Money And Its Relations to Prices, Being An Inquiry Into the Causes, Measurements,, And Effects of Changes in General Prices
Money And Its Relations to Prices, Being An Inquiry Into the Causes, Measurements,, And Effects of Changes in General Prices
L L Langford Lovell Price
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i. Rise of Prices in the XV 1th Century. 103 was discovered, the proportion of the gold to the silver in the total output was as 11 to 89. By the close of the sixteenth century it was as 1 to 98. By the close of the succeeding century it had risen to 3 to 96, and by the beginning of the nineteenth century it was again as 1 to 98. Turning from these estimates of the volume to Dr. Soetbeer's calculations of the re- spective total values of the annual production, we find that at the time of the di...scovery of America the pro- portion of the gold to the silver was as 57 to 43, that by the close of the sixteenth century it had sunk to 17 to 82, that by the close of the seventeenth century it was again restored to 32 to 67, and that by the end of the whole period it had fallen once more to 23 to 76. In framing these estimates of the respective values, Dr. Soetbeer converts the volume of silver into its value by taking the estimated, and, for the period since 1687, the recorded ratio of silver to gold of the time.
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