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CHAPTER X. Of a Double Standard, and Subsidiary

Coins.

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2. Credit a purchasing power similar to money.

3. Effects of great extensions and contractions of credit. Phenomena
of a commercial crisis analyzed.

4. Bills a more powerful instrument for acting on prices than book
credits, and bank notes than bills

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CHAPTER XIII. Of an Inconvertible Paper Currency.

§ 1. The value of an inconvertible paper, depending on its quantity, is a
matter of arbitrary regulation

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2. If regulated by the price of bullion, an inconvertible currency
might be safe, but not expedient

3. Examination of the doctrine that an inconvertible currency is safe

if representing actual property.

4. — of the doctrine that an increase of the currency promotes in-

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dustry

5. Depreciation of currency a tax on the community, and a fraud on

creditors

6. Examination of some pleas for committing this fraud

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