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《货币的购买力》第七章第一节

时间:2017-12-29 15:36来源:未知 作者:一品梅 点击:
货币制度对购买力的影响 1 THUS far we have considered the influences that determine the purchasing power of money when the money in circulation is all of one kind. The illustration given in the previous chapter shows how the money
货币制度对购买力的影响
§ 1

THUS far we have considered the influences that determine the purchasing power of money when the money in circulation is all of one kind. The illustration given in the previous chapter shows how the money mechanism operates when a single metal is used. We have now to consider the monetary systems in which more than one kind of money is used.
由此可见,当流通货币是一种货币时,我们考虑了决定货币购买力的影响。 前一章给出的例子显示了当使用单一金属时金钱机制如何运作。 我们现在要考虑使用多种货币的货币体系。

One of the first difficulties in the early history of money was that of keeping two (or more) metals in circulation. One of the two would become cheaper than the other, and the cheaper would drive out the dearer. This tendency was observed by Nicolas Oresme, afterwards Count Bishop of Lisieux, in a report to Charles V of France, about 1366, and by Copernicus about 1526 in a report or treatise written for Sigismund I, King of Poland.66 Macleod in his Elements of Political Economy, published in 1857,67 before he had become aware of the earlier formulations of Oresme and Copernicus,68 gave the name "Gresham's Law" to this tendency, in honor of Sir Thomas Gresham, who stated the principle in the middle of the sixteenth century. The tendency seems in fact, to have been recognized even among the ancient Greeks, being mentioned in the "Frogs" of Aristophanes:69 
金钱早期的第一个困难之一是保持两种(或更多)金属的流通。 其中一个会变得比另一个便宜,而便宜的会把更多的人赶出去。 Nicolas Oresme观察到,后来Lisieux伯爵主教给法国Charles V的报告大约1366年,哥白尼大约1526年为波兰国王Sigismund I撰写的一篇报告或论文.66麦克劳德在他的元素 1857年出版的“政治经济学”67之前,他已经意识到早期哥白尼和哥白尼的说法,为了纪念托马斯·格雷沙姆爵士,他给出了“格雷舍姆定律”这个名称, 十六世纪。 事实上,在阿里斯托芬的“青蛙”中,即使在古希腊人中也有这样的倾向:69

"For your old and standard pieces valued and approved and tried, Here among the Grecian nations and in all the world beside, Recognized in every realm for trusty stamp and pure assay, Are rejected and abandoned for the trash of yesterday, For a vile, adulterate issue, drossy, counterfeit, and base Which the traffic of the City passes current in their place."
“对于你们古老而标准的作品而言,在古希腊民族和世界各国之间,在每一个领土上都被认可为可靠的邮票和纯粹的化验,因为昨天的垃圾而遭到拒绝和抛弃, 掺假问题,假冒和基地城市的交通流量在这个地方。“

Gresham's or Oresme's Law is ordinarily stated in the form, "Bad money drives out good money," for it was usually observed that the badly worn, defaced, light-weight, "clipped," "sweated," and otherwise deteriorated money tended to drive out the full- weight, freshly minted coins. This formulation, however, is not accurate. It is not true that "bad" coins, e.g. worn, bent, defaced, or even clipped coins, will drive out other money just because of their worn, bent, defaced, or clipped condition. Accurately stated, the Law is simply this: Cheap money will drive out dear money. The reason the cheaper of two moneys always prevails is that the choice of the use of money rests chiefly with the man who gives it in exchange, not with the man who receives it.
格雷沙姆或奥雷姆的法则通常以“坏钱驱赶好钱”的形式表述,因为通常观察到,严重磨损,污损,轻重量,“夹住”,“出汗”和其他恶化的货币倾向于 赶出全重新鲜铸造的硬币。 然而,这个表述并不准确。 “坏”硬币是不正确的 磨损的,弯曲的,污损的,甚至是修剪过的硬币,仅仅因为磨损,弯曲,污损或者卡住的状况而将其他金钱赶走。 准确地说,法律就是这样:便宜的钱会驱走亲爱的钱。 两个钱总是比较便宜的原因是钱的选择主要取决于交换的人,而不是接受的人。

When any one has the choice of paying his debts in either of two moneys, motives of economy will prompt him to use the cheaper. If the initiative and choice lay principally with the person who receives, instead of the person who pays the money, the opposite would hold true. The dearer or "good" money would then drive out the cheaper or "bad" money.
当任何人有选择以两种款项中的任何一种来偿付债务时,经济动机会促使他使用更便宜的。 如果主动性和选择性主要与接受者相对,而不是支付金钱的人,则相反。 那么,那些“好”的钱就会把更便宜或“坏”的钱拿出来。

What then becomes of the dearer money? It may be hoarded, or go into the melting pot, or go abroad,—hoarded and melted from motives of economy, and sent abroad because, where foreign trade is involved, it is the foreigner who receives the money, rather than ourselves who give it, who dictates what kind of money shall be accepted. He will take only the best, because our legal-tender laws do not bind him.
接下来的钱会变成什么? 它可能被囤积,或者进入熔炉,或者出国,由于经济的动机而被接受和融化,并且被送到国外,因为涉及外贸的是外国人收钱,而不是自己给 它决定接受什么样的金钱。 他只会采取最好的,因为我们的法律招标的法律不绑定他。

The better money might conceivably be used in exchange at a premium, i.e. at its bullion value; but the difficulties of arranging payments in it, which would be satisfactory to both parties, are such that in practice it is never so used in large quantities. In fact, the force of Gresham's Law is so great that it will even sacrifice the convenience of a whole nation. For instance, in Italy fifteen years ago the overissue of paper money drove not only gold across the Alps, but also silver and copper. These could circulate in Southern France at a par with corresponding coins there because France and Italy belonged to the Latin Union. Consequently, for a time there was very little small change left, below the denomination of 5 lire notes. Customers at retail stores often found it impossible to make their purchases because they lacked the small denominations necessary, and because the storekeeper lacked the same small denominations, and could not make change. To meet the difficulty, 30,000,000 of 1 lire notes were issued, and these were so much in demand that dealers paid a premium for them.
可以想象,更好的钱可以用来换取溢价,即以其金银价值;但安排付款的困难,这对双方都是令人满意的,实际上从来没有如此大量使用。事实上,格雷沙姆法的力量如此之大,甚至会牺牲整个国家的方便。例如,十五年前的意大利,纸币的过量发行不仅使阿尔卑斯山的金矿,还有银矿和铜矿。因为法国和意大利属于拉丁联盟,它们可以在法国南部与相应的硬币相提并论。因此,一段时间以来,在5里拉音符的面额之下还剩下很小的变化。零售商店的顾客经常发现不可能购买,因为他们缺少必要的小面值,而且因为店主缺少相同的小面额,也无法改变。为了解决这个难题,发行了1千3百万份里拉钞票,而且这些钞票的需求量非常大,经销商为此付出了额外的费用。

Gresham's Law applies not only to two rival moneys of the same metal; it applies to all moneys that circulate concurrently. Until "milling" the edges of coins was invented and a "limit of tolerance" of the mint (deviation from the standard weight) was adopted, much embarrassment was felt in commerce from the fact that the clipping and debasing of coin was a common practice. Nowadays, however, any coin which has been so "sweated" or clipped as to reduce its weight appreciably ceases to be legal tender, and being commonly rejected by those to whom it is offered ceases to be money. Within the customary70 or legal limits of tolerance, however—that is, as long as the cheaper money retains the "money" power—it will drive out the dearer.
格雷舍姆定律不仅适用于同一种金属的两种竞争性金钱, 它适用于所有同时流通的货币。 直到“铣削”硬币的边缘被发明,薄荷(偏离标准重量)的“宽容限制”才被采纳,在商业上感受到了很多尴尬,因为硬币的裁剪和贬低是一种普遍的做法。 然而,现在如此“出汗”或被削减以减轻其重量的硬币,明显地不再是法定货币,被提供给它的人普遍拒绝的货币不再是货币。 然而,在宽容的习惯70或法定限度内,只要廉价的金钱保留了“金钱”的力量,它就会赶走更多的人。

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