Final Report of Her Majesty's Commissioners Appointed to Inquire Into the ...
Final Report of Her Majesty's Commissioners Appointed to Inquire Into the ...
Great Britain. Royal Commission On Agriculture
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The change began by the attempt of Germany, who up till then had had a silver standard, to convert it into a gold one. 42r Following upon the action of Germany, the mints of the other countries we have named were closed to the free coinage of silver in 1878 and 1 874. Silver was thus deposed from the position which up tiU then it had occupied in conjunction with gold. It was deprived of the right of free coinage, which was first limited an^ then discontinued altogether, and the bimetallic syste...m ceased to exist. 48. Two results of the first importance to agriculture, it is pointed out, have followed upon this monetary revolution : — (a.) The appreciation of gold. (6.) A wide divergence in the old relative value of the metals. Digitized by Google FINAL REPOBT. 167 The first result has been explained as follows : — Gold and silver combined, both of them being used as standard money up tiU gjjj*|[^t^- 1873, were " the measure of value " until that date. cmio^wo. Since 1873 that function has devolved on gold alone.
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