翻译：米塞斯《论货币和信用操纵》引言

STABILIZATION OF THE MONETARY UNIT

—FROM THE VIEWPOINT OF THEORY

货币单位的稳定——从理论的角度

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（谴责） changes in the value of money were to be completely avoided.

稳定货币单位价值的尝试，正深刻影响着当今几乎每个国家的货币政策。这些尝试不应与早期构建货币单位的努力相混淆，那些努力旨在创造不受货币供给侧变化影响的交换价值。在那个更古老也更令人向往的年代，核心关切在于如何在不改变货币单位购买力的情况下，使货币数量与货币需求达到均衡。因此，人们致力于构建这样的货币制度：货币供给侧不会产生任何改变普遍使用的交换媒介（货币）与其他经济财货之间比率的变动。如此便可完全规避，货币价值变动所引发的、广受诟病的经济后果。

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.

如今再去探讨这一目标何以既未能在当时实现、事实上也永无可能达成，已然毫无意义。今天我们有了全然不同的考量。如果能够重返我们曾经享有过的货币秩序，便足以令人欣慰。如果我们能够恢复金本位，其固有缺陷也将不再对我们构成实质性困扰。我们所需应对的，不过是必须善加处理黄金价值本身亦存在特定波动这一基本事实。

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.

当下面临的货币困境具有全然不同的性质。在战争期间及战后[指第一次世界大战，1914-1918]，诸多国家大规模投放信用媒介（credit money），并赋予其法偿地位。

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.

正如格雷欣法则所描述的，黄金最终从这些国家的货币流通过程中消失了。这些国家现存的纸币制度中，其购买力正暴露于剧烈震荡的漩涡。

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.

当今货币经济的高度发展，使得这种依赖大规模创造信用媒介的货币制度——其引发的购买力剧烈震荡——已难以长期维系。

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，消除货币领域缺陷的呼声已相当普遍。人们已然洞见：若缺乏健全的货币制度，既不可能重建国内社会秩序，亦无从修复国际经济关系。