The High Price of Bullion : a Proof of the Depreciation of Bank Notes 10
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17,v. \0\d. of silver coin. Not only would not gold be carried to the mint to be coined, but the illicit trader would melt the gold coin, .and sell c 2 ( 20 ) it as bullion for more than its nominal value in the silver coin. Thus then gold would disappear from circulation, and silver coin become the standard mea- sure of value. As gold has lately experienced a con- siderable rise compared with silver, (an ounce of stan- dard gold, which, on an average of many years, was of equal value to 14! oz...s. of standard silver, being now in the market of the same value as 151 oz.) this would be the case now were the Bank Restric- tion-bill repealed, and the coinage of silver freely al- lowed at the mint, in the same manner as that of gold ; but in an act of parliament of 39 Geo. III. is the fol- lowing clause : — u Whereas inconvenience may arise from any coinage of silver " until such regulations may be formed as shall appear necessary ; u and whereas from the present low price of silver bullion, owing " to temporary circumstances, a small quantity of silver bullion " has been brought to the mint to be coined, and there is reason to " suppose that a still further quantity may be brought ; and it is " therefore necessary to suspend the coining of silver for the pre- (l sent ; be it therefore enacted, That from and after the passing of " this act, no silver bullion shall be coined at the mint, nor shall c
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To quickly assess the difficulty of the text, read a short excerpt:
17,v. \0\d. of silver coin. Not only would not gold be carried to the mint to be coined, but the illicit trader would melt the gold coin, .and sell c 2 ( 20 ) it as bullion for more than its nominal value in the silver coin. Thus then gold would disappear from circulation, and silver coin become the standard mea- sure of value. As gold has lately experienced a con- siderable rise compared with silver, (an ounce of stan- dard gold, which, on an average of many years, was of equal value to 14! oz...s. of standard silver, being now in the market of the same value as 151 oz.) this would be the case now were the Bank Restric- tion-bill repealed, and the coinage of silver freely al- lowed at the mint, in the same manner as that of gold ; but in an act of parliament of 39 Geo. III. is the fol- lowing clause : — u Whereas inconvenience may arise from any coinage of silver " until such regulations may be formed as shall appear necessary ; u and whereas from the present low price of silver bullion, owing " to temporary circumstances, a small quantity of silver bullion " has been brought to the mint to be coined, and there is reason to " suppose that a still further quantity may be brought ; and it is " therefore necessary to suspend the coining of silver for the pre- (l sent ; be it therefore enacted, That from and after the passing of " this act, no silver bullion shall be coined at the mint, nor shall c
What to read after The High Price of Bullion : a Proof of the Depreciation of Bank Notes 10?
You can find similar books in the "Read Also" column, or choose other free books by David Ricardo to read onlineMoreLess
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