A Serious Fall in the Value of Gold Ascertained: And Its Social Effects Set Forth

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E. Stanford, 1863 - 73 ページ
 

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62 ページ - Macculloch that, putting out of sight individual cases of hardship, if such exist, a fall in the value of gold must have, and, as I should say, has already a most powerfully beneficial effect. It loosens the country, as nothing else could, from its old bonds of debt and habit. It throws increased rewards before all who are making and acquiring wealth, somewhat at the expense of those who are enjoying acquired wealth. It excites the active and skilful classes of the community to new exertions...
71 ページ - Prices must have continued in the downward course they had pursued for 30 or 40 years before. But they did not continue this course — on the contrary, they turned upwards in a sudden and decided manner, as shown in the body of this tract.
67 ページ - To overestimate the indirect effects of these discoveries, in creating new colonies, spreading the English people and language, and newly animating commerce, is not easy. But in itself gold-digging has ever seemed to me almost a dead loss of labour as regards the world in general — a wrong against the human race, just such as is that of a Government against its people, in over-issuing and depreciating its own currency.
48 ページ - I have already alluded, whose incomes consist of a sum of money (Napoleons or sovereigns) fixed in advance. They will live in a perpetual state of trouble, anxiety, and uneasiness. They will- sink by whole sections from their present state to another in which they will enjoy only the half of their previous comforts ; reasoning, as I always do, upon the assumption that gold falls to the half of its present value. They will be flung headlong, without rule or measure, down to a lower station, and without...
71 ページ - Thus while industry, trade, and property were rapidly advancing in Great Britain, America and most other parts of the world, there was no corresponding advance in the production of the precious metals. Prices, both in Gold and Silver continually receded. Now if, while the introduction of free trade, railways, telegraphs and innumerable other improvements accelerated the extension of trade...
29 ページ - ... per cent. The minor commodities, however, give a somewhat different result. In taking the mean, I have treated those which are bracketed together in the last column as having the importance only of a single commodity, so that only the mean of the ratios bracketed entered into the general average. We thus find...
9 ページ - Alone it would afford no sure indication of such alteration in gold, but we take it in company with hay, clover, and straw, with meat and butter, with cotton from several parts of the world, with sugar from the East and West Indies, with spices, dyewoods, and various other important products, each subject to its own independent natural fluctuations, but all subject to vary in price with the variations of value in gold of which we are in search. In drawing our averages the independent fluctuations...
24 ページ - ... bountiful or scarce supplies of food with which Providence favours us in the several seasons, strongly contribute to hasten or retard the several periods of abundant capital and investment, and again those of scarcity and revulsion. The current of human business is ever ready to break into a ripple. A good or bad season marks it with a crest or a trough, and the fluctuation multiplies and continues itself. Yet, according to a known principle, it insensibly tends to fall into pace with the fluctuations...
5 ページ - If only one article had risen in price while the others remained as hefore, gold must be said to have fallen in some degree. Value is a vague expression for potency in purchasing other articles, and if gold has become less potent with respect to some and not more potent with respect to others, it has fallen in value. The same may be said, however various and contrary the alterations of prices, provided those rising preponderate in a certain way over those falling. It must be confesssed, however,...
25 ページ - Prices are now near a Minimum. I think no one will doubt that during the last year, 1862, and at present, we are at or near the lowest point, and at very low water of the commercial tide.

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