A Plain Statement of the Bullion Question in a Letter to a Friend
A Plain Statement of the Bullion Question in a Letter to a Friend
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To quickly assess the difficulty of the text, read a short excerpt:
I shall arrange my answers under two heads of inquiry.
Can such a currency be depreciated ?
Is it not actually depreciated ? Preparatory to the first, let us consider what forms the value of gold above lead, what ren- ders saffron more precious than hay. — Clearly, the labour, the operation, the manure, the extent of ground requisite for producing these mineral or vegetable substances. — If some cheap process could be discovered, for converting materials easily procured into gold, there can be ...no possible doubt of gold then exchanging for no larger quan- tities of other articles, than what were pro- duced by an equal expence of labour and cost; but if gold should still continue the standard of value, a pound would remain exactly equal to forty-four guineas and a half, or to 46/. 14*. 6d. ; consequently the ounce to 3/. 17*. JO^-c/. Let a still mote 26 easy and less expensive process be found out of creating this metal ; it would evidently become of proportionably less value, perhaps on a level with the cheapest form of iron : but this value in exchange, however small, must soon be common to the whole world ; and all other articles mea- sured by it, would be said to have advanced several hundred-fold.
What to read after A Plain Statement of the Bullion Question in a Letter to a Friend?
You can find similar books in the "Read Also" column, or choose other free books by Davies Gilbert to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
I shall arrange my answers under two heads of inquiry.
Can such a currency be depreciated ?
Is it not actually depreciated ? Preparatory to the first, let us consider what forms the value of gold above lead, what ren- ders saffron more precious than hay. — Clearly, the labour, the operation, the manure, the extent of ground requisite for producing these mineral or vegetable substances. — If some cheap process could be discovered, for converting materials easily procured into gold, there can be ...no possible doubt of gold then exchanging for no larger quan- tities of other articles, than what were pro- duced by an equal expence of labour and cost; but if gold should still continue the standard of value, a pound would remain exactly equal to forty-four guineas and a half, or to 46/. 14*. 6d. ; consequently the ounce to 3/. 17*. JO^-c/. Let a still mote 26 easy and less expensive process be found out of creating this metal ; it would evidently become of proportionably less value, perhaps on a level with the cheapest form of iron : but this value in exchange, however small, must soon be common to the whole world ; and all other articles mea- sured by it, would be said to have advanced several hundred-fold.
What to read after A Plain Statement of the Bullion Question in a Letter to a Friend?
You can find similar books in the "Read Also" column, or choose other free books by Davies Gilbert to read onlineMoreLess
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