A Tract on Monetary Reform

Chapter 26: Transcriber’s Notes

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About This Book

The text analyzes how shifts in the value of money create unequal effects across investors, business, and earners, transferring wealth and heightening risk, unemployment, and economic waste. It treats inflation as a form of taxation, compares currency depreciation with capital levies, and re-states the quantity theory and purchasing-power parity while explaining exchange-rate behavior, including seasonal and forward markets. Competing policy aims—devaluation versus deflation and price stability versus exchange-rate stability—are weighed, and the author offers practical proposals for monetary reform in Britain, the United States, and other countries to reduce instability in the standard of value.

Transcriber’s Notes

Punctuation, hyphenation, and spelling were made consistent when a predominant preference was found in the original book; otherwise they were not changed.

Simple typographical errors were corrected; unbalanced quotation marks were remedied when the change was obvious, and otherwise left unbalanced.

Illustrations in this eBook have been positioned between paragraphs and outside quotations. In versions of this eBook that support hyperlinks, the page references in the List of Illustrations lead to the corresponding illustrations.

Some tables have been rearranged to make them narrower, and some have been repositioned to fall between nearby paragraphs.

The index was not checked for proper alphabetization or correct page references.

Page 98: “goods exported by Europe” probably was intended to be “goods exported by Westropa”.