Speeches on Remonetization of Silver and Resumption (Classic Reprint)
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| Hersteller: | Forgotten Books (Taft, Alphonso) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from Speeches on Remonetization of Silver and Resumption Whenever any country or any part of a country attempts to do business on some other currency of less value, prices rise, and we are conscious that these prices arc too high. We have a certain instinctive sense of what prices ought to be, and that sense has grown out of the well-known and uniform relation between the precious metals and all other values. So long as the nations adhere to this legitimate money, prices arc maintained throughout the world at nearly uniform rates, and exchanges of property and international transactions arc effected without material loss or inconvenience. All or nearly all nations have originally used what is properly denominated the double or optional standard of value, regarding both metals as money at a ratio between them which each country prescribes for itself. This has been the general condition of the monetary world from the beginning of history, and from before the beginning of civilization, to the present century. It prevailed in all the great empires of antiquity, and has prevailed equally among Christian nations. The ratio between the two metals has undergone some variations. The prevailing ratio in the Roman Empire was 13.33 to 1. But in some countries it has been greater or less than in others, at the same time. The result has followed that each metal has, for the time being, tended to the countries where it was most highly valued, though it was lawful money everywhere. In this state of things it was not very important whether both gold and silver remained in every country, or whether one country should have gold and another silver. The result was the same, or nearly the same, as to the maintenance of uniformity in prices. Both metals were in full use as currency. If one country accumulated too much of one metal, it would flow off to where it could buy more property. The demonetization of either of these metals - that is, declaring by law that but one shall be a legal tender in payment of debts - has been of recent origin, and has a very different effect, from the causing a metal to leave the country by over valuing the other metal. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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