The Case Against BimetallismG. Bell & Sons, 1892 - 254 ページ |
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Adam Smith amount argument Bank of England banks become bimetal bimetallic law bimetallic ratio bimetallic theory bimetallists bullion cent century circulation circumstances coinage commodities currency demand for gold discussion double standard effect England essay evils fact fall in silver fall of prices fluctuations France functions gold and silver gold or silver gold standard Government greenbacks hoarding inconvertible paper international bimetallism July June legal ratio Lord Liverpool market ratio matter ment monetary system money and prices monometallic monometallists nations non-monetary ounce Pixley & Abell practical precious metals Premium on Gold present price of silver purposes quantity of money question ratio of 15 ratio of exchange seignorage Sept silver certificates silver coins silver standard single standard Sir William Houldsworth Sismondi small change standard monetary substance standard money standard substance steady supply things token money Treasury United universal bimetallism unlimited legal tender Wolowski
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196 ページ - ... such abuses, to facilitate exchanges, and thereby to encourage all sorts of industry and commerce, it has been found necessary, in all countries that have made any considerable advances towards improvement, to affix a public stamp upon certain quantities of such particular metals as were in those countries commonly made use of to purchase goods. Hence the origin of coined money, and of those public offices called mints; institutions exactly of the same nature with those of the aulnagers and stamp-masters...
195 ページ - In order to avoid the inconveniency of such situations, every prudent man in every period of society, after the first establishment of the division of labour, must naturally have endeavored to manage his affairs in such a manner, as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for the produce of their industry.
98 ページ - ... commodities. But these oscillations must be confined within the most narrow limits. The chronic ratio of exchange between the precious metals and other commodities is not concerned. To the extent that a ratio is established different from what the chronic ratio tends to be, causes are set in operation which operate to restore the equilibrium. But allowing for such oscillations and exceptions, which are most slight after all, the chronic ratios of exchange between gold and silver and other commodities...
140 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...
195 ページ - Timaeus, an ancient historian, that, till the time of Servius Tullius, the Romans had no coined money, but made use of unstamped bars of copper, to purchase whatever they had occasion for. These rude bars, therefore, performed at this time the function of money.
195 ページ - ... to manage his affairs in such a manner, as to have at all times by him, besides the peculiar produce of his own industry, a certain quantity of some one commodity or other, such as he imagined few people would be likely to refuse in exchange for the produce of their industry. Many different commodities, it is probable, were successively both thought of and employed for this purpose. In the rude ages of society, cattle are said to have been the common instrument of commerce; and, though they must...
195 ページ - If, on the contrary, instead of sheep or oxen, he had metals to give in exchange for it, he could easily proportion the quantity of the metal to the precise quantity of the commodity which he had immediate occasion for.
106 ページ - If the design of your law takes place, the kingdom loses by it: if the inconvenience be felt and avoided, your law is eluded. Money is the measure of commerce, and of the rate of every thing, and, therefore, ought to be kept (as all other measures), as steady and invariable as may be. But this cannot be, if your money be made of two metals, whose proportion, and, consequently, whose price, constantly varies in respect to one another.
195 ページ - Romans, and gold and silver among all rich and commercial nations. Those metals seem originally to have been made use of for this purpose in rude bars, without any stamp or coinage.
79 ページ - Italy has been an offender in this matter, the resumption of specie payments in that country on a gold basis being entirely a work of superfluity; the resumption on a silver basis would have been preferable. * • • No doubt the pressure on gold would have been more severe than it has been if the United States had not passed the Bland coinage law.