STABILIZATION OF THE MONETARY UNIT
—FROM THE VIEWPOINT OF THEORY
貨幣單位的穩定——從理論的角度
INTRODUCTION
引言
Attempts to stabilize the value of the monetary unit strongly influence the monetary policy of almost every nation today.They must not be confused with earlier endeavors to create a monetary unit whose exchange value would not be affected by changes from the money side.1
In those olden, and happier times, the concern was with how to bring the quantity of money into balance with the demand, without changing the purchasing power of the monetary unit.
Thus, attempts were made to develop a monetary system under which no changes would merge from the side of money to alter the ratios between the generally used medium of exchange (money) and other economic goods.The economic consequences of the widely deplored（譴責） changes in the value of money were to be completely avoided.
穩定貨幣單位價值的嘗試，正深刻影響著當今幾乎每個國家的貨幣政策。這些嘗試不應與早期構建貨幣單位的努力相混淆，那些努力旨在創造不受貨幣供給側變化影響的交換價值。在那個更古老也更令人嚮往的年代，核心關切在於如何在不改變貨幣單位購買力的情況下，使貨幣數量與貨幣需求達到均衡。因此，人們致力於構建這樣的貨幣制度：貨幣供給側不會產生任何改變普遍使用的交換媒介（貨幣）與其他經濟財貨之間比率的變動。如此便可完全規避，貨幣價值變動所引發的、廣受詬病的經濟後果。
There is no point nowadays in discussing why this goal could not then, and in fact cannot, be attained.Today we are motivated by other concerns.We should be happy just to return again to the monetary situation we once enjoyed. If only we had the gold standard back again, its shortcomings would no longer disturb us; we would just have to make the best of the fact that even the value of gold undergoes certain fluctuations.
如今再去探討這一目標何以既未能在當時實現、事實上也永無可能達成，已然毫無意義。今天我們有了全然不同的考量。如果能夠重返我們曾經享有過的貨幣秩序，便足以令人欣慰。如果我們能夠恢復金本位，其固有缺陷也將不再對我們構成實質性困擾。我們所需應對的，不過是必須善加處理黃金價值本身亦存在特定波動這一基本事實。
Today’s monetary problem is a very different one.During and after the war [World War I, 1914-1918], many countries put into circulation vast quantities of credit money, which were endowed with legal tender quality.
當下面臨的貨幣困境具有全然不同的性質。在戰爭期間及戰後[指第一次世界大戰，1914-1918]，諸多國家大規模投放信用媒介（credit money），並賦予其法償地位。
In the course of events described by Gresham’s Law,3gold disappeared from monetary circulation in these countries.These countries now have paper money, the purchasing power of which is subject to sudden changes.
正如格雷欣法則所描述的，黃金最終從這些國家的貨幣流透過程中消失了。這些國家現存的紙幣制度中，其購買力正暴露於劇烈震盪的漩渦。
The monetary economy is so highly developed today that the disadvantages of such a monetary system, with sudden changes brought about by the creation of vast quantities of credit money, cannot be tolerated for long.
當今貨幣經濟的高度發展，使得這種依賴大規模創造信用媒介的貨幣制度——其引發的購買力劇烈震盪——已難以長期維繫。
Thus the clamor to eliminate the deficiencies in the field of money has become universal. People have become convinced that the restoration of domestic peace within nations and the revival of international economic relations are impossible without a sound monetary system.
因此，消除貨幣領域缺陷的呼聲已相當普遍。人們已然洞見：若缺乏健全的貨幣制度，既不可能重建國內社會秩序，亦無從修復國際經濟關係。
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