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Now it is obvious that our former assertion, according to which The norm of percent on money establishes a limit for issue size, not Is, strictly speaking, exact. To us followed tell, what exactly that Own norm of percent, which at the general increase in fund of assets Decreases more slowly others, in long run undermines profitableness Productions of each other asset, excluding only the mentioned case Special parity between current and prospective costs Productions. When issue increases, own norms of percent decrease To levels at which issue of one asset behind other appears more low Normal level of profitability, while at last one or the several Own norms of percent will not stay at level which exceeds Marginal efficiency of any asset.

If we understand the value standard it is clear that at all as money

Necessarily, what exactly the norm of percent on money will cause difficulties.

We will not get rid of these difficulties (as someone believed it), simply having published

The decree that the value standard will be wheat or houses instead of gold and

Silver. After all now it becomes clear that there will be the same Difficulties if any asset, own norm of percent is saved

Which it is not subject to decrease at increase in its issue. For example, can

To appear that gold will continue to play this role of the disturber Calmnesses in the country which has passed to the irreversible fiduciary To the standard.

III

Attributing the special importance to norm of percent on money, we, hence,

Silently assumed that that kind of money to which we have got used, has Some specific properties which conduct to that them Own norm of percent expressed in them as in the standard, is more Opposes to decrease at issue increase, than own norms of percent Any other assets, expressed in them. Whether the such is justified

The assumption? Having thought, we will come to a conclusion that resulted more low

Features which ordinary characterise money as we know them,

Are sufficient for its substantiation. In that measure, in what conventional standard

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