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440 INDEX
Fancy Mo1tetary Standards[ 1892] F ARR, Dr., obituary notice of late,
-continued. . and of Lord Overs~ne,i. 382.
The proposal of Mr. Williams is FINANCE of the South African
the issue of paper promising to war, as regards loans and new
pay a varying quantity of bullion tL.xes, ii. 205-219.
based on the average variation -- Mr. Gladstone's work in, i.
in the price ofleading commodi-
ties arranged by an " index num- 229·
ber. '1 FINANCIAL relations of United
Mr. Bagehot's objections to this Kingdom and Ireland, i. 431.
multiple standard: I. It would Financial Retrospect, A, 1861-
endanger our foreign trade; 2.
Banking would be impossible; 1901 [1902], ii. 306-336.
3. Difficulty of settling what com· Introduction, 306.
modities should enter into the General growth of expenditure; reo
"index number"; 4. Require- lation of new burden to general
ments of a good monetary stan· resources of country; protest
dard, 167'168. against growth of expenditure in
Supplementary remarks by the 1861, 308-310.
author: Analysis of increased expenditure,
I. The question of money must 311•
be discussed from a practical (I) Annual charge for debt di·
rather than from a theoretical minished, 311.
point of view; dangers of a (2) Miscellaneous civil service ex·
change in the monetary stand- penditure accounts for little of.
ard, 168. the increase, 312.
2. Objections to Mr. Williams's (3) Cost of education an undoubted
proposals of "suppressing paper" makeweight, 3'2.
when bullion falls in price and (4) Charge for collection of revenue
of " increasing paper" when comparatively stationary, 313.
bullion rises in price, 170. (5) Post office increase balance by
3. Difficulty of obtaining prices increase of earnings and benefit,
for the proposed "index num- 3 13.
ber "; the corn returns and the (6) Real source of increase in
tithe average an example of this charges for army and navy. Rea-
. difficulty, 171. son why this is necessary. At what
4- A "value of bullion standard" figure It should be rut, 3'3-3'5.
would probably be not so stable a Analysis of growth 0 revenue:
standard for all purposes as tbe (I) Increase not due to imposition
present gold standard, because in of new taxes, or of increase of
using a monetary standard" in- existing taxes, 316.
comes" require to be measured (2) Change in relative importance
as well as commodities, 173. of different branches of revenue,
Mr. Williams's suggested daily 317.
change in his" index number," (3) and (4) These changes not due to
and his whole scheme, not prac- natural changes but to legislation.
ticable, 174-175. and other changes. Reductions
Tbere is room bowever for reform and removals of customs duties.
in our currency system, as, for Increase of income tax and death
example, by leaving the issue of duties, 319-320.
paper free to everybody on the Though their incidence shifted, the
understanding that notes are burden by no means increase4
credit instruments only, payable 321.
on demand by the issuers. Cer- Growth of wealth; due to growth
tain ad vantages of £ I notes. of populautn and slight increase
Difficulties incidental to any in wealth per bead, 322-324-
change in . our monetary system Conclusions. Amount of the per·
not always realized by our manent increase in expenditnre
younger economists, 17$-177 •. during the period. This n~ due