Popular Fallacies Regarding BimetallismMacmillan, 1896 - 155 ページ |
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abandoned Adam Smith annual Argentine Republic Bank of England banks bimetal bimetallism cent century coinage of silver commodities common currency debtors debts demand demonetisation of silver depreciated double effect England English bimetallists exchange experience exports fall in prices fallacy fixed ratio France free coinage free trade gold and silver gold monometallists gold-using countries increased output India Indian mints joint standard labour Latin Union legal tender Lord Farrer Lord Liverpool loss market value measured in gold metallic currency metallists modities monetary monometallism nations old ratio output of gold output of silver payment period precious metals price of silver purchasing power ratio of 15 re-establish relative output relative value result rise seen silver and gold silver to gold Sir Robert Peel sole gold standard standard of currency standard of value tion token money United United Kingdom United States mint value of gold value of silver variation wages
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73 ページ - Accordingly we find, that, in every kingdom, into which money begins to flow in greater abundance than formerly, everything takes a new face : labour and industry gain life ; the merchant becomes more enterprising, the manufacturer more diligent and skilful, and even the farmer follows his plough with greater alacrity and attention.
56 ページ - We are unalterably opposed to every measure calculated to debase our currency or impair the credit of our country. We are, therefore, opposed to the free coinage of silver except by international agreement with the leading commercial nations of the world, which we pledge ourselves to promote, and until such agreement can bf.
56 ページ - ... shall not affect contracts already made. Let me remind you that there is no intention of affecting those contracts which according to present laws are made payable in gold; but if he means to say that we cannot change our monetary system without protecting those who have loaned money before the change was made, I...
84 ページ - I hold labour to be essentially variable, so that its value must be determined by the value of the produce, not the value of the produce by that of the labour.
16 ページ - But it is the greatest delusion in the world to attribute the commercial preponderance and prosperity of England to our having a gold standard. Our gold standard is not the cause of our commercial prosperity...
73 ページ - ) 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...
23 ページ - ... of gold would, in our opinion, be likely to affect the price of silver in the market generally, whoever the purchaser, and for whatever country it was destined. It would enable the seller to stand out for a price approximating to the legal coin, and would tend to keep the market steady at about that point.
24 ページ - ... absence of any connecting pipe the level of the water in each reservoir will be subject to its own fluctuations only. But if we open a connection, the water in both will assume a certain mean level, and the effects of any excessive supply or demand will be distributed over the whole area of both reservoirs. The mass of the metals, gold and silver, circulating in Western Europe in late years, is exactly represented by the water in these reservoirs, and the connecting pipe is the law of the 7th...
74 ページ - As the whole of the goods in the market compose the demand for money, so the whole of the money constitutes the demand for goods. The money and the goods are seeking each other for the purpose of being exchanged. They are reciprocally supply and demand to one another.
v ページ - Price 3.5. 6d. net. EXTRACT FROM PREFACE " I have selected the leading current phrases, made use of by those who are opposed to the restoration of the joint standard of currency. These phrases embody the arguments monometallists rely upon, in their endeavour to maintain the existing monetary anarchy, and each of these arguments is examined in turn upon its merits. In putting to the test these several monometallist fallacies, I have striven to be concise, to use language clear and simple to those...