The Joint Standard a Plain Exposition of Monetary Principles And of the Monetar

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The Joint Standard a Plain Exposition of Monetary Principles And of the Monetar
Elijah Helm
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These agencies are usually palpable enough, whilst the originating cause is, at least for a time, con- cealed, and therefore ignored. Naturally, then, it is to the intermediate forces that the resulting pheno- mena are attributed, and if the phenomena are disagreeable or injurious, efforts to remove them are directed rather to the secondary than to the original source. Accordingly, the commercial and industrial effects of the appreciation of gold have been ascribed to over-production of commodi...ties, to increased and intensified protection abroad, to the growth of foreign competition, to the pressure of railway rates, taxation, rents, royalties, and other fixed charges, and to the high cost of labour. In the 80 THE JOINT STANDARD chap.
current literature of the last twenty years all these have been alleged as reasons for low prices and un- remunerative margins, and they were so cited by witnesses before the Eoyal Commission on the Depression of Trade, which sat in 1887 and 1888. A forecast of these complaints, and of their real cause, was made so far back as in 1871, by the late Mr.


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