Front Page Titles (by Subject) 13. Deferred Convertibility. - Money and the Mechanism of Exchange
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13. Deferred Convertibility. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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13. Deferred Convertibility.
It is a common resource for insurrectionary or belligerent governments in want of funds to issue documents promising to pay cash after their successful establishment. When interest proportional to the time is also promised, these notes must be regarded rather as bonds. Of such nature were those issued by Kossuth in New York to form a Hungarian fund, to be paid after the erection of an independent Hungarian government. Similar bonds were signed by the notorious Walker, as President of the provisional government of the republic of Nicaragua. By far the best instance of this kind of currency is furnished by the Confederate States treasury notes, the early issues of which were made payable six months after the ratification of a treaty of peace with the United States, and further issues were to be payable two years after such treaty.
All such documents may be considered as bills of very long date and of very uncertain value. The public spirit of a people in time of war often enables them to be put afloat, and the need of currency keeps them in circulation for a time, but their value undergoes violent variations, and there are few instances in which such bills have been eventually paid.