International Bimetallism


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152 ページ - ... the whole state, and makes its effect be felt on all ranks of people. At first, no alteration is perceived ; by degrees the price rises, first of one commodity, then of another ; till the whole at last reaches a just proportion with the new quantity of specie which is in the kingdom.
4 ページ - So Solomon overlaid the house within with pure gold: and he made a partition by the chains of gold before the oracle; and he overlaid it with gold. 22 And the whole house he overlaid with gold...
68 ページ - The evil proceeded with constantly accelerating velocity. At length in the autumn of 1695 it could hardly be said that the country possessed, for practical purposes, any measure of the value of commodities. It was a mere chance whether what was called a shilling was really tenpence, sixpence, or a groat.
69 ページ - But when the great instrument of exchange became thoroughly deranged, all trade, all industry, were smitten as with a palsy. The evil was felt daily and hourly in almost every place and by almost every class, in the dairy and on the threshing floor, by the anvil and by the loom, on the billows of the ocean and in the depths of the mine. Nothing could be purchased without a dispute. Over every counter there was wrangling from morning to night. The workman and his employer had a quarrel as regularly...
152 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.
69 ページ - Nothing could be purchased without a dispute. Over every counter there was wrangling from morning to night. The workman and his employer had a quarrel as regularly as the Saturday came round. On a fair day or a market day the clamors, the reproaches, the taunts, the curses, were incessant ; and it was well if no booth was overturned and no head broken...
152 ページ - But notwithstanding this conclusion which must be allowed just, it is certain that since the discovery of the mines in America, industry has increased in all the nations of Europe, except in the possessors of those mines; and this may justly be ascribed, amongst other reasons, to the increase of gold and silver.
204 ページ - ... were to accept and strictly adhere to bimetallism, at the suggested ratio. We think that if in all these countries gold and silver could be freely coined, and thus become exchangeable against commodities at the fixed ratio, the market value of silver as measured by gold would conform to that ratio, and not vary to any material extent.
219 ページ - Hamilton, in his able and invaluable report in 1791 on the establishment of a mint, declared that " to annul the use of either gold or silver as money is to abridge the quantity of circulating medium, and is liable to all the objections which arise from a comparison of the benefits of a full circulation with the evils of a scanty circulation.
154 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...