Elementary Propositions On the Currency : With Additions, Showing Their Application to the Present Times 23
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In our eReader you can find the full English version of the book. Read Elementary Propositions On the Currency : With Additions, Showing Their Application to the Present Times 23 Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Elementary Propositions On the Currency : With Additions, Showing Their Application to the Present Times 23
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21. It has been shown (9) that the smaller the quantity of currency be in a country at any one given time, the lower must be the prices of all other commodities at that time ; and that if the Metallic part of that currency be exported, it is because there is a redundancy of currency ; if this redundancy were to be relieved by any other means, the same effect would be produced as if the Metal were exported*.
22. It has been shown also, that as soon as the redundancy is reduced, no farther export... of Metal * The first clause of this proposition is the clue by which all the intricacies, which have marked the rise and fall in commodities since 1793, may be unravelled. Whenever com- modities were dear, prices high, and people thought them- selves in a state of prosperity, it was owing to more of this representative being created ; that is, more paper issued.
The recal of this extra paper produced the subsequent falls in the prices of commodities, and consequent ruin of those persons, who had bought them dear, and were compelled to sell them cheap ; the fall being proportionate to the pre- ceding rise.
What to read after Elementary Propositions On the Currency : With Additions, Showing Their Application to the Present Times 23?
You can find similar books in the "Read Also" column, or choose other free books by Henry Drummond to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
21. It has been shown (9) that the smaller the quantity of currency be in a country at any one given time, the lower must be the prices of all other commodities at that time ; and that if the Metallic part of that currency be exported, it is because there is a redundancy of currency ; if this redundancy were to be relieved by any other means, the same effect would be produced as if the Metal were exported*.
22. It has been shown also, that as soon as the redundancy is reduced, no farther export... of Metal * The first clause of this proposition is the clue by which all the intricacies, which have marked the rise and fall in commodities since 1793, may be unravelled. Whenever com- modities were dear, prices high, and people thought them- selves in a state of prosperity, it was owing to more of this representative being created ; that is, more paper issued.
The recal of this extra paper produced the subsequent falls in the prices of commodities, and consequent ruin of those persons, who had bought them dear, and were compelled to sell them cheap ; the fall being proportionate to the pre- ceding rise.
What to read after Elementary Propositions On the Currency : With Additions, Showing Their Application to the Present Times 23?
You can find similar books in the "Read Also" column, or choose other free books by Henry Drummond to read onlineMoreLess
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