Orda

orda

Ethereum's Slump Reflects the Web3 Development Dilemma

The Contribution of US Broadband Infrastructure to GDP: Acknowledgements & References

Authors:
(1) Matthew Sprintson
(2) Edward Oughton Table of Links Abstract and Introduction 2. Literature Review 2.1 Reviewing Broadband Infrastructure’s Impact on the Economy 2.2 Previous Research into IO Modeling of Broadband Investment 2.3 Context of the Bipartisan Infrastructure Act through Previous Research 3. Methods and 3.1 Leontief Input-Output (IO) Modeling 3.2 Ghosh Supply-Side Assessment Methods for Infrastructure 3.3 Data and Application 4. Results and 4.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 4.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 4.3 How are the supply chain linkages affected by allocations from the Bipartisan Infrastructure Law? 5. Discussion 5.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 5.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 5.3 How are supply chain linkages affected by allocations from the Bipartisan Infrastructure Law?" Conclusion Acknowledgements and References 3.3 Data and Application We will source IO tables from the Bureau of Economic Analysis (Input-Output Data Tables, 2023). The sector for broadband spending is Telecommunications (NAICS 517) (US Census Bureau, 2023). For our augmented final demand/value-added vectors, we can isolate the investments and introduce them into their respective sectors by entering 0 for all other sectors. We can calculate broadband’s final demand/value-added by summing the government’s subsidies and the increased household spending on broadband connections because they can now afford those services. According to the ACP, US $14.2 billion is available in subsidies (FCC, 2023). As these are awarded as subsidies, each allocation leads to some household spending, which also contributes to the final demand. In total, if each subsidy is about US $30 per month, or US $360 a year, then there will be 39.4 million household recipients throughout the course of the program, assuming we treat this as though households must re-enroll each year. Thus, each of these 39.4 million households will contribute about US $30 themselves, as the average price of broadband is approximately US $61 (Broadband Af ordability, 2023; Shevik, 2023; Wilson, 2023), minus the subsidy, which is about US $360 a year. So, households will provide an additional US $14.9 billion in spending, and the final demand increase for the ACP will be US $29.1 billion. The upstream effects of the ACP can be modeled with the Leontief IO method, as described in subsection 3.1. The downstream effects can be modeled using the Ghosh method described in section 3.2 for the BEAD program and the TBCP (Mathematical Derivation of the Total Requirements Tables for Input-Output Analysis, 2017). Using this methodology, we can also produce, analyze, and contextualize the multipliers for each program, where an economic multiplier represents the GDP change per $1 of direct investment. As an effect of the three programs within the Bipartisan Infrastructure Law, the total direct impact on US GDP is $74.5 billion (comprised of $59.6 billion from government investment and $14.9 billion from additional household consumer spending) (Af ordable Connectivity Program, 2023; Broadband Equity Access and Deployment Program, 2023; Tribal Broadband Connectivity Program, 2023). Now that our methods are established, we can examine the results of our study. This paper is available on arxiv under CC0 1.0 DEED license. Authors: (1) Matthew Sprintson (2) Edward Oughton Authors: Authors: (1) Matthew Sprintson (2) Edward Oughton Table of Links Abstract and Introduction Abstract and Introduction 2. Literature Review 2.1 Reviewing Broadband Infrastructure’s Impact on the Economy 2.1 Reviewing Broadband Infrastructure’s Impact on the Economy 2.2 Previous Research into IO Modeling of Broadband Investment 2.2 Previous Research into IO Modeling of Broadband Investment 2.3 Context of the Bipartisan Infrastructure Act through Previous Research 2.3 Context of the Bipartisan Infrastructure Act through Previous Research 3. Methods and 3.1 Leontief Input-Output (IO) Modeling 3. Methods and 3.1 Leontief Input-Output (IO) Modeling 3.2 Ghosh Supply-Side Assessment Methods for Infrastructure 3.2 Ghosh Supply-Side Assessment Methods for Infrastructure 3.3 Data and Application 3.3 Data and Application 4. Results and 4.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 4. Results and 4.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 4.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 4.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 4.3 How are the supply chain linkages affected by allocations from the Bipartisan Infrastructure Law? 4.3 How are the supply chain linkages affected by allocations from the Bipartisan Infrastructure Law? 5. Discussion 5.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 5.1 To what extent does the Bipartisan Infrastructure Law allocate funding to unconnected communities in need? 5.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 5.2 What are the GDP impacts of the three funding programs within the Bipartisan Infrastructure Law? 5.3 How are supply chain linkages affected by allocations from the Bipartisan Infrastructure Law?" 5.3 How are supply chain linkages affected by allocations from the Bipartisan Infrastructure Law?" Conclusion Conclusion Acknowledgements and References Acknowledgements and References 3.3 Data and Application We will source IO tables from the Bureau of Economic Analysis (Input-Output Data Tables, 2023). The sector for broadband spending is Telecommunications (NAICS 517) (US Census Bureau, 2023). For our augmented final demand/value-added vectors, we can isolate the investments and introduce them into their respective sectors by entering 0 for all other sectors. We can calculate broadband’s final demand/value-added by summing the government’s subsidies and the increased household spending on broadband connections because they can now afford those services. According to the ACP, US $14.2 billion is available in subsidies (FCC, 2023). As these are awarded as subsidies, each allocation leads to some household spending, which also contributes to the final demand. In total, if each subsidy is about US $30 per month, or US $360 a year, then there will be 39.4 million household recipients throughout the course of the program, assuming we treat this as though households must re-enroll each year. Thus, each of these 39.4 million households will contribute about US $30 themselves, as the average price of broadband is approximately US $61 (Broadband Af ordability, 2023; Shevik, 2023; Wilson, 2023), minus the subsidy, which is about US $360 a year. So, households will provide an additional US $14.9 billion in spending, and the final demand increase for the ACP will be US $29.1 billion. The upstream effects of the ACP can be modeled with the Leontief IO method, as described in subsection 3.1. The downstream effects can be modeled using the Ghosh method described in section 3.2 for the BEAD program and the TBCP (Mathematical Derivation of the Total Requirements Tables for Input-Output Analysis, 2017). Using this methodology, we can also produce, analyze, and contextualize the multipliers for each program, where an economic multiplier represents the GDP change per $1 of direct investment. As an effect of the three programs within the Bipartisan Infrastructure Law, the total direct impact on US GDP is $74.5 billion (comprised of $59.6 billion from government investment and $14.9 billion from additional household consumer spending) (Af ordable Connectivity Program, 2023; Broadband Equity Access and Deployment Program, 2023; Tribal Broadband Connectivity Program, 2023). Now that our methods are established, we can examine the results of our study. This paper is available on arxiv under CC0 1.0 DEED license. This paper is available on arxiv under CC0 1.0 DEED license. available on arxiv

How Broadband Subsidies Affect the Economy: Data and Application of Economic Modeling Techniques

The Contribution of U.S. Broadband Infrastructure Subsidy and Investment Programs to GDP

SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This part is 14 of 26. B. MANA 162. “MANA” is the digital token minted by Decentraland. Decentraland is a virtual reality platform that began development in June 2015 but was not made available to the public until its launch in February 2020. Decentraland was launched through an entity named Metaverse Holdings by a team of core individual developers: Ariel Meilich, Esteban Ordano, Manual Araoz, and Yemel Jardi. Decentraland operates on the Ethereum blockchain. According to Decentraland’s website, www.decentraland.org, Decentraland is a three-dimensional virtual reality platform, where users can create, experience, and monetize their content and applications. 163. According to Decentraland’s website, MANA serves as the crypto asset involved in all transactions in the Decentraland virtual reality ecosystem. On August 18, 2017, Decentraland held an initial coin offering in which MANA tokens were exchanged for ETH tokens, raising approximately $24.1 million. Currently, there is a total supply of approximately 2.19 billion MANA tokens. 164. Decentraland offered early contributors to the Decentraland ecosystem a discounted price when purchasing MANA. 165. From the time of its offering, MANA was offered and sold as an investment contract and therefore a security. 166. The price of all MANA tokens goes up or down together. 167. MANA has been available for buying and selling through MetaMask Swaps since at least October 2020. 168. The information Decentraland publicly disseminated would lead a reasonable investor, including those who have purchased MANA since October 2020, to view MANA as an investment. Specifically, MANA holders would reasonably expect to profit from Decentraland’s efforts to grow the Decentraland protocol because this growth would in turn increase the demand for and value of MANA. 169. Investor proceeds raised during the MANA ICO were pooled to fund the marketing, business expenses, and completion of the Decentraland platform. For instance, on July 5, 2017—a few weeks before the MANA ICO—Jardi published a blog post detailing Decentraland’s intended use of revenue from the token sale as follows: The blog post further explained that the “top priority“for use of the revenue was to develop a virtual world and that even after Decentraland was created, “the development budget will focus on the continued improvement of the end-user experience within the world browser“. Indeed, Meilich explained in a separate blog post that after the ICO, Decentraland would implement a “Continuous Token Model,“ where it would increase the MANA supply by 8 percent in the first year, followed by a lower rate in subsequent years, to allow Decentraland to “regularly expand while accommodating new users … The proceeds of the tokens sold by [the Continuous token Model] will finance Decentraland over the long haul, perpetually aligning it with the prosperity of the network.“ In April 2020, the Decentraland Team announced the creation of the Decentraland Foundation (the “Foundation“), which today holds the intellectual property rights over and makes available the products and services, including virtual environment and tools, offered on the Decentraland platform. Meilich publicly stated that the distribution of the initial supply of MANA tokens issued at the time of the ICO would be as follows: 20 percent to the founding team, advisors, and early contributors: 20 percent to the Foundation; 40 percent to be available for purchase by the public; and 20 percent reserved to “incentivize early users, developers, and partners who want to build within Decentraland.” 173. As Meilich explained in his public blog post, “To incentivize value creation within Decentraland, extra tokens will be allocated to the [development team], organization, and a reserve to accelerate Community and Partner engagement.” 174. For example, Decentraland publicly issued a whitepaper (“Decentraland Whitepaper”) describing the architecture that would be built in the virtual reality platform and steps that would be taken to support Decentraland’s growth. It further made clear that the development of the platform was only beginning, and listed a number of “Challenges” that would need to be addressed in the development process in order for the platform to succeed. 175. Decentraland has continued to invest efforts in new developments and tools for the platform. According to Melich, even after the ICO, Decentraland was still “preparing a land allocation policy to ensure fair distribution, as well as a method for groups to purchase larger contiguous plots of land.” Since the ICO, Decentraland has developed tools for purported use on its platform (e.g., the “Marketplace” and “Builder” tools). In a public blog post published on March 19, 2018, the Decentraland team described the marketplace tool as the “first … in what will be a series of tools.” 176. Additionally, the Decentraland Whitepaper explained how the Foundation would “Foster[] the Network” in that it will “hold contests to create art, games, applications, and experiences, with prizes contingent on meeting a set of milestones. At the same time, new users will be assigned allowances, allowing them to participate in the economy immediately.” The Decentraland Whitepaper further claimed, “These financial incentives will help bootstrap the utility value of the network until it independently attracts users and developers.” 177. The Decentraland Whitepaper and website have also marketed that the protocol “burns” (or destroys) MANA tokens when used within the Decentraland ecosystem. 178. The Decentraland Whitepaper is still available on the Decentraland website. Continue Reading Here. About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings.
This court case retrieved on June 28, 2024, storage.courtlistener.com is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This part is 14 of 26. SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series . You can jump to any part in this filing here . This part is 14 of 26. HackerNoon’s Legal PDF Series here B. MANA 162. “MANA” is the digital token minted by Decentraland. Decentraland is a virtual reality platform that began development in June 2015 but was not made available to the public until its launch in February 2020. Decentraland was launched through an entity named Metaverse Holdings by a team of core individual developers: Ariel Meilich, Esteban Ordano, Manual Araoz, and Yemel Jardi. Decentraland operates on the Ethereum blockchain. According to Decentraland’s website, www.decentraland.org, Decentraland is a three-dimensional virtual reality platform, where users can create, experience, and monetize their content and applications. 163. According to Decentraland’s website, MANA serves as the crypto asset involved in all transactions in the Decentraland virtual reality ecosystem. On August 18, 2017, Decentraland held an initial coin offering in which MANA tokens were exchanged for ETH tokens, raising approximately $24.1 million. Currently, there is a total supply of approximately 2.19 billion MANA tokens. 164. Decentraland offered early contributors to the Decentraland ecosystem a discounted price when purchasing MANA. 165. From the time of its offering, MANA was offered and sold as an investment contract and therefore a security. 166. The price of all MANA tokens goes up or down together. 167. MANA has been available for buying and selling through MetaMask Swaps since at least October 2020. 168. The information Decentraland publicly disseminated would lead a reasonable investor, including those who have purchased MANA since October 2020, to view MANA as an investment. Specifically, MANA holders would reasonably expect to profit from Decentraland’s efforts to grow the Decentraland protocol because this growth would in turn increase the demand for and value of MANA. 169. Investor proceeds raised during the MANA ICO were pooled to fund the marketing, business expenses, and completion of the Decentraland platform. For instance, on July 5, 2017—a few weeks before the MANA ICO—Jardi published a blog post detailing Decentraland’s intended use of revenue from the token sale as follows: The blog post further explained that the “top priority“for use of the revenue was to develop a virtual world and that even after Decentraland was created, “the development budget will focus on the continued improvement of the end-user experience within the world browser“. The blog post further explained that the “top priority“for use of the revenue was to develop a virtual world and that even after Decentraland was created, “the development budget will focus on the continued improvement of the end-user experience within the world browser“. Indeed, Meilich explained in a separate blog post that after the ICO, Decentraland would implement a “Continuous Token Model,“ where it would increase the MANA supply by 8 percent in the first year, followed by a lower rate in subsequent years, to allow Decentraland to “regularly expand while accommodating new users … The proceeds of the tokens sold by [the Continuous token Model] will finance Decentraland over the long haul, perpetually aligning it with the prosperity of the network.“ Indeed, Meilich explained in a separate blog post that after the ICO, Decentraland would implement a “Continuous Token Model,“ where it would increase the MANA supply by 8 percent in the first year, followed by a lower rate in subsequent years, to allow Decentraland to “regularly expand while accommodating new users … The proceeds of the tokens sold by [the Continuous token Model] will finance Decentraland over the long haul, perpetually aligning it with the prosperity of the network.“ In April 2020, the Decentraland Team announced the creation of the Decentraland Foundation (the “Foundation“), which today holds the intellectual property rights over and makes available the products and services, including virtual environment and tools, offered on the Decentraland platform. Meilich publicly stated that the distribution of the initial supply of MANA tokens issued at the time of the ICO would be as follows: 20 percent to the founding team, advisors, and early contributors: 20 percent to the Foundation; 40 percent to be available for purchase by the public; and 20 percent reserved to “incentivize early users, developers, and partners who want to build within Decentraland.” In April 2020, the Decentraland Team announced the creation of the Decentraland Foundation (the “Foundation“), which today holds the intellectual property rights over and makes available the products and services, including virtual environment and tools, offered on the Decentraland platform. Meilich publicly stated that the distribution of the initial supply of MANA tokens issued at the time of the ICO would be as follows: 20 percent to the founding team, advisors, and early contributors: 20 percent to the Foundation; 40 percent to be available for purchase by the public; and 20 percent reserved to “incentivize early users, developers, and partners who want to build within Decentraland.” 173. As Meilich explained in his public blog post, “To incentivize value creation within Decentraland, extra tokens will be allocated to the [development team], organization, and a reserve to accelerate Community and Partner engagement.” 174. For example, Decentraland publicly issued a whitepaper (“Decentraland Whitepaper”) describing the architecture that would be built in the virtual reality platform and steps that would be taken to support Decentraland’s growth. It further made clear that the development of the platform was only beginning, and listed a number of “Challenges” that would need to be addressed in the development process in order for the platform to succeed. 175. Decentraland has continued to invest efforts in new developments and tools for the platform. According to Melich, even after the ICO, Decentraland was still “preparing a land allocation policy to ensure fair distribution, as well as a method for groups to purchase larger contiguous plots of land.” Since the ICO, Decentraland has developed tools for purported use on its platform (e.g., the “Marketplace” and “Builder” tools). In a public blog post published on March 19, 2018, the Decentraland team described the marketplace tool as the “first … in what will be a series of tools.” 176. Additionally, the Decentraland Whitepaper explained how the Foundation would “Foster[] the Network” in that it will “hold contests to create art, games, applications, and experiences, with prizes contingent on meeting a set of milestones. At the same time, new users will be assigned allowances, allowing them to participate in the economy immediately.” The Decentraland Whitepaper further claimed, “These financial incentives will help bootstrap the utility value of the network until it independently attracts users and developers.” 177. The Decentraland Whitepaper and website have also marketed that the protocol “burns” (or destroys) MANA tokens when used within the Decentraland ecosystem. 178. The Decentraland Whitepaper is still available on the Decentraland website. Continue Reading Here. Continue Reading Here . Here About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings. This court case retrieved on June 28, 2024, storage.courtlistener.com is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. About HackerNoon Legal PDF Series: We bring you the most important technical and insightful public domain court case filings. This court case retrieved on June 28, 2024, storage.courtlistener.com is part of the public domain. The court-created documents are works of the federal government, and under copyright law, are automatically placed in the public domain and may be shared without legal restriction. storage.courtlistener.com

Decentraland's MANA Token Under SEC Scrutiny: Implications for Virtual Reality Investments

Everything You Need to Know About Trump v. United States

THOUGHTS ON SCIENCE

THOUGHTS ON LIFE

Phineas Redux by Anthony Trollope, is part of the HackerNoon Books Series. You can jump to any chapter in this book . THE END OF THE STORY OF MR. EMILIUS AND LADY EUSTACE. here THE END OF THE STORY OF MR. EMILIUS AND LADY EUSTACE. The interest in the murder by no means came to an end when Phineas Finn was acquitted. The new facts which served so thoroughly to prove him innocent tended with almost equal weight to prove another man guilty. And the other man was already in custody on a charge which had subjected him to the peculiar ill-will of the British public. He, a foreigner and a Jew, by name Yosef Mealyus,—as every one was now very careful to call him,—had come to England, had got himself to be ordained as a clergyman, had called himself Emilius, and had married a rich wife with a title, although he had a former wife still living in his own country. Had he called himself Jones it would have been better for him, but there was something in the name of Emilius which added a peculiar sting to his iniquities. It was now known that the bigamy could be certainly proved, and that his last victim,—our old friend, poor little Lizzie Eustace,—would be rescued from his clutches. She would once more be a free woman, and as she had been strong enough to defend her future income from his grasp, she was perhaps as fortunate as she deserved to be. She was still young and pretty, and there might come another lover more desirable than Yosef Mealyus. That the man would have to undergo the punishment of bigamy in its severest form, there was no doubt;—but would law, and justice, and the prevailing desire for revenge, be able to get at him in such a way that he might be hung? There certainly did exist a strong desire to prove Mr. Emilius to have been a murderer, so that there might come a fitting termination to his career in Great Britain. The police seemed to think that they could make but little either of the coat or of the key, unless other evidence, that would be almost sufficient in itself, should be found. Lord Fawn was informed that his testimony would probably be required at another trial,—which intimation affected him so grievously that his friends for a week or two thought that he would altogether sink under his miseries. But he would say nothing which would seem to criminate Mealyus. A man hurrying along with a grey coat was all that he could swear to now,—professing himself to be altogether ignorant whether the man, as seen by him, had been tall or short. And then the manufacture of the key,—though it was that which made every one feel sure that Mealyus was the murderer,—did not, in truth, afford the slightest evidence against him. Even had it been proved that he had certainly used the false key and left Mrs. Meager's house on the night in question, that would not have sufficed at all to prove that therefore he had committed a murder in Berkeley Street. No doubt Mr. Bonteen had been his enemy,—and Mr. Bonteen had been murdered by an enemy. But so great had been the man's luck that no real evidence seemed to touch him. Nobody doubted;—but then but few had doubted before as to the guilt of Phineas Finn. There was one other fact by which the truth might, it was hoped, still be reached. Mr. Bonteen had, of course, been killed by the weapon which had been found in the garden. As to that a general certainty prevailed. Mrs. Meager and Miss Meager, and the maid-of-all-work belonging to the Meagers, and even Lady Eustace, were examined as to this bludgeon. Had anything of the kind ever been seen in the possession of the clergyman? The clergyman had been so sly that nothing of the kind had been seen. Of the drawers and cupboards which he used, Mrs. Meager had always possessed duplicate keys, and Miss Meager frankly acknowledged that she had a general and fairly accurate acquaintance with the contents of these receptacles; but there had always been a big trunk with an impenetrable lock,—a lock which required that even if you had the key you should be acquainted with a certain combination of letters before you could open it,—and of that trunk no one had seen the inside. As a matter of course, the weapon, when brought to London, had been kept altogether hidden in the trunk. Nothing could be easier. But a man cannot be hung because he has had a secret hiding place in which a murderous weapon may have been stowed away. But might it not be possible to trace the weapon? Mealyus, on his return from Prague, had certainly come through Paris. So much was learned,—and it was also learned as a certainty that the article was of French,—and probably of Parisian manufacture. If it could be proved that the man had bought this weapon, or even such a weapon, in Paris then,—so said all the police authorities,—it might be worth while to make an attempt to hang him. Men very skilful in unravelling such mysteries were sent to Paris, and the police of that capital entered upon the search with most praiseworthy zeal. But the number of life-preservers which had been sold altogether baffled them. It seemed that nothing was so common as that gentlemen should walk about with bludgeons in their pockets covered with leathern thongs. A young woman and an old man who thought that they could recollect something of a special sale were brought over,—and saw the splendour of London under very favourable circumstances;—but when confronted with Mr. Emilius, neither could venture to identify him. A large sum of money was expended,—no doubt justified by the high position which poor Mr. Bonteen had filled in the counsels of the nation; but it was expended in vain. Mr. Bonteen had been murdered in the streets at the West End of London. The murderer was known to everybody. He had been seen a minute or two before the murder. The motive which had induced the crime was apparent. The weapon with which it had been perpetrated had been found. The murderer's disguise had been discovered. The cunning with which he had endeavoured to prove that he was in bed at home had been unravelled, and the criminal purpose of his cunning made altogether manifest. Every man's eye could see the whole thing from the moment in which the murderer crept out of Mrs. Meager's house with Mr. Meager's coat upon his shoulders and the life-preserver in his pocket, till he was seen by Lord Fawn hurrying out of the mews to his prey. The blows from the bludgeon could be counted. The very moment in which they had been struck had been ascertained. His very act in hurling the weapon over the wall was all but seen. And yet nothing could be done. "It is a very dangerous thing hanging a man on circumstantial evidence," said Sir Gregory Grogram, who, a couple of months since, had felt almost sure that his honourable friend Phineas Finn would have to be hung on circumstantial evidence. The police and magistrates and lawyers all agreed that it would be useless, and indeed wrong, to send the case before a jury. But there had been quite sufficient evidence against Phineas Finn! In the meantime the trial for bigamy proceeded in order that poor little Lizzie Eustace might be freed from the incubus which afflicted her. Before the end of July she was made once more a free woman, and the Rev. Joseph Emilius,—under which name it was thought proper that he should be tried,—was convicted and sentenced to penal servitude for five years. A very touching appeal was made for him to the jury by a learned serjeant, who declared that his client was to lose his wife and to be punished with extreme severity as a bigamist, because it was found to be impossible to bring home against him a charge of murder. There was, perhaps, some truth in what the learned serjeant said, but the truth had no effect upon the jury. Mr. Emilius was found guilty as quickly as Phineas Finn had been acquitted, and was, perhaps, treated with a severity which the single crime would hardly have elicited. But all this happened in the middle of the efforts which were being made to trace the purchase of the bludgeon, and when men hoped two or five or twenty-five years of threatened incarceration might be all the same to Mr. Emilius. Could they have succeeded in discovering where he had bought the weapon, his years of penal servitude would have afflicted him but little. They did not succeed; and though it cannot be said that any mystery was attached to the Bonteen murder, it has remained one of those crimes which are unavenged by the flagging law. And so the Rev. Mr. Emilius will pass away from our story. There must be one or two words further respecting poor little Lizzie Eustace. She still had her income almost untouched, having been herself unable to squander it during her late married life, and having succeeded in saving it from the clutches of her pseudo husband. And she had her title, of which no one could rob her, and her castle down in Ayrshire,—which, however, as a place of residence she had learned to hate most thoroughly. Nor had she done anything which of itself must necessarily have put her out of the pale of society. As a married woman she had had no lovers; and, when a widow, very little fault in that line had been brought home against her. But the world at large seemed to be sick of her. Mrs. Bonteen had been her best friend, and, while it was still thought that Phineas Finn had committed the murder, with Mrs. Bonteen she had remained. But it was impossible that the arrangement should be continued when it became known,—for it was known,—that Mr. Bonteen had been murdered by the man who was still Lizzie's reputed husband. Not that Lizzie perceived this,—though she was averse to the idea of her husband having been a murderer. But Mrs. Bonteen perceived it, and told her friend that she must—go. It was most unwillingly that the wretched widow changed her faith as to the murderer; but at last she found herself bound to believe as the world believed; and then she hinted to the wife of Mr. Emilius that she had better find another home. "I don't believe it a bit," said Lizzie. "It is not a subject I can discuss," said the widow. "And I don't see that it makes any difference. He isn't my husband. You have said that yourself very often, Mrs. Bonteen." "It is better that we shouldn't be together, Lady Eustace." "Oh, I can go, of course, Mrs. Bonteen. There needn't be the slightest trouble about that. I had thought perhaps it might be convenient; but of course you know best." She went forth into lodgings in Half Moon Street, close to the scene of the murder, and was once more alone in the world. She had a child indeed, the son of her first husband, as to whom it behoved many to be anxious, who stood high in rank and high in repute; but such had been Lizzie's manner of life that neither her own relations nor those of her husband could put up with her, or endure her contact. And yet she was conscious of no special sins, and regarded herself as one who with a tender heart of her own, and a too-confiding spirit, had been much injured by the cruelty of those with whom she had been thrown. Now she was alone, weeping in solitude, pitying herself with deepest compassion; but it never occurred to her that there was anything in her conduct that she need alter. She would still continue to play her game as before, would still scheme, would still lie; and might still, at last, land herself in that Elysium of life of which she had been always dreaming. Poor Lizzie Eustace! Was it nature or education which had made it impossible to her to tell the truth, when a lie came to her hand? Lizzie, the liar! Poor Lizzie! About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Anthony Trollope (2006). Phineas Redux. Urbana, Illinois: Project Gutenberg. Retrieved https://www.gutenberg.org/cache/epub/18640/pg18640-images.html This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at , located at . www.gutenberg.org https://www.gutenberg.org/policy/license.html

THE END OF THE STORY OF MR. EMILIUS AND LADY EUSTACE.

On the Economy of Machinery and Manufactures by Charles Babbage is part of the HackerNoon Books Series. You can jump to any chapter in this book . Of Money as a Medium of Exchange here Chapter 14. Of Money as a Medium of Exchange In the earlier stages of societies the interchange of the few commodities required was conducted by barter, but as soon as their wants became more varied and extensive, the necessity of having some common measure of the value of all commodities— itself capable of subdivision—became apparent: thus money was introduced. In some countries shells have been employed for this purpose; but civilized nations have, by common consent, adopted the precious metals.(1*) The sovereign power has, in most countries, assumed the right of coining; or, in other words, the right of stamping with distinguishing marks, pieces of metal having certain forms and weights and a certain degree of fineness: the marks becoming a guarantee, to the people amongst whom the money circulates, that each piece is of the required weight and quality. The expense of manufacturing gold into coin, and that of the loss arising from wear, as well as of interest on the capital invested in it, must either be defrayed by the State, or be compensated by a small reduction in its weight, and is a far less cost to the nation than the loss of time and inconvenience which would arise from a system of exchange or barter. These coins are liable to two inconveniences: they may be manufactured privately by individuals, of the same quality, and similarly stamped; or imitations may be made of inferior metal, or of diminished weight. The first of these inconveniences would be easily remedied by making the current value of the coin nearly equal to that of the same weight of the metal; and the second would be obviated by the caution of individuals in examining the external characters of each coin, and partly by the punishment inflicted by the State on the perpetrators of such frauds. The subdivisions of money vary in different countries, and much time may be lost by an inconvenient system of division. The effect is felt in keeping extensive accounts, and particularly in calculating the interest on loans, or the discount upon bills of exchange. The decimal system is the best adapted to facilitate all such calculations; and it becomes an interesting question to consider whether our own currency might not be converted into one decimally divided. The great step, that of abolishing the guinea, has already been taken without any inconvenience, and but little is now required to render the change complete. If, whenever it becomes necessary to call in the half-crowns, a new coin of the value of two shillings were issued, which should be called by some name implying a unit (a prince, for instance), we should have the tenth part of a sovereign. A few years after, when the public were familiar with this coin, it might be divided into one hundred instead of ninety-six farthings; and it would then consist of twenty-five pence, each of which would be four per cent. less in value than the former penny. The shillings and six-pences being then withdrawn from circulation, their place might be supplied with silver coins each worth five of the new pence, and by others of ten-pence, and of twopence halfpenny; the latter coin, having a distinct name, would be the tenth part of a prince. The various manufactured commodities, and the various property possessed by the inhabitants of a country, all become measured by the standard thus introduced. But it must be observed that the value of gold is itself variable; and that, like all other commodities, its price depends on the extent of the demand compared with that of the supply. As transactions multiply, and the sums to be paid become large, the actual transfer of the precious metals from one individual to another is attended with inconvenience and difficulty, and it is found more convenient to substitute written promises to pay on demand specified quantities of gold. These promises are called bank-notes; and when the person or body issuing them is known to be able to fulfil the pledge, the note will circulate for a long time before it gets into the hands of any person who may wish to make use of the gold it represents. These paper representatives supply the place of a certain quantity of gold; and, being much cheaper, a large portion of the expense of a metallic circulation is saved by their employment. As commercial transactions increase, the transfer of bank-notes is, to a considerable extent, superseded by shorter processes. Banks are established, into which all monies are paid, and out of which all payments are made, through written orders called checks, drawn by those who keep accounts with them. In a large capital, each bank receives, through its numerous customers, checks payable by every other; and if clerks were sent round to receive the amount in banknotes due from each, it would occupy much time, and be attended with some risk and inconvenience. Clearing house. In London this is avoided, by making all checks paid in to bankers pass through what is technically called The Clearing House. In a large room in Lombard Street, about thirty clerks from the several London bankers take their stations, in alphabetical order, at desks placed round the room; each having a small open box by his side, and the name of the firm to which he belongs in large characters on the wall above his head. From time to time other clerks from every house enter the room, and, passing along, drop into the box the checks due by that firm to the house from which this distributor is sent. The clerk at the table enters the amount of the several checks in a book previously prepared, under the name of the bank to which they are respectively due. Four o'clock in the afternoon is the latest hour to which the boxes are open to receive checks; and at a few minutes before that time, some signs of increased activity begin to appear in this previously quiet and business-like scene. Numerous clerks then arrive, anxious to distribute, up to the latest possible moment, the checks which have been paid into the houses of their employers. At four o'clock all the boxes are removed, and each clerk adds up the amount of the checks put into his box and payable by his own to other houses. He also receives another book from his own house, containing the amounts of the checks which their distributing clerk has put into the box of every other banker. Having compared these, he writes out the balances due to or from his own house, opposite the name of each of the other banks; and having verified this statement by a comparison with the similar list made by the clerks of those houses, he sends to his own bank the general balance resulting from this sheet, the amount of which, if it is due from that to other houses, is sent back in bank-notes. At five o'clock the Inspector takes his seat; when each clerk, who has upon the result of all the transactions a balance to pay to various other houses, pays it to the inspector, who gives a ticket for the amount. The clerks of those houses to whom money is due, then receive the several sums from the inspector, who takes from them a ticket for the amount. Thus the whole of these payments are made by a double system of balance, a very small amount of bank-notes passing from hand to hand, and scarcely any coin. It is difficult to form a satisfactory estimate of the sums which daily pass through this operation: they fluctuate from two millions to perhaps fifteen. About two millions and a half may possibly be considered as something like an average, requiring for its adjustment, perhaps, L200,000 in bank notes and L20 in specie. By an agreement between the different bankers, all checks which have the name of any firm written across them must pass through the clearing house: consequently, if any such check should be lost, the firm on which it is drawn would refuse to pay it at the counter; a circumstance which adds greatly to the convenience of commerce. The advantage of this system is such, that two meetings a day have been recently established—one at twelve, the other at three o'clock; but the payment of balances takes place once only, at five o'clock. If all the private banks kept accounts with the Bank of England, it would be possible to carry on the whole of these transactions with a still smaller quantity of circulating medium. In reflecting on the facility with which these vast transactions are accomplished—supposing, for the sake of argument, that they form only the fourth part of the daily transactions of the whole community—it is impossible not to be struck with the importance of interfering as little as possible with their natural adjustment. Each payment indicates a transfer of property made for the benefit of both parties; and if it were possible, which it is not, to place, by legal or other means, some impediment in the way which only amounted to one-eighth per cent, such a species of friction would produce a useless expenditure of nearly four millions annually: a circumstance which is deserving the attention of those who doubt the good policy of the expense incurred by using the precious metals for one portion of the currency of the country. One of the most obvious differences between a metallic and a paper circulation is, that the coin can never, by any panic or national danger, be reduced below the value of bullion in other civilized countries; whilst a paper currency may, from the action of such causes, totally lose its value. Both metallic and paper money, it is true, may be depreciated, but with very different effects. Depreciation of coin. The state may issue coin of the same nominal value, but containing only half the original quantity of gold, mixed with some cheap alloy; but every piece so issued bears about with it internal evidence of the amount of the depreciation: it is not necessary that every successive proprietor should analyse the new coin; but a few having done so, its intrinsic worth becomes publicly known. Of course the coin previously in circulation is now more valuable as bullion, and quickly disappears. All future purchases adjust themselves to the new standard, and prices are quickly doubled; but all past contracts also are vitiated, and all persons to whom money is owing, if compelled to receive payment in the new coin, are robbed of one-half of their debt, which is confiscated for the benefit of the debtor. Depreciation of paper. The depreciation of paper money follows a different course. If, by any act of the Government paper is ordained to be a legal tender for debts, and, at the same time, ceases to be exchangeable for coin, those who have occasion to purchase of foreigners, who are not compelled to take the notes, will make some of their payments in gold; and if the issue of paper, unchecked by the power of demanding the gold it represents, be continued, the whole of the coin will soon disappear. But the public, who are obliged to take the notes, are unable, by any internal evidence, to detect the extent of their depreciation; it varies with the amount in circulation, and may go on till the notes shall be worth little more than the paper on which they are printed. During the whole of this time every creditor is suffering to an extent which he cannot measure; and every bargain is rendered uncertain in its advantage, by the continually changing value of the medium through which it is conducted. This calamitous course has actually been run in several countries: in France, it reached nearly its extreme limit during the existence of assignats. We have ourselves experienced some portion of the misery it creates; but by a return to sounder principles, have happily escaped the destruction and ruin which always attends the completion of that career. Every person in a civilized country requires, according to his station in life, the use of a certain quantity of money, to make the ordinary purchases of the articles which he consumes. The same individual pieces of coin, it is true, circulate again and again, in the same district: the identical piece of silver, received by the workman on Saturday night, passing through the hands of the butcher, the baker, and the small tradesman, is, perhaps, given by the latter to the manufacturer in exchange for his check, and is again paid into the hands of the workman at the end of the succeeding week. Any deficiency in this supply of money is attended with considerable inconvenience to all parties. If it be only in the smaller coins, the first effect is a difficulty in procuring small change; then a disposition in the shopkeepers to refuse change unless a purchase to a certain amount be made; and, finally, a premium in money will be given for changing the larger denominations of coin. Thus money itself varies in price, when measured by other money in larger masses: and this effect takes place whether the circulating medium is metallic or of paper. These effects have constantly occurred, and particularly during the late war; and, in order to relieve it, silver tokens for various sums were issued by the Bank of England. The inconvenience and loss arising from a deficiency of small money fall with greatest weight on the classes whose means are least; for the wealthier buyers can readily procure credit for their small purchases, until their bill amounts to one of the larger coins. As money, when kept in a drawer, produces nothing, few people, in any situation of life, will keep, either in coin or in notes, more than is immediately necessary for their use; when, therefore, there are no profitable modes of employing money, a superabundance of paper will return to the source from whence it issued, and an excess of coin will be converted into bullion and exported. Since the worth of all property is measured by money, it is obviously conducive to the general welfare of the community, that fluctuations in its value should be rendered as small and as gradual as possible. The evils which result from sudden changes in the value of money will perhaps become more sensible, if we trace their effects in particular instances. Assuming, as we are quite at liberty to do, an extreme case, let us suppose three persons, each possessing a hundred pounds: one of these, a widow advanced in years, and who, by the advice of her friends, purchases with that sum an annuity of twenty pounds a year during her life: and let the two others be workmen, who, by industry and economy, have each saved a hundred pounds out of their wages; both these latter persons proposing to procure machines for calendering, and to commence that business. One of these invests his money in a savings' bank; intending to make his own calendering machine, and calculating that he shall expend twenty pounds in materials, and the remaining eighty in supporting himself and in paying the workmen who assist him in constructing it. The other workman, meeting with a machine which he can buy for two hundred pounds, agrees to pay for it a hundred pounds immediately, and the remainder at the end of a twelvemonth. Let us now imagine some alteration to take place in the currency, by which it is depreciated one-half: prices soon adjust themselves to the new circumstances, and the annuity of the widow, though nominally of the same amount, will, in reality, purchase only half the quantity of the necessaries of life which it did before. The workman who had placed his money in the savings' bank, having perhaps purchased ten pounds' worth of materials, and expended ten pounds in labour applied to them, now finds himself, by this alteration in the currency, possessed nominally of eighty pounds, but in reality of a sum which will purchase only half the labour and materials required to finish his machine; and he can neither complete it, from want of capital, nor dispose of what he has already done in its unfinished state for the price it has cost him. In the meantime, the other workman, who had incurred a debt of a hundred pounds in order to complete the purchase of his calendering machine, finds that the payments he receives for calendering, have, like all other prices, doubled, in consequence of the depreciation of the currency; and he has therefore, in fact, obtained his machine for one hundred and fifty pounds. Thus, without any fault or imprudence, and owing to circumstances over which they have no control, the widow is reduced almost to starve; one workman is obliged to renounce, for several years, his hope of becoming a master; and another, without any superior industry or skill, but in fact, from having made, with reference to his circumstances, rather an imprudent bargain, finds himself unexpectedly relieved from half his debt, and the possessor of a valuable source of profit; whilst the former owner of the machine, if he also has invested the money arising from its sale in the savings' bank, finds his property suddenly reduced one-half. These evils, to a greater or less extent, attend every change in the value of the currency; and the importance of preserving it as far as possible unaltered in value, cannot be too strongly impressed upon all classes of the community. NOTES: In Russia platinum has been employed for coin; and it possesses a peculiarity which deserves notice. Platinum cannot be melted in our furnaces, and is chiefly valuable in commerce when in the shape of ingots, from which it may be forged into useful forms. But when a piece of platinum is cut into two parts, it cannot easily be reunited except by means of a chemical process, in which both parts are dissolved in an acid. Hence, when platinum coin is too abundant, it cannot, like gold, be reduced into masses by melting, but must pass through an expensive process to render it useful. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. Charles Babbage (2003). On the Economy of Machinery and Manufactures. Urbana, Illinois: Project Gutenberg. Retrieved https://www.gutenberg.org/cache/epub/4238/pg4238.html This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at , located at . www.gutenberg.org https://www.gutenberg.org/policy/license.html

Stories, News & Mentions about ORDA

Orda’s Stories on HackerNoon