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《货币的购买力》第六章第二节

时间:2017-12-18 18:33来源:未知 作者:一品梅 点击:
We have seen how M in the equation of exchange is affected by the import or export of money. Considered with reference to the M in any one of the countries concerned, the Ms in all the others are outside influences. Proceeding now one step f
We have seen how M in the equation of exchange is affected by the import or export of money. Considered with reference to the M in any one of the countries concerned, the M's in all the others are "outside influences."
我们已经看到交换方程中的M是如何受货币进出口影响的。 考虑到任何一个有关国家的M,M在所有其他国家都是“外部影响”。

Proceeding now one step farther, we must consider those influences on M that are not only outside of the equation of exchange for a particular country, but outside those for the whole world. Besides the monetary inflow and outflow through import and export, there is an inflow and outflow through minting and melting. In other words, not only do the stocks of money in the world connect with each other like interconnecting bodies of water, but they connect in the same way with the outside stock of bullion. In the modern world one of the precious metals, such as gold, usually plays the part of primary money, and this metal has two uses,—a monetary use and a commodity use. That is to say, gold is not only a money material, but a commodity as well. In their character of commodities, the precious metals are raw materials for jewelry, works of art, and other products into which they may be wrought. It is in this unmanufactured or raw state that they are called bullion.
现在再往前走一步,我们必须考虑这些对M的影响,这些影响不仅在一个特定国家的交换方程之外,而且还在整个世界之外。 除了进出口的货币流入和流出外,还有流入流出,流出流出。 换句话说,世界上的货币不仅像互相连通的水体那样相互连接,而且与外面的金条相连接。 在现代世界中,黄金等贵金属之一通常扮演主要资金的一部分,而这种金属有两种用途,一种是货币使用和一种商品使用。 也就是说,黄金不仅是一种货币资料,而且也是一种商品。 贵金属在商品性质上是珠宝首饰,艺术品和其他可能生产的产品的原材料。 他们被称为黄金在这个未经加工或未加工的状态。

Gold money may be changed into gold bullion, and vice versa. In fact, both changes are going on constantly, for if the value of gold as compared with other commodities is greater in the one use than in the other, gold will immediately flow toward whichever use is more profitable, and the market price of gold bullion will determine the direction of the flow. Since 100 ounces of gold, 9/10 fine, can be transformed into $1860, the market value of so much gold bullion, 9/10 fine, must tend to be $1860. If it costs nothing to have bullion coined into money, and nothing to melt money into bullion, there will be an automatic flux and reflux from money to bullion and from bullion to money that will prevent the price of bullion from varying greatly. On the one hand, if the price of gold bullion is greater than the money which could be minted from it, no matter how slight the difference may be, the users of gold who require bullion—notably jewelers—will save this difference by melting gold coin into bullion. Contrariwise, if the price of bullion is less than the value of gold coin, the owners of bullion will save the difference by taking bullion to the mint and having it coined into gold dollars, instead of selling it in the bullion market. The effect of melting coin, on the one hand, is to decrease the amount of gold money and increase the amount of gold bullion, thereby lowering the value of gold as bullion and raising the value of gold as money; thereby lowering the price level and restoring the equality between bullion and money. The effect of minting bullion into coin is, by the opposite process, to bring the value of gold as coin and the value of gold as bullion again into equilibrium. In practice, the balance is probably63 maintained chiefly by turning newly mined gold into the one or the other use according to the market. By thus feeding the two reservoirs according to their respective needs there is saved the necessity of any great amount of interflow between money and the arts.
黄金可能会变成金条,反之亦然。实际上,这两个变化都在不断变化,因为如果黄金的价值与其他商品相比在一次性使用中的价值大于其他商品的价值,那么黄金会立即流向哪个用户更有利可图,而黄金的市场价格将决定流程的方向。由于100盎司的黄金,9/10的罚款,可以转化为1860美元,这么多金条的市值,9/10罚款,必须倾向于1860美元。如果把黄金变成金钱什么都不需要,没有什么可以把金融化成金条,那么金融货币就会自动流通,从黄金到货币,会阻止黄金的价格变化很大。一方面,如果金条的价格大于可以从中分出来的货币,那么不管这种差价多么微小,要求金条的用户(特别是珠宝商)将通过熔化金投入金块。相反,如果金条的价格低于金币的价值,那么金条的所有者就可以通过把金条带到铸币厂并且变成金币来节省金钱,而不是在金条市场上出售。融币的效果一方面是减少金币的数量,增加金锭的数量,从而降低黄金的价值,提高黄金的价值;从而降低价格水平,恢复金银平等。把黄金放入硬币的作用,就是相反的过程,把黄金的价值作为硬币,把黄金的价值再次转化为平衡。实际上,这个余额大概是由新开采的黄金按照市场来换算的。通过这两个水库根据各自的需要进行供水,节省了金钱和艺术之间的大量交流的必要性。

Where a charge—called "seigniorage"—is made for changing bullion into coin, or where the process involves expense or delay, the flow of bullion into currency will be to that extent impeded. But under a modern system of free coinage and with modern methods of metallurgy, both melting and minting may be performed so inexpensively and so quickly that there is practically no cost or delay involved. In fact, there are few instances of more exact price adjustment than the adjustment between gold bullion and gold coin. It follows that the quantity of money, and therefore its purchasing power, is directly dependent on that of gold bullion.
如果一项名为“铸币税”的收费是为了将黄金转换成硬币而进行的,或者是在这个过程中涉及费用或延误的情况下,黄金流入货币的程度将会受到阻碍。 但是在现代免费造币系统和现代冶金方法下,熔化和造型既便宜又快速,几乎没有成本或延迟。 实际上,金条和金币之间的调整,实际上是比较准确的价格调整。 因此,货币数量及其购买力直接取决于金条的数量。

The stability of the price of gold bullion expressed in gold coin causes confusion in the minds of many people, giving them the erroneous impression that there is no change in the value of money. Indeed, this stability has often been cited to show that gold is a stable standard of value. Dealers in objects made of gold seem to misunderstand the significance of the fact that an ounce of gold always costs about $18.60 in the United States or £3 17s. 10½d. in England. This means nothing more than the fact that gold in one form and measured in one way will always bear a constant ratio to gold in another form and measured in another way. An ounce of gold bullion is worth a fixed number of gold dollars, for the same reason that a pound sterling of gold is worth a fixed number of gold dollars, or that a gold eagle is worth a fixed number of gold dollars.
用金币表示的金条价格的稳定在许多人的头脑中引起混乱,给他们错误的印象,认为金钱的价值没有变化。 事实上,这种稳定性经常被用来表明黄金是一个稳定的价值标准。 黄金制品的交易商似乎误解了这样一个事实的重要性,即一盎司黄金在美国的成本大约为18.60美元,或者是31.7英镑。10½d。 在英国。 这意味着,只有一种形式和一种方式衡量的黄金总是会与另一种形式的黄金保持恒定的比率,并以另一种方式衡量。 一盎司黄金价值固定数量的黄金美元,同样的原因,一英镑黄金价值固定数量的黄金美元,或一个金鹰是值得固定数量的黄金美元。

Except, then, for extremely slight and temporary fluctuations, gold bullion and gold money must always have the same value. Therefore, in the following discussion respecting the more considerable fluctuations affecting both, we shall speak of these values interchangeably as "the value of gold."
除此之外,由于极小的暂时性波动,金条和黄金必须始终具有相同的价值。 因此,在下面关于影响两者的较大波动的讨论中,我们将这些值互换地称为“黄金的价值”。 (责任编辑:一品梅)
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