Hermann von Schullern zu Schrattenhofen · 1911
Schullern’s German review presents Supino’s study of the international money market as an expansion of his earlier inquiry into discounting. Further research, in Supino’s assessment, confirms his previous positions while extending their analytical scope. Schullern combines a synopsis of this expanded inquiry with an appreciative evaluation of its contribution to economic scholarship.
The review follows the book’s progression from money, monetary substitutes, and exchange value through international precious-metal movements and foreign exchange to lending, national money markets, interest, and discount rates. Its concluding discussion of solidarity among national markets places these subjects within an account of international monetary interdependence.
Schullern’s selective emphasis falls on the relationship between credit and monetary demand. He reports Supino’s argument that the expansion of credit transactions employing substitutes for money exerts the strongest contemporary influence on the need for money. He also outlines the distinction between normal and current exchange value. The former depends on precious-metal production, import, and minting costs; under metallic circulation, the latter reflects monetary quantity and velocity together with the extent of transactions, while tending toward the normal level. Credit instruments make fluctuations less frequent but more severe. These selections foreground the complications that credit introduces into a monetary analysis grounded in metallic circulation.
Schullern additionally commends the treatment of the Italian money market without elaborating its conclusions. His final judgment stresses the investigation’s breadth, care, and thoroughness. Although individual points may invite disagreement, he develops no specific objection. The review’s significance lies in this combination of conceptual selection and qualified endorsement: it highlights credit, monetary value, and the interdependence of national markets as central problems of international monetary research.
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