by extraneous causes, fluctuating in its character, which may be more to-day and less to-morrow, can be any just criterion of what a creditor loses or gains.“ Danach the rise and fall in the premium on gold measure fluctuations in the value of gold, instead of greenback p. 158.⦘ ⦗Diese Urtheile datiren von 1863.⦘ Dies die Ansichten der Gesetzgeber welche den legal tender act passirten; hence their subsequent attempt to keep down the premium on gold by act of Congress. Nach ihnen the law had made a bit of paper a dollar, recognized no difference in value between such a dollar and any other dollar, therefore there was no such difference; the apparent difference „had no legitimate bearing on the question“, being „created by brokers and speculators“. By suppressing speculation, then, the premium would be kept down. Hence speculation in gold was forbidden; the whole supply of that commodity was driven out of the market, while the demand for it remained constant, and the premium advanced 60% in a few days. (158, 59) Die judges, who sustained the power of Congress to issue legal-tender notes, getrieben zur Position that Congress has despotic power to debase the coinage, and to make the debased coin tenderable in payment of debts contracted in coin of full weight. Sie citirten in support davon »the decisions made in the time of Edward VI and Elizabeth , affirming the validity of the payment in debased coin of a debt contracted in good coin … to show that the law recognizes in money only the name and not the substance.[«] (160, 161)

Elizabeth v. England „in order to pay the royal army which was maintained in Ireland for several years to suppress the rebellion of Tyrone  #e* rebellion of Tyrone°] Allgemeiner Aufstand der Irländer unter Führung von Hugh O’Reale , Graf von Tyrone (Provinz Ulster) ab 1595, der erst 1602 blutig niedergeschlagen wurde.
Schließen , caused a great quantity of mixed money, with the usual stamps of the arms of the Crown and inscription of her royal style, to be coined in the tower of London, and transmitted that money to that kingdom, with a proclamation dated   #e* May 24, in the 43rd year of her reign°] Elisabeth I. war seit 1558 Königin von England und Irland; es ist also das Jahr 1601 gemeint.
Schließen May 24, in the 43rd year of her reign, by which she declared and established this mixed money, immediately after the said proclamation, to be lawful and current money of the kingdom of Ireland; and expressly commanded that this money should be used, accepted and reputed by all her subjects and others using any traffic or commerce within the kingdom.“ In April, before the proclamation was issued, and when the pure coin of England was current in Ireland, a merchant of that country bought goods of a London merchant and agreed to pay him therefore ‚ 100£ ‚current and lawful money of England‘. When the debt became due, he tendered the mixed money. The tender was held good on appeal to the Privy Council, |34 the judges so advising, on the ground that the mixed money was ‚current money‘.[“] (Note 161, 62).

Ueber Article 1895 des Code Napoleon sieh Troplong, treatise „Du Prêt[“] Art. 236. Paris. 1845.

ch. IX. The Premium on Gold.

Premium on gold bezeugt Thatsache dass die currency depreciated; keineswegs aber dass dies premium correct measure of the value of the depreciated currency. (165)

Der exchange-value od. purchasing power of our present paper-money is not now, and never has been, accurat gemessen durch den price of gold. Steigen od. Fallen des value of money gemessen durch general prices; gold selbst figurirt hier nur als ein article of merchandise; u. wie bei jeder bes. Waare, ihr Preis bestimmt durch andre causes als currency – durch special causes peculiar to itself. Dies gilt auch f. die precious metals. Indeed, the causes which determine their price, in paper, are more peculiar, than die welche den paper price irgend eines andern Handelsartikels afficiren. (166)

 Ordnungszahl von Marx.
Schließen 1) Eine special cause, seit Ausgabe des inconvertible Papiergeld – government meddling. So z. B. nach passage v. „the Stevens’ Gold Bill“. Jeder inquiring through Wall Street found a difference v. 15–20 dollars on a hundred between the prices for gold demanded by separate retail brokers. (166, 67) Dann wieder das gvt. accumulated enormous hoards of the precious metals in the vaults of the treasury, in order to depress the premium by holding those sums in terrorem over the market, and by disposing of a portion of them whenever the premium tends to rise. Diese efforts partially successful; price of gold manchmal so low depressed as to make it the cheapest commodity in the country. (167)

 Ordnungszahl von Marx.
Schließen 2) the value der Greenbacks as securities, though not their purchasing power as money, has always been measured by gold, the true standard of value. The premium on gold repräsentirte daher häufig wenigstens ebensoviel den Credit der Regierung als den exchange value or purchasing power des lawful money. (l. c.) ⦗Einfluss daher der victories, defeats, etc⦘

Während des Kriegs inflation in progress, price of gold stieg viel rascher als der der grossen mass v. Waaren of domestic origin; Resultat des Kriegs noch ungewiss; andre Waaren stiegen in Preis, nicht weil Gold had risen, sondern weil supply of money had become excessive. Nur imported articles u. certain articles of export followed gold closely. Die prices of the rest were slower in rising, and were less rapid in their fluctuations. (168)

Nach close des  Amerikanischer Bürgerkrieg (1861–1865)
Schließen war umgekehrter Process: Ausgabe der treasury notes hörte auf; ihr Werth as government securities war assured by success; confidence in their ultimate redemption; Glaube dass sie bald wieder at par, cash payments resumed; dies allein sufficient to depress the premium. (167, 8 168)

Während Gold so fluctuirte mit dem state of national credit, participirten die prices of commodities nur zum Theil u. langsam in diesen fluctuations. The moral cause affects general prices less directly; it operates by increasing or diminishing the rapidity of the circulation of money. (168)

Jezt der Credit des government marked by the prices of its bonds, which are securities only, viel mehr |35 als durch its treasury notes, which are both securities u. money; während des Kriegs die gold quotations of bonds of minor importance; die gvt. securities had not been exported in large amounts, u. their Goldpreis abroad did not affect their price in paper at home; das wild fluctuirende Premium on gold afficirte nicht materiell the current quotations of bonds at our stock exchange; the gold prices of bonds then varied with the premium on gold; it was the price of teasury notes which marked the state of the gvt. credit. Aber seit  Bei Mann, S. 169: a moiety
Schließen 1/2 der public debt transferred to foreign owners, ist es der European price of bonds which denotes the gvt. credit, and which steadies the premium on gold; kann nicht advance ohne a decline in the gold quotations of bonds abroad, or a rise in their currency quotations at home; daher seit 1869 the controlling influence in determining the premium on gold war the European prices of bonds; diese advanced to within a fraction of par, u. being steady at that price the premium on gold represents the difference in value in our markets between the two kinds of securities, bonds yielding 6% in gold, and treasury notes yielding no interest, but in anticipation soon to be redeemed at par. So lang aber das Praemium on gold depends on the quotations for bonds, it is determined by the state of the loan market u. has little or no connection mit dem Werth der treasury notes as money. ([168,] 169) Z. B. ohne decline of prices der commodities in general, the bonds könnten (u. würden) steigen über Par in fremden Märkten, wenn nicht verhindert durch die option retained by government of redeeming the bonds at their faces face (170)

Die einzige sichtbare relation zwischen general prices u. Premium on Gold vermittelst the foreign exchanges. Fällt Preis des Goldes mehr als die Preise der Waare, so increased profit for importer of foreign merchandise u. reduced profit für home producer of merchandise for export; imports so stimulirt, exports deprimirt, adverse balance of trade created to be liquidated mit specie; exchange on London advances; shipments of gold increase accordingly, u. die diminution of the supply of that article tends to enhance its price in paper. (170)

Wäre dies alles, so a depression of the price of gold below the general level could not be long maintained; the resulting scarcity of it would cause its price to advance; aber andre influences. Während die supply of gold in this country has been lessened, so auch die demand for it; wird fast nur gebraucht to pay duties; amount dafür nöthig nicht gross, as the same gold is paid in and out of the subtreasury over and over again. Daher f. die immense production of the precious metals in our mining States kein employment at home; it goes through our ports on its way to a market, leaving enough only for our limited wants, but tending to depress the paper price of the whole stock. (170, 171)

Ferner to take into consideration the movements of capital for investments. Durch Hohe Zinsraten angezogen haben Foreign investors gekauft largely of our government u. railway securities (u. dies immer |36 noch fortdauernd); hence creating in the transfer of capital a balance in our favor, greater at times than the adverse balance in the merchandise account. Aber auch ohne actual shipment of bonds, the portion of them on our markets equivalent to a supply of gold; so lange die europäischen quotations of our securities remain constant, kann das Gold prämium nicht steigen ohne carrying bonds with it, or leaving an excessive profit in shipping them. Their effect on the gold market, daher, equivalent to an equal amount of gold. Aber der amount unsrer government securities a known quantity u. das interest on the portion held abroad must be paid mit specie, or by continued shipments of bonds. Here … lurks the possible cause of a future rise in the gold premium. When the supply of bonds in our markets is materially lessened, and the interest on them and on our railway indebtedness is called for by the foreign holders in cash, instead of credit, and the balance of trade on the merchandise account still goes against us, a scarcity of gold and of bonds may put up the currency prices of both. 1866 u. 1870 ( Zusatz von Marx.
Schließen preuss. östreichischer u. preuss. französischer Krieg Ausbruch), a panic in London depressed securities, and compelled large shipments of specie from this country, gold damals rose independent of our home markets. In the case above referred to, the rise would take place from purely domestic causes, independent of the foreign markets. (171, 72)

Das Praemium on gold also depressed u. enhanced ohne close dependence on the quantity of paper money in circulation; but im Mass wie general prices tend to increase above a specie level, in a ratio with the increase of the currency above its natural metallic proportions, they cannot be permanently depressed ohne a decrease der currency. The surplus money must be absorbed in price; dies gilt ganz besonders v. prices at retail. Wird durch diese, wie nöthig, statt durch wholesale prices, die purchasing power of money gemessen, so das premium on gold is found a still more unreliable test of the depreciation of the currency. Die quotations of gold, which govern its price throughout the land, ganz derived von transactions at wholesale in one market; there is no separate retail price of gold which does not daily or hourly follow the regular quotation within a fraction; aber retail prices of commodities gemacht in jedem shop throughout the land, ohne regard to the price of gold, u. die nature einer inconvertiblen currency macht den percentage by which retail prices are advanced over wholesale grösser als wenn das circulating medium nur metallic. Retailers brauchen a greater rate of profit to cover the increased risks and expenses of doing business, während they do not lower their prices to correspond with a decline of gold. Having established the custom of high prices, they maintain them to the last. It is in the prices of the thing things we buy to supply our daily wants, that the surplus currency is absorbed. (172, 173) Während so die prices of the great mass of commodities of domestic production do not vary with the premium on gold, the prices of those articles of export and import whose values are determined in foreign markets necessarily follow its fluctuations. But this is at wholesale only. At retail, their prices follow gold at a most respectful |37 distance. General prices throughout the whole land cannot vibrate with the varying transactions of the gold room. An increase or diminution of the currency raises or lowers them. But a real or expected change in the volume of the circulation that would effect the gold market immediately, might not be felt for weeks or months in the general markets, and in the retail markets later still. (173)

The gold prices of commodities, obtained by converting paper into gold at the current premium, have fluctuated widely, während ihre currency quotations remained nearly stationary. Wenn das Goldpremium rapidly fluctuirt, variiren die Goldpreise der Waaren mehr als ihre Papierpreise. Der Preis der treasury notes as government securities vibrates, während ihr Werth as money ist nur wenig afficirt. Those using paper money only, thus acquire the mental habit of looking upon it as the standard, and gold as fluctuating. (173, 74)

Man schwatzt v. changes in the value of gold itself, welche z. Th. die fluctuations in the premium on Gold verursacht hätten. Spricht man v. temporary changes, herrührend [von] den fluctuations in Nachfrage u. Zufuhr, so sind sie nicht grösser bei inconvertible currency als bei einer v. normal value u. sind schon veranschlagt in den Diskussionen über den effect der exportation of specie. Ist dagegen a permanent decline in the value of gold referred to, so würde solcher nur effect haben in depressing the premium, nicht in causing it to fluctuate. Die  Bei Mann, S. 174: alleged
Schließen general decline in the value of money, ascribed der enormous production der edlen Metalle während der letzten Jahre, nicht bewiesen. Der excessive use of paper in U. St., Brasilien, Frankreich, Italien, Oestreich, Russland, Turkey is sufficient to depress the value of money, gold included, ohne Ueberproduktion des letzteren. Wenn alle diese nations should resume the use of specie, so würde man in der Depression der Preise, welche dies verursachen würde, bald bemerken that the value of precious metals nicht abgenommen in the last decade. (174)

Report des Secretary of the Treasury   #e*Report des Secretary of the Treasury°] Report of the Secretary of the Treasury on the state of the finances; for the year ending June 30. Washington 1865. – Solche Reports, erschienen 1824, 1839–1869, 1871, 1873 und 1875, suchte Marx danach in der British Library zu London oder über Bekannte in den USA, um sie auszuwerten. – Siehe MEGA IV/28.
Schließen in his Report of Dec. 1865 that „rents and the prices of most articles for which there has been a demand, have been, with slight fluctuations, constantly advancing from the commencement of the war, and are higher now, with gold at 47% premium, than they were when it was at 185.“

  #e217aComparison BIS40%°] Wahrscheinlich gemeint: Prices in 1867. In: The Merchant’s Magazine and Commercial Review. Vol. 58. New York. Januar 1868, S. 60–63; Amasa Walker: Economy in taxation. In: ebenda. Mai 1868, S. 329–334.
Schließen Comparison of the prices of commodities at the beginning v. 1868 in Hunt’s Merchant’s Magazine f. Januar u. Mai desselben Jahres zeigen ditto average advance v. about 75%, während das Premium on gold war nur at about 40%.

In   #e218In BIS it°] Hervorhebungen von Marx. – Siehe Report of the Commissioner of Internal Revenue: for the fiscal year ended June 30 1868. Office of Internal Revenue. Washington, DC, 1867.
Schließen Commissioner Welles’ Wells’ Report f. 1868 ähnliches result; 1870 [das]selbe bemerkt bei Amasa Walker u. Prof. Bowen ; in fact jeder weiss aus Erfahrung, dass die expenses of living viel langsamer gefallen als price of gold u. have never fluctuated with it. Retail prices speciell in Stadt New York are as high as when gold was „in the nineties.“ (175)|

Das wahre Mass der depreciation der currency zu einer gegebnen Zeit ist its loss of purchasing power, nicht when laid out for any single commodity, wie die precious metals, sondern der loss resultirend v. Steigen in Preisen aller things bought u. sold; also die »increase« der »general prices« über den range den sie einnehmen würden wenn nur specie current. Diese Depreciation daher nie exact bestimmbar; to strike a general average of prices, excluding all causes affecting them but the excessive issues of paper money, would be wellnigh impossible. „General prices“ cannot be used as a mathematical quantity. (175, 76)

Als während des Kriegs Theil der Arbeit des Landes withdrawn in die Armee, die supplies v. agricultural u. manufactured products were curtailed; als natürliche Consequenz: war prices. Nach Herstellung des Friedens labour returned to its employments, supplies der commodities increased; South reopened to commerce, required a supply of the circulating medium; the amount of exchanges to be effected with our paper money increased vastly, while by its partial contraction the supply was diminished. Accordingly, there was a general decline of prices. (176)

In allen diesen changes gold was one of the commodities whose price varied; its price wie bei allen andren Waaren – affected by causes peculiar to itself, and by the general cause affecting all prices, nämlich variations in the supply of the circulating medium compared mit dem amount of the exchanges to be effected with it. Neither gold nor any other commodity can be selected as a measure of the effect of this general cause. (176, 177)

Irrthümer entspringend daher dass premium on gold betrachtet als the sole and precise test of the depreciation of the currency. Das Treasury department glaubt, that the lower the premium, the nearer the approach to specie payments; versucht daher forced depression, driving specie out of the country, thus rendering specie payments more remote (177) Am directesten injured by the undue depression of the premium on gold, the producers of petroleum, cotton, breadstuffs, and the like, and the manufacturers of such articles as are subject to foreign competition. (178)

Populus schreibt den speculators in gold zu immense power over its price. Dies Irrthum; die grosse Masse ihrer transactions are mere bets, settled by paying differences, with but little effect on prices; die who attempt to control the supply of gold, do not buy it in order to put up the price, but because they think it is going up. They buy in anticipation of a rise, that they may sell at a profit. Andrerseits, when they anticipate a decline, they sell that which they have, or that which they borrow, in order to buy it again at a lower figure. They sometimes stay temporarily the natural course of the market, and are crushed by it. Sie haben stets as much power, and exercise as much influence, in putting the price down as in putting it up. They equalize prices as much in the gold market as in any other. (178, 179) Ferner: Da premium on gold kein correct measure of the purchasing power of the current money, so giebts keine |39 Methode of obtaining accurate statistics of the prices in gold of commodities which have been bought and sold for paper only. To turn paper prices into gold, at the current rate of premium, does not furnish an accurate test of what gold prices would have been if treasury notes had never been issued. (179)

⦗»money has no price.« p. 181⦘

In den U. St. the supply des circulating medium greatly increased ohne corresponding increase des amount of work to be effected with it, or any foreign outlet for it. (181) Die treasury notes »without a sufficient restriction of their quantity … were consigned to certain depreciation, whether a legal tender or not.[«] (181, 182) Ohne ihre quality of legal tender, würden die treasury notes »have circulated equally well with the bills of suspended banks.« (183) When the Rebellion broke out, specie dropped out of circulation. The whole business of the country was transacted with „current funds“  Zusatz von Marx.
Schließen ⦗i. e. inconvertiblen notes⦘ before treasury notes were issued. (182) In den Southern States, während der Rebellion: Confederate Treasury Notes were never a legal tender; yet they passed current as money, and depreciated in a ratio with the increase of their quantity and the disasters of the Rebellion. The currencies of the two combatants went through almost precisely the same phases, differing in degree, obgleich das eine »was not by law a legal tender«. (183) Im Norden, auch ohne legal tender quality, »to have objected to receiving treasury notes when inconvertible banknotes were the only alternative, would never have ocurred« to the Northern People. (184)

The money paid out by government in purchase of supplies and in wages to soldiers would, by the vast majority of people, have been received without hesitation or question. But, when money is once in circulation, no hostile minority can impede its circulation. The poorer currency supersedes the better. Every man keeps the better and parts with the poorer. If a currency circulates at all, the poorer it is, the more rapidly it circulates. All that the disaffected minority could have done them, would have been to have made greenbacks circulate more rapidly, exactly what the legislators attempted to do, who passed the legal-tender act. (184)

Das Wahre war to have taxed banknotes out of existence, leaving treasury notes to have filled the whole circulation … nie war da »necessity of issuing inconvertible paper in excess of the mixed currency prevalent before the war«. War zu jener Zeit, including Banknotes u. Specie, in den Northern States »not far from $350,000,000[«]. Hätte man alle banknotes summarisch unterdrückt, soweit sie aufhörten to be convertible into specie on demand, u. treasury notes issued, so weit als grad nöthig zu füllen die natural circulation des Landes, Gold would never have risen above a moderate premium, Kriegskosten vermindert um |40 viele Millionen, even though bonds had been sold at a discount. Mindestens 1/4 unsrer (amerikanischen) present national debt to be traced to that financiering which encouraged the issue of banknotes convertible only in inconvertible paper. ([184,] 185)

Practical effects des legal tender act: 1) By a most immoral and illogical decision of the courts, it (the act) was held to apply to debts contracted before its passage. So Theil des Eigenthums der creditors transferred to their debtors; letzte, »to realize the gift« begannen sofort Schulden, contrahirt in Gold, mit depreciirtem paper zu zahlen; so large sums loaned on mortgage security auf den Markt geworfen für reinvestment, wahrscheinlich altogether 3–4 [hundred] Mill. $. Da unter dem legal-tender act, a loan on mortgage nichts ist als an investment in government securities, zogen investors vor the higher form of security, nämlich bonds bearing gold interest den treasury notes yielding, when loaned on mortgage under the usury laws, a less rate. So die negotiation of government loans was facilitated. (185)

2) effect of the legal-tender act on the construction of contracts made under it (l. c.) (will be considered later on.)

Ch. X Effects of an inconvertible currency on the Production and Distribution of Wealth.

Viele individuals bereichert durch den rise in price, aber nur weil der gain in price ungleich vertheilt, nicht weil addition made to the aggregate wealth of the country. In einigen Productionszweigen Industrie »temporarily stimulated« durch emission inconvertibler Noten. »The speculative class of the community is rapidly enriched by the operation, and its extravagance keeps pace with its riches.« Daher entsteht demand for Goods [von] Seite derer whose wealth so increased. Andrerseits die economies forced upon others by the gradual loss of purchasing power of their wages or incomes schneidet ab large demand v. diesen Quellen, so dass im Ganzen »the increased demand is confined to articles of luxury«; diese »supplied by an increased production of them«, die jedoch nur so lang dauert als »the inflation is in progress« u. when prices have culminated, production, so far from being further stimulated, is checked. (188)

Im Ganzen jedoch: the best energies der nation turned from production to speculation. When prices of all commodities were rapidly rising, profits were made more easily by buying commodities to sell again, than by engaging in their production. Ferner, da der advance in prices spasmodic, u. sudden reactions unterworfen, da die buying on speculation could sell more readily than those keeping on hand stocks sufficient to meet the demands of their customers, so gambling transactions weniger gewagt als legitimate business. Zugleich das häufige spectacle of fortunes rapidly acquired entflammte die imagination des Volks, desire of sudden wealth wurde universal. Multitudes were enticed into living by their wits instead of by labor … the number of middlemen u. distributors greatly increased. Die Preisschwankungen u. der discredit der currency enhanced the risks of trade. Dealers, daher, forced to charge prices high enough to insure themselves against these additional |41 risks. Zugleich, gemäss der Natur des  Bei Mann, S. 189: retail trade
Schließen Detailtrade , they were enabled to fix for themselves the rate of this insurance, and to make it a source of profit. Obgleich individuals oft unfortunate, the aggregate of profits received by distributors as a class was largely enhanced, u. so capital u. labor unnaturally attracted from other more productive employments. Daher increase in the number of distributors u. middlemen; hence tendency der population, so constantly witnessed, to flow from the country to the cities. (189, 90)

Andrer effect der speculation: waste and destruction of capital. Capital invested in an entreprise which finally miscarries is destroyed, except that the portion of it expended for worthless lands or mines is transferred from one person to another without consideration. Alles davon, laid out for machinery or labour, without any productive result, is wholly lost. Immense capital so destroyed during the late war ; für Boston allein der amount berechnet auf $50,000,000, though the data for the estimate are not given. Das Eastern capital sunk in unproductive mines of gold and silver, principally in Colorado u. Nevada, würde hingereicht haben für Bau v. 1000 miles of railroad; that sunk in oil-wells noch mehr; kaum a strongbox in country welches nicht holds or has held, worthless certificates of stock in some high-titled petroleum or mining company. Etwas v. diesem loss would have occurred auch wenn gold the only money, aber der [»]wild excess of speculation justly attributed to inconvertible paper«. (190)

Grosser increase of banking capital folgte dem issue of greenbacks; aber contribuirte wenig zur production des country; grosser Theil davon absorbed by government loans; auch used to foster all manner of speculation, statt legitimate enterprises. Gambling transactions on the stock[-] u. cornexchanges were in better favour with the banks than the longer operations of commerce u. manufacture. (190, 191)

Greenbacks trugen auch bei zu wasteful consumption; habits of extravagance inseparable v. periods of speculation; riotous living; money easily won is recklessly spent; the illgotten gains of „shoddy“ are laid out to tickle a vanity for foolish display; a passion for horse-flesh begleitete the paper fortunes of the day. Fast driving seems … the only culture known to those who have drawn prizes in the lottery of speculation. (191)

Eben so schlimm, wenn nicht noch schlimmer, nach Aufhören neuer Notenemission, die umgekehrte Phase, wo Regierung alles that »arbitrarily to increase the value of depreciated money«. Sobald durch forcible withdrawal of treasury notes the prices of all commodities are steadily forced downward, u. die speedy elevation der currency to an equality with gold can be confidently relied on, dann every wise capitalist wird seine funds entziehn from investments likely to miscarry on a falling market, u. statt dessen seek inconvertible paper, soon to be transmuted into gold by the modern alchemy of contraction. Wenige investments sichrer u. profitabler als to buy treasury notes at 70 cents on the $, realize from them during a few months or years the ordinary rate of interest, and then sell them at par. Dies »contracting« der currency treibt daher Capital aus productive industries into call loans u. government securities. Treasury notes, as money, can only advance in |42 value by a decline in the prices of the commodities exchanged for them. To buy commodities, or to invest capital in producing them, must then result in a loss of the rise in the value of the notes. Daher: the contraction of the currency, is a device to compel the hoarding of capital; macht es zum Interesse der capitalists to shun productive enterprises, u. keep their funds in the shape of money, or obligations to pay money. So lang diese Politik verfolgt stagnation steadily creeping over the land. Die changes im employment des capital, u. die natural reaction from war prices, would have disturbed the commerce and industry of the country in any event. Aber die addition zu diesen disturbing causes of »a steady withdrawal of the circulating medium« machte dass 1867 die [»] manufactures wellnigh came to a stand-still u. general depression came over the business des country.« (191) (192)

Seit the power to contract the currency has been repealed, industry u. commerce have taken a fresh start; people have adjusted their affairs to the actual condition of things, and production moves steadily on. (192) Jedoch immer noch cost of production vermehrt u. amount is verringert durch die insurance gegen die uncertainties der currency, which is added to everything bought u. sold, obgleich in sehr verringertem Umfang. Speculation entzieht capital u. labor noch immer den productive enterprises. Cry of a return to specie payments producirt periodisch a semi-stagnation, business halts zu sehn was der Congress thun wird mit der currency. Doch native resources of U. St. so gross, dass no financial blunders can do more than retard the progress of our wealth. In the Northwest, farms, within easy reach of railways u. of markets can be bought so low that one good crop at high prices will return the purchase[-]money; while, nearer the frontiers, „homesteads“ with soil … deep and rich … can be had by simple occupation. Thither the hardy peasants of Northern Europe are irresistibly drawn. (193)

Welles Wells   #e236Wells BIS decade.°] Auf die Publikationen von Wells und Grosvenor hatte Mann in seinem vom Februar 1872 unterschriebenen Vorwort zur vorliegenden Schrift, S. VII verwiesen (siehe Erl. cclvii). – Hervorhebungen und Jahresangaben in Klammern von Marx. – Siehe Report of the Commissioner of Internal Revenue: for the fiscal year ended June 30 1866. Office of Internal Revenue. Washington, DC, 1865; Report of the Commissioner of Internal Revenue: for the fiscal year ended June 30 1868. Office of Internal Revenue. Washington, DC,1867.
Schließen , Special Commissioner of Revenue in his several reports zeigt dass die Production of wealth has been materially retarded (1862–’72); dasselbe Grosvenor („Does Protection Protect?[“] ch. VII) dass during the decade just closed (1871) increase of wealth nicht over one-third as great as during the preceeding decade. (194)

After an unequal distribution of property (producirt durch inconvertible paper), it is difficult to make a redistribution of it without an agrarian invasion of vested rights. (195)

That greenbacks operated as a tax on each successive holder of them, so long as the decline in their value was progressing, is a fact … now … thoroughly learned. Jeder der passed them on to his neighbor can perceive that he was taxed to the amount of their depreciation while in his hands, as directly as if the government had taken a portion of his income. Scheint noch nicht understood, dass wenn der process reversed u. the value of greenbacks is steadily augmenting, a tax is equally imposed, not upon the holders of them, but upon those who have debts to pay with them. (195) When they (greenbacks) depreciated, creditors are taxed. When they are appreciating, debtors are taxed. (196)|

Laborers:

Mit progressive emission of inconvertible paper, all prices advance, auch rates of wages; aber fast ausnahmslose Regel: that the prices of all the necessaries of life rise more than wages. (196)

Greenbacks gab artificial stimulus to speculation, letztre ran riot; markets filled mit buyers, confident of a further advance, eagerly bidding up prices; food u. clothes wurden subjects of the most active speculation. Aber »for wages there can be no speculative demand. The employers of labour, so far from speculating in labor, oppose every advance to the extent of their ability.[«] (197)

Arbeiter erhalten »a nominal advance of wages [«], aber nicht sufficient to make up for the loss of purchasing power which money undergoes. The withdrawal of laborers in the army caused a scarcity of labor while the war was in progress, and concealed for a time this effect of the currency. With the disbandment of the armies, however, and the return of industry to its accustomed channels, the wrongs which the use of inconvertible paper in the payment of wages inflicts upon the labourers has have been fully developed. (197)

Der Special Commissioner of Revenue  Zusatz von Marx.
Schließen (Welles Wells), in seinem Report v. 1866, kommt zu conclusion: „The general result of an examination and comparison of all the statistics gathered leads, therefore, to the opinion that the average increase in the prices of labor since 1860 has been about 60%, and of commodities … about 90%.“ (citirt p. 198)  Zusatz von Marx.
Schließen Aber sagt Mann: In the Western States die Lage der laborers günstiger als in den Atlantic States; die prices of food waren lower, weil food is dorten das chief product; while in a new u. expanding country the demand for labor constantly exceeds the supply, and enables the laborer to sell his services on better terms. Die obige Citation dagegen richtig f. die relative advance of prices u. wages im grösseren Theil des Landes; aber it tells not the whole story. (198) Letztre erheischt specielles Auge zu haben auf Retail prices, wobei sich grössrer Verlust auf wages zeigt, als wenn gemessen an wholesale prices  Zusammenfassende Bemerkung von Marx.
Schließen ⦗auf die sich Statistik meist bezieht⦘ (l. c.[)]

The retailers entitled, on account of this increase of the  Zusatz von Marx.
Schließen ⦗greenbacks⦘ money in circulation, to receive more for every thing they sold. Aber, in Folge der Art worin Detailhandel betrieben in diesem Land, wurden sie befähigt den Vortheil auszubeuten u. increase their prices far beyond any thing they were reasonably entitled to. Die retailers der U. St., never much restricted durch competition, have, by the aid of greenbacks, formed themselves in vielen localities into „rings“ for plundering the community. (199)

Verschiedne Ursachen, direct resultirend aus Natur des inconvertible paper money, tended to enhance Retailprices mehr denn wholesale prices u. zwar:

1) Solang emission der greenbacks in progress, keine perceptible limit für extent ihrer Depreciation; könnten möglicherweise become so werthlos wie assignats or Continental money; jeder added daher to the price des articles he sold an amount sufficient to insure himself against the risk of their further depreciation while in his hands. Gleichzeitig der Werth der Currency war beständig fluctuating u. damit variirten Prices of all commodities unabhängig vom state ihrer special markets; these fluctuations frequent u. extreme; f. ihre stocks suchten die retailers garanties gegen risks dieser fluctuations  Bemerkung von Marx.
Schließen ⦗soweit sie downward⦘ durch addition to prices; aber »by tacit consent among themselves« sie machten »of this necessary insurance an additional source of |44 profit. They fixed its amount themselves; were always sure to stretch it to the utmost limit. The public was at their mercy. The wholesale dealer dealers in like manner added the same insurance to their prices, but, being subject to the competition of open market, they were unable to make of it so great a source of profit.[«] (200)

2) Matter of common observation, dass retail prices leichter steigen als fallen; they (die retailers) mark up their goods to correspond with every upward surge of wholesale prices; nehmen dabei als standard »the highest fluctuation der season in the general  Bei Mann, S. 200: markets
Schließen market, u. nicht the average for that time, or what their goods cost them. But when high prices have thus become established, and people have become accustomed to paying them, the custom is continued after the reason for it no longer exists.« (200)

3) This practice of insuring against the uncertainty of the currency, and the fluctuation in values, becomes prevalent in all commercial transactions. Every one must do it in self-defence. Hence, all the expenses, both of doing business and of living, are greatly increased. This circumstance, again, is made an additional pretext for enhancing retail prices, and the inability of the people to endure any further exactions becomes the only restraint upon retail  Bei Mann, S. 201: dealers
Schließen traders . Gleichzeitig, der Theil der Community, der suddenly enriched by the transfers of property, extravagant; good goods purchased simply on account of their dearness; the higher the retailers can put their prices, the better for such customers. But, in enhancing prices for this class, they enhance them also for the rest of the community etc ([200,] 201)

4) Andre »quality of our greenback« assisting »this process of retail extortion«. All coin, but debased copper or nickel, getrieben aus Circulation, durch paper ersetzt in the smallest  Bei Mann, S. 201: transaction
Schließen transactions. »Small bills u. fractional currency issued to satisfy every demand for them«, sie werden »the most effective instrument in enhancing prices«. Sie are »crowded into circulation, and retailers are enabled to put up prices until such excess of currency is absorbed[«]. (201) All the evil effects of issuing small bills under a mixed currency are aggravated tenfold when the currency becomes inconvertible (202).

Folgt daher nicht dass alle retail traders sich bereichern unter diesem System; mit den extremely fluctuating prices, the risks of trade greatly increased; the apparent high rate of profit also causes business to be overdone; though gross amount of profit received by the retail dealers des Lands greatly increased, so aber auch die Zahl among whom it must be divided. Die »net profits« jedes einzelnen dealer insbesondre hängen also chiefly von 2 Umständen ab: 1) of his business overdone in his own locality; 2) ob er »fortunate« ist in making his purchases after a downward fluctuation in the markets. (202)

Während so die profits der retailers as a class sehr enhanced, the purchasing power of wages correspondingly diminished. Also die obige Angabe  #e* obige Angabe°] Siehe den Text zu Erl. ((242)) S.000.
Schließen : Steigen der Wages 60%, der commodities 90% fails to show the real loss to the laboring class. Probable that at that time die commodities at retail had advanced über 100%, u. die purchasing power der wages in many parts des country had fallen nearly 1/2. Seitdem prices etwas reduced, aber die Lage derer who work for wages has not been restored to what is it was before the war. (202) Prices at retail have fallen in a less degree than at wholesale. Public became accustomed to high prices; competition has less power than ever; the number of distributors |45 bleibt excessiv, während ihre expenses but little diminished. (203)

Während so expenses of living are kept up nearly at war rates, wages have declined considerably; das disbanding der armies increased the supply of labor; während die disturbance of business, and diminution of production, which necessarily resulted from the decline in the prices of commodities, lessened the demand for labor. Gleichzeitig long steadily verfolgt die policy of contracting the currency, wovon die greatest sufferers die laborers; contractions verursachen hoarding of capital etc; bring production to a standstill u. daher deprives the laborers of employment; standing argument f. contraction, dass ultimately vortheilhaft f. diese who work for wages. But if they starve before specie payments are reached, the remedy must be pronounced more fatal than the disease. It is better for employed workmen to be partially robbed by paper money than to be left idle by a general stagnation. (203)

Amasa Walker sagt über condition of wages u. retail prices in Masssachusetts, in April 1867: „durch careful investigations made in this commonwealth … quite satisfactorily ascertained, that the average advance of labour in all departments, male and female, in shops and factories, on farms and in families, is near 50% in   #*50% in°] Bei Mann, S. 204: fifty per cent. since 1860. If so, the laborer gains fifty per cent. in
Schließen wages; but he must spend his wages for commodities, and these at the most moderate calculation have been raised in price at least 100% above the natural average.“ (p. 204)

In Revenue Commissioner’s Report Dec. 1868 folgendes statement:

„The result of long and careful investigations in respect to the retail prices of the leading articles of domestic consumption by operatives in the manufacturing towns of New England, the Middle and some of the Western States have afforded data for accurately estimating the increase in the prices of such articles in 1867 as compared with 1860–’61.“ (204) Danach folgende »conclusions«: „Die average increase in price of groceries u. provisions in 1867, vgl. mit 1860–’61, 88%; or, calculated on the basis of the quantity consumed on an average by a number of workmen, a little in excess of 86%; of domestic dry goods, including clothing, 861/2 %; of fuel, 57%; of houserent, 65%.“ (204) Danach für 1867 u. erstes Halbjahr 1868 „ die „average increase aller elements“ constituting „the food, clothing and shelter of family, about 78%, as compared with the standard prices of 1860–’61“. ([204,] 205) Dagegen increase of wages f. 1867 vgl. mit 1860–61: „for unskilled mechanical labor 50%; for skilled mechanical labor 60%.“ „The fact, therefore, is established by incontrovertible evidence, that the condition of working men and women in a majority of the manufacturing towns of the U. St. is not as good at the present time as it was previous to the war, notwithstanding that their wages are greater, measured in gold, in 1867–’68 than they were in 1860–’61.“ (205)|

In Rede v. Welles Wells , at Chicago, May 5, 1871: „there was less coffee and sugar consumed last year per capita in this country (1870) than … 10 years ago … we are consuming a proportionally smaller number of boots and shoes, hats and cloth, to-day, than … in 1870 1860; … we consume less of cotton, measured by the pound, in 1870, with 39 Mill. of people, than we did in 1860, with 30 Mill. of people.“ (205, 6)

 Zusammenfassende Bemerkung von Marx.
Schließen Theil dieser effects natürlich zuschreibbar der taxation u. tariff; Mann hält aber currency für noch bedeutendere cause in dieser „Richtung“. (l. c.) Those who work for wages suffer the most severely from the use of an inconvertible currency. (206)

Profits of those engaged in agriculture: In country, wo raised a surplus of agricultural products, the price of the whole crop depends upon what can be got for the surplus; wird mehr v. einem article producirt als can be consumed at home, so kann its price fallen indefinitely, unless the superabundance can be exported. So in Illinois u. Iowa »Indian Corn« has been frequently used for fuel; aber wenn a part of any crop is exported, the price of the whole is regulated by the foreign markets, as there can be but one price, after allowing for the expenses of transportation. (208 206) There are times, it is true, when our markets control the foreign markets. We represent supply, and England represents demand. By controlling the supply, therefore, we can sometimes force up prices. »This power« haben wir jedoch nie, wenn am nöthigsten, nämlich »when our crops are largest.« (206)

» Die prices unsrer meisten agricultural products müssen daher theilweise abhängen »on the price of gold«. Die »quotations in the European markets rule, and the premium on gold is added in arriving at the paper prices in our markets [«]. Daher, when the gold premium is depressed below the level of general prices, the farmers suffer. Sie »sell their products on the basis of gold and buy the greater portion of the merchandise they need for consumtion at inflated paper prices. When gold has advanced 40% and commodities 60%, or gold 10% u. commodities 25%, they lose the difference«. Ausserdem, »Agricultural products sold at wholesale prices, while the goods the farmers buy are at retail prices. Daher wenn the products they sell nur advanced 40%, die goods they buy sind really enhanced 75%, u. when gold is at 10 the difference is yet wider.« (206, 7)

Der volle effect des Papiergelds auf die agricultural class is only just felt. Successive short crops hatten so vermindert supply of breadstuffs throughout the civilized world, während 1866–’67 and 1867–’68, dass famine prices ruled, disguising the effects of our inconvertible currency, während owing to the short supply in our own market, die Preise vieler agricultural products were independent of the foreign markets, and of the premium on gold. Daher |47 hatten hatte Speculation, aided by its most convenient instruments, inconvertible paper, u. banks freed from the restraint of paying specie, full swing. Aber seit 1868 dies changed by the return unsrer soldiers to farming pursuits, and by favourable harvests, u. der evil effect der currency has begun to weigh heavily on the agricultural class. As there is a surplus of their products for export, the premium on gold has become a controlling influence in determining prices, and as it ranges constantly below the average of general prices, so sind agricultural products relativ sehr wohlfeil geworden. (207, 8)

So, in manchen der interior towns des Nordwest, springwheat 2. Quality, woraus der bulk der crop besteht, erreichtend erreichend 65 cents in 1868 u. 1869 35 cents a bushel in current money. At this rate hat a bushel of wheat less power in exchange als je bevor in der Geschichte des Landes. 1870 u. 1871 wheat ruled higher, Dank dem europäischen Krieg; aber dagegen Indian corn u. hog products ruled unprecedentedly low. Zu 20 cents a bushel for corn u. 3 cents a pound a live weight for swine to the producers on their farms, haben diese Waaren weniger purchasing power als zu irgend welcher former period in this generation. Die farmers erhalten jetzt auch taste of the equality inequality u. injustice der greenback currency. Nach den poor harvests, it was made the instrument of enhancing the prices of the necessaries of life to the already overburdened laborers of the East. Now that the crops are superabundant, it is made the instrument of robbing the producers of a part of their just reward. (208) The increased use of machinery in agricultural operations and consequent decline of the cost of production have offset in part the evil effects of currency. (l. c.)

Capitalists: Obgleich diese nicht gain so much als wenn gold allein Geld, erhalten sie aber a greater relative share des wealth that is produced than before; a fluctuating currency verursacht stets viele »involuntary transfers of property«, aber »as a rule, capital can protect itself. Money, always a power, is more powerful than ever when its value changes daily.[«] (209)

Die »shares of wealth received by the several owners of capital under the operation of inconvertible paper are widely different«. Während des  Bei Mann, S. 209: process
Schließen progress der depreciation, capital festgebunden in trust funds, od. bestehend aus debts payable at a future day, is steadily diminished; property jedes creditors dann theilweis ohne his consent übertragen auf his debtor. Widows u. orphans, u. die living on fixed incomes, then robbed by authority of law. Aber, dahingegen active capital, skilfully handled, kann keine bessre opportunity haben of increasing itself; zwar an increase of prices nicht = increase of values. Person, die hält dasselbe property bei end der inflation als bei beginning, would be no richer; aber property bleibt nicht ständig in selber hand. When prices begin to rise, people begin to buy in order to realize the increase. If they use their own money, they gain nothing, unless prices recede after they have sold. Aber, |48 if they use borrowed money, they can sell at the advanced prices, repay the loan, and gain the difference. Commodities so bought on a margin, and by a rise the margin may be doubled. The apparent gain is nothing more than a depreciation of the currency. The money borrowed is repaid with money of less purchasing power. Das property des creditor transferred to the debtor. So, viele banks u. moneylenders, insurance and trust compagnies, obgleich sie just dasselbe nominal capital wie 1862 [haben], haben really lost a part of it, unless they have gained enough durch increased rates of interest to form a reserve. (209, 10)

Aber advance der prices nicht steady as emission of paper proceeds; die advance stets irregular u. spasmodic, bei jedem step begleitet v. reactions u. fluctuations. Daher unter all den Speculanten »only a few draw prices. All business becomes gambling, u. die most audacious oft the most successful.« Aber ferner: »in einem Markt heftigen u. gewaltsamen fluctuations unterworfen, those possessed of large capital have the most decided advantage over their less fortunate neighbours. A decline that ruins one operating on a narrow margin enables another having a large capital to buy at the reduced prices, and sell at the next advance.[«] The risk of such fluctuations macht a large capital nöthig to transact business mit Erfolg. (210) Credit also comes in to add to the inequality. The greater the risk of commerce, the more difficult für die, deren Credit nicht etablirt die requisite advances zu erhalten; dagegen die deren credit is of high standing enabled to profit by every fluctuation. Hence, under an inconvertible currency  Bemerkung von Marx.
Schließen (sonst wohl nicht?) capital tends to be more and more to become aggregated. It concentrates itself in the hands of a few extremely rich men. Die effects der mixed currency auf solche concentration sind damit verglichen insignificant. Am stock-exchange this tendency is most plainly visible. (210, 11)

A few great operators have swallowed up successive schoals shoals of small ones, until many of the railway corporations of the country have become the property of a few men … thus … rendered more powerful than the hereditary nobles of other lands. (211)

Selbe Tendenz equally manifested in andren departments of business. In den commercial centres werden die starken Häuser beständig stärker, während die weak ones swallowed up by the former, od. have perished u. disappeared. The tendency in commerce has been steadily towards toward the aggregation of a few immense fortunes, whose possessors can crush out their weaker competitors at a blow. (211) Solche Tendenz unzertrennlich vom paper money; die damit verbundnen risks u. fluctuations produciren nothwendig eine »unequal distribution of wealth« u. »thus divide society into separate classes[«] (211) Die schlimmste [Folge:] »those who gain the most wealth« vom use der greenbacks sind die »who render no equivalent services in return. The speculators are … enriched; those who use their capital and credit as instruments for gambling, and not as a means for adding to the production of the country. Under such a system, they receive the largest share of the products of labor who assist the least in creating those products.« (211, 12) |

Speculators thrive nicht nur on the natural fluctuations of prices inseparable von a fluctuating standard of  Bei Mann, S. 212: values
Schließen value, sondern auch fähig to create fictitious fluctuations, u. thus to prey upon the rest der community. Amount of  Bei Mann, S. 212: legal-tender paper money
Schließen legal tender money known quantity, nicht vermehrbar durch importations von abroad; hence, manchmal, durch withdrawing from circulation a few millions of greenbacks, at those seasons of the year when money is in active demand, können sie produce an artificial stringency in the loan market, consequent decline in the prices of securities, to their own profit u. derangement of the commerce des country to its remotest extremities. (212)

Effects of contraction – wie of inflation – the same; the speculators gain the most. Capital used as an instrument for gambling hat grosse Vortheile über Capital employed in legitimate commerce, sowohl on a falling wie on a rising market. Kaufmann der Waaren kauft, wenn Contraction die Preise niederdrückt, verliert bevor sein stock disposed of in the regular course of trade; speculator who stakes his capital on a bet that prices will be lower at some future day, stands a chance of gaining. Er hat ausserdem Vortheil dass er stets warten kann bis das bottom is reached, »and of then buying for a reaction«. Er kann advantage nehmen of falling wie rising market. (212, 13)

those who were shrewd enough to enrich themselves by speculation during the inflation, are the ones who will be most likely to display similar sagacity during the contraction. Ihre paper fortunes will be increased 30 or 40%, without any other effort on their part; ausserdem haben sie another opportunity for successful speculation. … The crime of inflation would be logically consummated by the crime of contraction. If such a course is pursued, it will be found that ten years of paper money are equal to a century of the law of primogeniture in producing an unequal distribution of wealth. (213)

Schon fängt an gehört zu werden »cry against a privileged class … called the bond-holding aristocracy ⦗weil dies particular species of property exempt from taxation.«⦘ (213, 14)

Diminution der purchasing power of wages hat selben effect on laborer, ob verursacht durch tax on consumption od. durch an »imperfect instrument of distribution[«] . Für ihn dasselbe, ob Preis eines Artikels increased durch duty on das raw material woraus er gemacht, od. durch an insurance imposed by the middle-man in order to protect himself against the fluctuations of the currency. In beiden Fällen kann er weniger davon kaufen als zuvor. (214)

Aber,  Zusatz von Marx.
Schließen in U. St. , gleichzeitig mit greenbacks a system of indirect taxes put in operation, welches, by diffusing taxes over an immense number of articles, instead of concentrating them on a few, has been rendered needlessly oppressive. Mit 2 solchen Systemen in operation at the same time … consumers … feel that the holders of property are having an unjust advantage in the accumulation of wealth. (214, 15)

Gegen das erste Uebel … speedy return to specie payments; gegen 2t: reform des System of Federal taxation u. concentration der taxes on a few leading articles. System of direct taxation unmöglich, wegen der provision der Constitution dahin: „That no capitation, or other direct tax, shall be laid, unless in proportion to the census or enumeration hereinbefore directed to be taken“, aber population kein test of the wealth of a country. Jeder Versuch so to apportion to each State its share of Federal taxes in accordance with the Census must fail. The |50 only direct tax possible is that on  Bei Mann, S. 215: incomes
Schließen income , which, though a direct tax in political economy, is not in Court. (215)

Greenbacks and economy  Zusatz von Marx.
Schließen (der Regierung) cannot coexist. The product of the printing press is always parted with more easily than the product of labor; and, when the currency is of fuctuating fluctuating and uncertain value, a close calculation of expenditures is difficult. (216)

[»]The tendency … in a country, where manufacturing is the chief industry, for society to become divided into separate classes (sieh auch Tocqueville: „Democracy in America“ Part II, Book II, ch. XX), consisting of a few employers and many employed, between whom there is seldom any sympathy, and often ill-concealed hostility, is undoubted.« Kommt dazu noch »a financial system equally powerful in producing the same result, society divides itself into separate classes with great rapidity. The units of which the favored class is composed, it is true, are constantly shifting, but to the mass of the people who never enter that class this circumstance is of no benefit; while, as it prevents any concentration of hereditary culture, the community experiences all the evils of an aristocracy, without any of its corresponding advantages.« (216) Universal suffrage then ceases to be the means of producing equality, and becomes a blind for concealing a fraud. (216, 17)

The tyranny of capital over labor at the South has been destroyed by our armies. But against this gain  Bei Mann, S. 217: must
Schließen may be set off the unjust advantage which capital at the North has obtained over labor. Already, in the older States, the inequalities of European Society are in process of being reproduced. While on the other side of the Atlantic the march is toward equality, on this side we are marching away from it. In these Northern States alone has the course of modern civilization been turned backward. (217)

ch. XI. The effects of an inconvertible currency on foreign trade, and the international exchanges.

 Zusatz von Marx.
Schließen Esel J. St. Mill [meint], dass emission of inconvertible paper nicht afficirt auswärtigen Handel des Landes, wo es circulirt. „The imports and exports“,  Zusatz von Marx.
Schließen sagt dieser Weise, „are determined by the metallic prices of things, and not by the paper prices.“ (Principles. Book III, ch. XXII, sect. 3.) ⦗Mill giebt als Beispiel ein Engl. article, kostet während metallic currency 5£, wird sold in France für £5. 10s., the difference covering the expense and risk, and affording a profit to the merchant. In Folge v. depreciirter currency kostet article jezt in England 6£, kann aber in Frankreich nur zu 5£. 10 verkauft werden; dennoch dauert sein Export fort. Warum? die £5. 10 die der exporter in France erhält, sind nicht depreciated paper, sondern gold or silver; [„] and since in England bullion has risen in the same proportion with other things, if the merchant brings the gold or silver to England, he can sell his £5. 10 for £6. 12s., and obtain, as before, 10% for profit u. expenses … thus … a depreciation of the currency does not affect the foreign trade of the country … is carried on precisely as if the currency maintained its value.“⦘ [(218, 19)]

Wären die Prämissen richtig, so Schluss: Premium on gold würde added to the quotations for bills of exchange u. die increased prices wozu die importers would sell their goods would be exactly equalled by the increased cost of bills of exchange; od. wenn practice prevailed of dealing in exchange for coin only, wie has happened in this country, the importer would pay for the coin with which to pay buy his exchange, a |51 premium exactly equal to the increased price at which he had disposed of his goods, and the trade balances would be unaffected by the substitution of paper for gold. (219, 20)

Aber Falschheit der Mill’schen Premissen gezeigt durch Erfahrung der U. St. since 1862. Seit der issue der greenbacks, gold has never risen or fallen „in the same proportion with other things“. The premium on it has never at any time been a correct measure of the depreciation of the currency, as marked by the prices of commodities in general. (220)

 Ordnungsziffer von Marx.
Schließen 1) Steigt Premium auf Gold rascher u. höher als Waarenpreise, so Einfuhr v. fremden Waaren vermindert; der importer verkauft dann zwar seine goods zu erhöhten paper prices, aber gezwungen das gold (for remittance) zu kaufen at very much higher rates; so his profits are wholly cut off in making the remittance. Umgekehrt: Exporter zahlt goods in paper, sells them for gold, befähigt to dispose of the gold at home for a large profit in paper; ebenso der foreigner, der gold einführt to buy goods, sells it for paper, mit dem latter buys a larger amount of commodities als früher. Unter solchen Umständen das Land des inconvertiblen Papiergelds wird a good country in which to buy; seine Imports lessened, seine exports increase wenn es hat a surplus of products for export. (220, 21)

 Ordnungsziffer von Marx.
Schließen 2) Fällt Premium auf Gold unter average of general prices, so der process is reversed. Der importer v. Waaren sells for high prices in paper, kauft das Gold for remittance at a much lower rate, finds a broad margin for profit; das Land des inconvertible paper wird so good country in which to sell; foreigners verschiffen dahin in increased quantities, dagegen Verschiffung seiner eignen products for sale abroad are diminished. (221)

internal taxation u. oppressive tariff haben natürlich zu thun mit »the present derangement of manufactures in this country«, aber »the more serious evil … paper money«. Die costs of production dadurch increased. Unsere manufacturers undersold at home (durch foreign manufacturers) od. aber »in supplying the wants of distant lands[«]. Namentlich when the field of competition [is] a foreign market, obvious die Nachtheile die die currency ihnen zufügt. (221)

Manufacturer hat zu zahlen – ausser general advancement of wages – increased price ⦗mit dem insurance price gegen monetary fluctuation⦘ for every article he uses in business … er selbst fügt den Preisen seiner Waaren insurance item zu um sich zu schützen from loss by sudden depreciation; oder wenn shipping his products abroad, against the fluctuations on the premium on gold. His standard of profit so raised zugleich mit seiner cost of production. In foreign markets, wo international underselling, „ the (most) »minute variation in the margin of profit will frequently drive one of the competitors out of the market[«] . Unsere manufacturers so disqualified from competing in foreign markets on equal terms. (221, 22)

Die excessive depression des premium on gold since 1865 war noch grösserer disadvantage für sie in Concurrenz mit ihren fremden Rivals. Die goods, die sie exportiren, verkaufen sie für Gold, das Gold verwandeln sie in greenbacks, at the current rate of premium; ist Gold price aber nur advanced 40%, dagegen average price of commodities 60% od. 70%, od. Gold 10% u. Waaren 25%–30%, so American made goods – ausser denen worin wir peculiar advantagen advantages – nur mit Verlust verkaufbar in fremden Märkten. Preis des finished produce, hat in solchem Fall, nicht advanced mit cost of production. Sieh statistics of our trade, bes. die reports of Welles Wells , zeigend, in marked manner decline in Ausfuhr of manufactured articles seit decline of the gold premium in 1865. (223) Andrerseits, American producers undersold at their own doors. The main thing in favour der fremden manufacturers ist low premium on gold. Die difference zwischen price of gold u. increase der Productionskost |52 in den U. St. ist für sie Quelle v. Profit u. befähigt sie beständig ihre goods to sell at a less price in greenbacks als die Americans … Um wirklichen Schutz zu gewähren, müsste »Tarif noch genug sein to make up for the low premium on gold« u. »the heavy taxation« u. »such a tariff would tend strongly to defeat itself[«]. (223, 24)

Effect der currency on our commerce noch more disastrous als on manufactures. Decline of über 50% in tonnage of American sailing-vessels registered for foreign commerce; allerdings steamboats haben largely superseded sailing vessels in foreign commerce; 1859 aber in Boston harbor oceansteamers built, away from the centre of our iron industry, so cheap wie on the Clyde in 1871. ( D. A. Welles Wells ) (225)

Our imports of coffee, tea, spices u. other commodities we cannot produce at home, paid for with bills on London, which we buy with our agricultural products (wovon die 5 Hauptarticle: raw produce, cotton, petroleum, bread-stuffs, tobacco u. provisions in welche letztre included: „hog products“ u. cheese), gold u. bonds u. die markets f. manufactured articles left open to the English. We very nearly fill, in general commerce, the same place as our semi-civilized neighbors of South America – as exporters of the products of unskilled labor. (226)

Folgende Tabelle zeigt wenig Progress seit 1854 u. material decline measured per Kopfzahl der Bevölkerung.

Die increase (1871) wholly due to shipments of arms u. ammunition, wovon large part kam aus government arsenals.

Mit Bezug auf diese Importliste: Von 1861–64 the premium on gold, being in advance of general prices, acted as a most effectual protective tariff. July 1864 gold touched 2851/2 , the highest quotation given; generally über 200 f. den remainder of 1864 u. Jan. u. Febr. 1865; declined steadily durch März u. April 1865, bis es gefallen in Mai (1865) auf 130. Der effect dieses sudden decline des Premiums on gold zeigt sich durch increase beginning in August, 1865, most marked in Jahr 1866. Seit der Zeit Gold beständig rascher fallend als andre Waaren, stimulating importations on a large scale, so dass Werth der foreign dry goods brought into the Country 3 × greater Ende der Decade als an ihrem Anfang. (228) Also nach dieser Theorie: the derangement of our foreign trade chiefly daher that the gold premium does not equal the depreciation of the currency. (228)

In seinem Report v. Dec. 1868 sagt Welles Wells (statements ihm as Commissioner furnished by a manufacture manufacturer of furniture in one of the Middle States, der vor dem Krieg had built up an extensive export business to the West Indies, Central u. South America, of a variety of „cane-seated“ and „cane-backed“ furniture suited to warm latitudes) Nach diesem |53 statement also:

1st March 1861, gold u. currency at par; 1$ in gold sufficient purchasing power to obtain for the South American importer 1111/9 dozen of what termed in the trade „ordinary square-post cane-seated chairs“.

About 1st Jan. 1862 gold began to command premium, advanced sehr rasch während der nächsten 3 Jahre. Dies movement, Anfangs nicht participirt, to any considerable extent, by either labor or commodities; hence, the purchasing power of gold greatly increased, so dass:

1st July 1864 the $ gold bought 143 dozen chairs. Unter diesen circumstances trade increased, weil der foreign purchaser found the American market by far the best for his interest, aber von:

July 1864: a movement in an exactly opposite direction, gold receding, labour u. commodities advancing in very unequal ratios. So:

Von diesem Punkt aus the purchasing power has gradually increased u. blieb für 1868 – at the rate of about 102 dozen, 9 less than could be bought mit demselben Geld in 1861.

„The results result  Zusatz von Marx.
Schließen (sagt Welles Wells ) has been that the foreign purchaser now goes to France or Germany, while the products of American industry, in the form of furniture, nicht länger available to exchange for sugar, spices, or dyewoods, gold has necessarily been substituted.“

Da gold nur zu brauchen für purchase of chairs nachdem erst turned into greenbacks, evident that the principal cause in determining these variations of its purchasing power war der amount des Premium. The lower the premium on gold, the less is the purchasing power of gold in our markets; so Gold quoted 1st July 1864 at 250; January 1865 fiel unter 220, Feb. ’66 ranged etwas unter 140, Jan. 1867 just below 135; in 1868 it averaged about 140. (229, 30)

In seinem Report v. 1869 (December), sagt id. Welles Wells : „Gold is relatively the cheapest commodity we have to export … cheaper than the products of our domestic manufactures“ (231)

Selbe Welles Wells in seinem speech at Chicago, May 1871: „the export of many of our domestic products was stimulated during 1864 u. part of 1865, to a very great degree, durch die increase des premium on gold, which often rising v. 50 to 100 od. 150% über die advance … experienced in labor and wages, increased, as it were, the purchasing power of the foreign consumer, or decreased the relative cost in our own markets of such articles of domestic product as were available for exportation and sale in foreign  Bei Mann, S. 232: markets
Schließen countries. F. e., export of bacon rose im Jahr 1864, vergl. mit 1860, von 4 zu 10 Millions; tobacco v. 15 auf 40; cheese v. 21/2 auf 12; butter v. 11/2 auf 7; while of many other articles, the increase of our exports was v. 50 to 100; and sometimes 300%.“ (232)

Gold amount held by the banks nach statement of June 1871 $19,924,955 gegen $83,594,537 in 1860. (235)

Portion of the (American) silver coin has found its way to Canada; the discount on American silver in that country marks its excessive supply … the small change, formerly circulated here through the channels of retail trade, has been sent thither to be made useful. The late |54 excessive accumulation of gold coin and bullion in the B. o. E. u. B. o. France may be attributed in part to the same cause. The disuse of the precious metals in this country has driven our share of them to countries  Bemerkung von Marx.
Schließen ⦗France wo inconvertible notes?⦘ where they can fill their proper office, and the stock in European countries, accordingly, has become over-abundant. (235, 36)

In Hunt’s: Merchants[’] Magazine for Jan. 1869, der stock of coin u. bullion then „in the States where resumption is to take effect“ computed at $150 Mill.; ferner, this stock was diminishing at about the rate of $20 Mill. a year, obgleich exports of gvt. u. railway bonds are delaying the drain of specie. (236) neutralized in part »by the flow of capital to this country for investment in railway securities and government bonds« (237)

In California … specie is the only standard, it has remained unaffected by the currency … the advantage of using a stable currency … operates strongly in their favor (Californiens u. der Pacific States[)], and has already stimulated manufactures to some extent, narrowing thereby the markets for the products of the Eastern States. (237, 38)

The greatest material benefit conferred by the Federal Union is free trade over a whole continent. That benefit partially weakened by the use of different currencies, wodurch der trade mit den Pacific States assimilated to foreign trade. (238)

Ch. XII. The relative effects of the tariff and the currency on prices.

Wird behauptet: »that the amount of depreciation which our paper money has undergone in excess of the percentage represented by the premium on gold, must be ascribed to the accumulation and duplication of taxes. Prices of commodities, in general, it is inferred, have been enhanced by the increased cost of production which results from increased taxation. This view is erroneous. Taxes, no matter how imposed, cannot add jota to general or average prices.  Zusatz von Marx.
Schließen (!?) Taxation changes the natural relations of prices to one another. It causes a redistribution of prices, but it cannot increase them in the aggregate.[«] (239)  Bemerkung von Marx.
Schließen ⦗Dies chapter später wieder anzusehn mit Bezug auf Preise u. Steuern⦘

[»]He (der workman) cannot escape his share of taxes on consumption. He is fortunate … if he does not pay a greater share of them, in proportion to his means, than any other member of society.« (245)

Even the gatherers of ice might claim with reason that the expenses of their business have been increased 30% by the use of paper money, and that, as the premium on gold makes good 10% of this difference, they are entitled to a duty of 5 to 10%, sufficient, when added to the cost of transportation, to prevent their Canadian neighbors from underselling them. (252, 53)

When we have learned to obey it (viz. the law of the circulation of the precious metals), we shall gain the leadership of the commerce and manufactures of the world, and make England as much a commercial appendage of the U. St. as Canada now is. (254)

»It (paper money) increases the cost of production, causes prices to fluctuate, and renders credit less accessible. Greater capital is thus made necessary in business operations, and the natural advantages of the larger capitalist over the smaller are doubled. Paper money makes it more easy to swell great fortunes, and less easy to found small ones. It benefits only the rich. It is the poor man’s course curse.« (257.)|

ch. XIII) The immoralities of in an inconvertible currency.

The same person … at one time means by dollar the name merely, but, when his interest in the question is changed, insists that at a dollar is one particular thing, to wit: a certain amount of gold, and that the name can mean nothing else. (259)

Capitalists holding treasury notes, soon to become equal to gold by operation of law, would not sacrifice the premium by converting them into gold immediately. On the contrary, they would turn gold into greenbacks, and loan the latter, in order to obtain a transfer to themselves, under color of law, of the property of their debtors. Measured by its effects, the policy of elevating a depreciated currency to the standard of gold is more immoral than the opposite policy of depreciating it. (272, 273) resume specie payments by settling past debts according to the value of the money in which they were contracted. (274)

[»] This haste to be rich is at the bottom of the political corruption of the times. When speculation pervades all business, it stalks boldly into the public offices, and our legislators and tax gatherers, instead of laboring for the good of the people, make their positions mere stand-points for jobbery, and moneygetting; while the public morals having fallen to the Spartan level, we blame our officers, not for stealing, but for being caught.« (276, 77)

Politicians take advantage of the preoccupation of business men in money-getting to transfer the government to the scum of a great city, and the frauds which are bred in one class are duplicated in the other. While the leaders of Wall Street make over-issues of  Bei Mann, S. 277: stocks
Schließen stock , the representatives of the Five Points forge vouchers. … On the stock exchange the worst scandals have transpired. In the whirl of moneygetting, nothing succeeds like success. The means employed are immaterial. (277[, 78])  Zusatz von Marx.
Schließen ⦗fährt direct fort:⦘ »In the general corruption that prevails, courts and legislatures uphold the one who wins. He is the best „operator“ who can steal a railway, and buy a judge. Nor are the Erie Frauds without a parallel. … issued new stock so as to depreciate the value of that outstanding … necessity compelled the directors of the Erie Railway to keep their offices, by printing certificates to vote on, and thus robbing the other stockholders … The „Erie Ring“ … tampered with our judges to sustain a fraud etc[«]  Zusammenfassende Bemerkung von Marx.
Schließen ⦗Er sagt alles das immer hinweisend dass U. St. Government selbiges that mit seinem paper money.[⦘] (p. 278)

ch. XIV. The remedies for an inconvertible Currency

 Ordnungszahl von Marx.
Schließen 1) Contraction »resumption by the reverse process of diminishing the amount of issues« … »by arbitrarily withdrawing treasury notes from circulation«. (281)

Giebt paper money in circulation (compound interest notes, national banknotes, the 3 per cent. certificates u. part of the bank reserves included during the war years) von 1834–1868. |56 , da the amount of paper circulation nearly stationary since 1868.

Average bank circulation während 26 years vor 1860 less than 139,000 139,000,000 .  Zusammenfassende Bemerkung von Marx.
Schließen Rechnet zur circulation von 1861 (u. denkt dies [ist] mehr als development v. industry u. commerce seitdem erheischt) 50 millions; ⦗Expansion,  Zusatz von Marx.
Schließen sagt er of banknotes to 217 Mill. in 1857 ended in panic and general suspension of specie payments⦘, also als Maximum des papers das die natural circulation erheischt, 250 mill. Fragt sich dann, wie contrahiren 700 Mill. (in round numbers) auf 250 convertible notes? ([283–]285)

 Zusatz von Marx.
Schließen Glaubt dass nicht Gold dafür genug in U. St. (waren da (exclusive of Pacific States) vor dem Krieg 200–250 millions[)]. Policy of contraction zieht nicht precious metals an, sondern will drive off another part of that which remains. The premium on gold would be constantly depressed durch general belief that treasury notes soon raised to par, selbst wenn government abliesse v. seinen artificial means to increase the depression; Dank dem fact der surplus currency werden andrerseits die commodities in general continue to be  Bei Mann, S. 286: inflated
Schließen appreciated  Zusatz von Marx.
Schließen (?); premium on gold would continue to range lower than general prices; gold would be the cheapest article of export u. remain so, bis contraction, by bankrupting those in debt, had reduced general prices to panic rates. (285, 86)

Alles Geld in circulation  Also vor 1861.
Schließen vor war, coin u. paper, about 400 Mill. $; say now was necessary 50 Mill. more of paper u. 25 Mill. of specie, dann = 475–500 mill. Wenn die redundant paper currency dann contracted v. 700 mill. of paper to 475 od. 500, there would be little or no premium on gold. Aber doch specie payments nicht resumirbar. Denn sobald greenbacks redeemable on demand, 275 mill. of coin would be added to the circulation, dann = 775 Mill., 75 mill. more than before resumption was attempted. Weitere Contraction nöthig dann bis beträchtlich weniger als 500 mill. left in circulation. Aber da 500 mill. the natural and necessary circulation des country on a specie basis, when the inconvertible paper was reduced below it, there would not be enough left to effect exchanges, except at a very low range of prices. Prices würden nothwendig fallen below the specie standard; dies würde schliesslich ziehn specie ins Land von abroad; aber dann wieder the total circulation more than 700 mill. etc

A reduction der currency unter its natural amount in England, bei Schluss der Napoleonic wars, u., by causing a decline of prices, it rendered possible the resumption of cashpayments; so in U. St. after revulsions of 1837 u. 1857, cause of the stagnation which followed those years. Aber jetzt das inconvertible paper so viel mehr excessiv, dass repetition of the process impossible. (287, 88)

Hoarding   #e232Hoarding BIS gold)°] Hervorhebungen und Bemerkungen in Klammern „wenn davon genug da“ sowie „on gold“ von Marx.
Schließen specie in the Sub-Treasury, while contraction in progress, u. nach bedeutender Verminderung v. treasury notes in part (at least 50 v. den 300 millions national banknotes) u. sufficient specie collected, so dass remainder of notes could be redeemed in coin on demand, the whole supply of gold in the country (wenn davon genug da) would be tied up, and the premium (on gold) would rise to unheard[-]of figures. [(288, 89)] ⦗A high premium would keep up the prices of those articles whose prices follow that of gold, and as more money is necessary to effect exchanges at high than low prices, the steady diminution of the volume of the currency would be more keenly felt in excessive stringency in the money market. (286[)]⦘|

This is simply a scheme to compel the Treasury to „corner gold“. (289)

Wenn contraction der legal tender notes is enforced, a triple contraction der instruments of exchange will take place. Greenbacks, banknotes u. bank deposits will be contracted together; ausserdem all instruments of credit used as currency will be diminished. Bank loans u. discounts würden fast aufhören; alle resources der bank wären nöthig to protect their own notes u. demand liabilities; wären ohne dem abgeneigt to make loans to merchants u. business men, die candidates for bankruptcy. Government bonds would afford an investment for all their loanable funds, mit high interest u. no risks. Wenn eine ordinary bankcontraction von wenigen millions results in a panic u. general ruin, schwer zu estimate the ruin which a government contraction of  Bei Mann, S. 290: hundreds
Schließen hundred of millions, protracted through a series of years, would produce. (289, 90)

Die contraction 1866–’68 no safe criterion. Nach close of war, withdrawal of the government from the markets as a purchaser, change of employment, universal belief in a speedy return to specie – war general decline of prices inevitable; dadurch a portion of money thrown out of employment; the necessary exchanges could be effected without it. The contraction of the legal tender notes was made at this time u. absorbed nur this surplus currency, for which there was no further use. Die stagnation in Folge dieses Processes resultirte von keinem want of currency, sondern v. der Tendency to hoard treasury notes so as to secure the rise in their value. Die contraction ging nie so weit to affect the circulation der banks; the full limit of 300 Mill. of national banknotes allowed by law was filled when the contraction of greenbacks ceased. The banks had increased their issues during the process, instead of curtailing them. Der full effect der measure hätte sich nur gezeigt, wenn die contraction of treasury notes soweit gegangen wäre to compel the banks to contract their notes, and consequently their loans, dann [»] the whole machinery of exchanges will come to a standstill« (290, 91 )  Zusatz von Marx.
Schließen u. folgt darauf der Satz: »The injustice of enhancing the standard of value so as to affect past debts will become painfully manifest, and, in the reaction that would follow, creditors would be more likely to suffer than debtors.« (290, 91)

Seit repeal des law authorizing den Secretary of Treasury to contract the legal tender notes, the policy of contraction apparently abandoned; aber among its advocates are still numbered nearly all the leading men of the nation, who claim to be versed in political economy u. finance. (291)

 Zusatz von Marx.
Schließen 2) The scheme for escaping, by further inflation, the injustice of enhancing the standard of value, is not worthy of serious discussion. Though it is just to pay debts with money of the same value as that in which they were contracted … it is not just to still further depreciate money already depreciated … Such preceding proceeding jedoch wäre »strictly in accordance with the „theory of greenbacks“, the decisions of the courts of fifteen States, ending with the Supreme Court of the U. St., and the precedents established by all the States but Massachusetts in paying their funded debts«. Die citizens des State of New York z. B. könnten reasonably nichts einwenden gegen a measure in strict conformity to the decisions of their highest tribunal u. their own practice. (294)

Pretext worauf demand for further issue of treasury notes based, ganz untenable; [es wird] behauptet more currency sei nothwendig to transact the business of the country; man mistakes increase of paper money for increase of capital; was wirklich nöthig ist more loanable capital; dies jedoch Product nicht |58 der printing press, sondern of labor. (294)

No particular sum of money nothwendig to effect the exchanges irgend eines Landes. The amount required is purely a question of prices, the rapidity of circulation being considered constant … Hauptsache, that prices in each country should bear a proper relation to prices in every other country … When gold is the basis of the currency, prices are regulated by the laws of trade, and of the circulation of the precious metals. When the order of Nature is not interrupted by foolish legislation, the amount of money in a country is self-adjusting. It adapts itself in accordance with natural laws to the capital of the country and the amount of exchanges to be effected. (295)

As capital accumulates, the amount of it which takes the form of money is increased, und in proper proportion all the other instruments of exchange. (l. c.)

 Zusatz von Marx.
Schließen 3) If a debtor owes 1000$, payable in treasury notes worth 80 cents on the dollar, his creditor is equally well off, whether he receives 800$ in gold, or 1000 in paper. The way to specie payments, then, is to settle all obligations incurred under the legal tender act, according to the value of money in which they were contracted, and to restore to contracts, made before the passage of that act, their original standard; to abandon the attempt to elevate greenbacks to the level of gold, and to withdraw them from circulation, without increasing their value. (296)

Wahrscheinlich »recurrence  Bemerkung von Marx.
Schließen ⦗dies 1872 geschrieben⦘ of one of those periodical upheavals in commerce which seem inevitable to nations in a progressive state of wealth [«]. Ursache at bottom of commercial revulsions … gewöhnlich eine accumulation of capital in the loan market u. a decline of rates of interest. Dies leads to visionary investments in speculative enterprises in the course of which vast amounts of capital destroyed, oder, being changed from the circulating to the fixed form, are no longer loanable. Andre Ursache, die mindestens in U. St. stets on the surface solcher occurrences erschien – is a defect in the machinery for effecting exchanges, which has stimulated an increase of bank loans, and an expansion of banknotes on a market already ripe for them. In the historical crises of 1837 and 1857 both of these causes combined. (296, 97) Gegenwärtig both (causes) again at work. Production des Reichthums u. Accumulation v. Capital in U. St. zwar vermindert durch die losses of war u. die needless burdens imposed by a barbarous system of finance. Aber diese selben Ursachen haben changed the distribution of capital; it has been concentrated at the financial centres, and brought under the control of speculative operators to an extent never before witnessed. Gleichzeitig, in England u. Deutschland, scheint an unusual accumulation of capital u. consequent lack of paying investments at home. Bubble enterprises of various kinds ready for the market, in addition to which large transfers of funds to this country are taking place … These transfers of foreign capital are likely to stimulate our loan markets, while the defects in the machinery for effecting exchanges are ready prepared to aggravate a speculative fever, and to make more fatal the resulting collapse. Our banks are freed from the restraint which paying specie imposes, and the legal restraints it has been attempted to substitute are of doubtful efficacy. (297) Gleichzeitig the decline of the |59 premium on gold carrying with it the prices of large classes of commodities has set free currency which must be absorbed in use, and that use may be as a reserve for bank expansion. If these causes lead to excessive investments in mining shares, railway enterprises, or real estate at inflated prices, the usual collapse will follow. Then the evil effects of inconvertible paper will be fully felt.

In 1857–’58 the decline of gold prices made this a cheap country in which to buy. Production was vastly stimulated thereby, and in the years 1859 u. 1860 the results of labor in producing wealth were more satisfactory than in any other years of our history. But if such a crisis occurs during the era of greenbacks, the increased cost of production, and the uncertainty of the future which they create, would seriously impair the efforts of capital to retrieve the disaster by engaging in legitimate production. (298)

Owing to the curtailment of credit in commerce, the diminution of the use of options on the stock-exchange, and the absorption of currency in retail prices, more currency is now used than would be possible in a natural state of things. (299)

Paper money has only a local value. Its quantity cannot be diminished by shipments to other countries, nor does the practice of hoarding it ever become general. The amount of it to be circulated remains the same at all times, independent of the exchanges to be effected with it. It accumulates, therefore, at the centres of trade at some seasons of the year, to be used in stock-jobbing, and at other seasons a scarcity of it arises. This scarcity also is frequently increased arbitrarily by those interested in a decline of prices. (302)

 Zusatz von Marx.
Schließen 4) Einige schlagen vor: making treasury notes convertible into bonds, and bonds reconvertible into treasury notes, at the pleasure of the holders. Dieser Irrthum des plan beruht auf Unterstellung, dass exchange value of money, as marked by prices, and the rates of interest paid for the use of capital, are directly dependent. Aber prices vastly more powerful than rates of interest. Z. B. Fällt Preis einer Waare in a short time of space space of time auch nur um a few cents, kann die decline sein at the rate of 50% per Jahr, od. a rise to the same extent kann sein = 100% p. a. Daher können holders of commodities exorbitante Zinsraten zahlen in order to prevent prices from declining, or to cause them to rise. Präcis dasselbe Phänomen sehr oft witnessed on stock exchange, wo Commissions of 1/16, 1/2, u. ebenso hoch als 3/4 of 1% per Tag manchmal bezahlt werden for „turning stocks“. Wären also bonds convertible in treasury notes at the pleasure of the holders up to a certain limit, those speculating for a rise of prices werden wahrscheinlich rates of interest zahlen hoch genug to induce the holders of bonds to convert them into money; and the result probably would be that the limit would be always filled. The amount of capital that naturally seeks investment in gvt. securities at low rates of interest is comparatively small, and is daily invested in that manner by the purchase of bonds. To make bonds reconvertible into money would not increase the amount of such capital. (302, 303)

(Fortsetzung p. 78)|