The Gold Standard: An Historical Study

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R. Beall, 1896 - 38 páginas
 

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Página 15 - I have heard it asserted, that the trade of the city of Glasgow doubled in about fifteen years after the first erection of the banks; there ; and that the trade of Scotland has more than quadrupled since th6 first erection of the two public banks at Edinburgh...
Página 5 - The two greatest events that have occurred in the history of mankind have been directly brought about by a contraction and, on the other hand, an expansion of the circulating medium of society. The fall of the Roman Empire, so long ascribed, in ignorance, to slavery, heathenism, and moral corruption, was in reality brought about by a decline in the silver and gold mines of Spain and Greece.
Página 22 - ... was the cause which produced both monetary distress and diminished activity in production. 1597. And consequently, that the deficient export of our own manufactures must have prevented, to a certain extent, that influx of bullion from abroad which might have assisted the position of the Bank ? — Monetary distress tends to produce fall of prices; that fall of prices encourages exports and diminishes imports ; consequently it tends to promote an influx of bullion. I can quote a fact of rather...
Página 5 - ... reality brought about by a decline in the silver and gold mines of Spain and Greece. And, as if Providence had intended to reveal in the clearest manner the influence of this mighty agent on human affairs, the resurrection of mankind from the ruin which those causes had produced was owing to a directly opposite set of agencies being put in operation.
Página 5 - Empire, so long ascribed in ignorance to slavery, egotism, and moral corruption, was in reality brought about by a decline in the silver and gold mines of Spain and Greece. And, as if Providence had intended to reveal in the clearest manner the influence of this mighty agent on human affairs, the resurrection of mankind from the ruin which those causes had produced was owing to a directly opposite set of agencies being put in operation.
Página 5 - the fall of the Roman Empire," says Sir Archibald Alison, " so long ascribed in ignorance to slavery, heathenism, and moral corruption, was in reality brought about by a decline in the gold and silver mines of Spain and Greece, from which the precious metals for the circulation of the world were drawn, at the very time when the victories of the legions and the wisdom of the Antonines had given peace and security, and with it increase in numbers and riches, to the Roman Empire.
Página 17 - For the value of money in general, is the quantity of all the money in the world, in proportion to all the trade : but the value of money in any one country, is the present quantity of the current money in that country, in proportion to the present trade.
Página 13 - Silver sunk in its real value, or would exchange for a smaller quantity of labour than before ; and corn rose in its nominal price, and, instead of being commonly sold* for about two ounces of silver the quarter, or about ten shillings of our present money...
Página 14 - The discovery of the mines of America, it is to be observed, does not seem to have had any very sensible effect upon the prices of things in England till after 1570; though even the mines of Potosi had been discovered more than twenty years before.
Página 34 - Mr. Adams thus sums up the conclusion of his article : "Approached thus, from the historical standpoint, the evidence seems conclusive that the disease which is devouring the world is an appreciating debt, and if this be true it is a disease which does not admit of a local remedy. So long as the obligation of contracts is unimpaired, the mere passage of a country from a gold basis to a basis of silver or paper does not appear to afford relief. India, Russia and Italy are as hard pressed as Australia...

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