Der Übergang zur Goldwährung Untersuchungen über die Wertprobleme der

[Google Digitization Notice and Usage Guidelines]: Standard Google Books disclaimer and usage guidelines in both English and German, explaining the public domain status of the work and restrictions on commercial or automated use. [Title Page and Publication Details]: Title page and publication metadata for Carl Menger's 1892 work on the transition to the gold standard in Austria-Hungary, including errata notes. [Preface and Table of Contents]: Menger's preface outlining the unique difficulties of the Austro-Hungarian currency reform compared to other nations, specifically the anomaly of the overvalued silver currency since 1879. Includes the table of contents. [The Transition Ratio (The So-Called Relation)]: Menger critiques the government's proposed conversion ratio between the old silver-based currency and the new gold standard. He argues that the proposed ratio (1 fl. = 2 Kronen) is based on flawed averages from 1879-1891 that fail to account for the rising value of gold, suggesting a lighter gold crown would be more equitable for debtors. [The Rising Value of Currency and Market Influences]: This section examines the causes behind the recent appreciation of the Austrian currency. Menger argues that the high gold parities of 1889-1891 were driven by temporary favorable trade balances and artificial scarcity of circulation media, warning that using these 'momentary' rates to set a permanent legal ratio is dangerous. [Stabilization of Currency Value under Government Proposals]: Menger analyzes the government's plan to stabilize the currency within upper and lower bounds. He distinguishes between the 'silver agio' period (pre-1878) and the current 'overvalued' state, emphasizing that stabilization must protect against both depreciation and excessive appreciation. He notes a legal loophole regarding the unilateral minting of silver by either half of the Empire. [Side Effects: Financial Losses and the Risk of Failure]: In the concluding section, Menger warns of the negative side effects of the reform, specifically the potential for increased tax burdens or financial losses for the state when acquiring gold. He discusses the risk of a 'gold agio' emerging if the government is forced to restrict the money supply to maintain the legal ratio, potentially leading to the reform's failure or unintended economic hardship.