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...
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...
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...
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...
48 ページ - This transition will be an interval painful to pass, and will be marked by innumerable shocks and sufferings. The value of all kinds of property will be subjected to a painful uncertainty and to injurious fluctuations. It will be still worse for those persons 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...
5 ページ - If only one article had risen in price while the others remained as before, gold must be said to have fallen in some degree. Yalue 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, hoivever,...
69 ページ - You my neighbour the husbandman, you Maister Mercer and you Goodman Capper, with other artificers may save yourselves metely well. Forasmuch as all thinges are deerer than they were, so much doe you arise in the pryce of your wares and occupations that yee sell agayne. But we have nothing to sell whereby we might advaunce ye price thereof, to countervaile those things that we must buy againe.
31 ページ - ... meat, and oils, have so risen from preponderance of demand over supply. They comprise articles of which the demand increases rapidly with the wealth and population of the country, while the supply is naturally limited ; they comprise the principal animal materials. On the other hand, all the groups which have fallen in price are of vegetable origin, and chiefly of foreign growth.
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, and the consequent demand for the precious metals, no new discoveries of gold and silver had been made,...
71 ページ - The gold discoveries have had the double effect of arresting the fall of prices and then raising them. The total effect is not merely the rise that has occurred, but that rise plus the fall that would have occurred. This goes a considerable way to explain why prices have not risen so high as the vast supplies of gold might have led us to expect.

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