A History of the Demonetization of Silver (Classic Reprint)
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| Hersteller: | Forgotten Books (Goodloe, Daniel R.) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from A History of the Demonetization of Silver It is singular that with one recent exception every step taken in Europe and America looking to the demonetization of silver has been prompted by the fact that the market price was higher than the mint price of the silver bullion - in other words, by the difficulty of keeping the silver coin in circulation when the temptation was great to send it to the melting-pot or to clip and deface it. Silver, prior to the Conquest, and for centuries afterwards, was the sole money standard of England. Gold was gradually introduced. The money of account was pounds, shillings, pence and farthings; but only shillings, pence and farthings were coined. The pound troy was originally the pound sterling, but it underwent various reductions until, by the forty-third of Queen Elizabeth, the pound troy was divided into 62 shillings, thus reducing the shilling to less than one-third of its original value. It has remained at this value ever since. Prior to the reign of Edward Third silver was the exclusive legal-tender. Its proportionate value to gold was far higher than at present. From the middle of the eleventh to near the middle of the sixteenth century the relative values of gold and silver were as 1 to 12 1/2, and sometimes down or up to 1 to 10 1/2. But these proportions differed slightly in different countries. There was a gradual rise in the value of gold in Europe from this time forward for some years, and so early as the year 1665 it touched the point of 1 to 15.10. Since the latter date, and up to the epoch of demonetization in the United States and Germany, the variation in the values of the two metals has never, except on two occasions, amounted to one ounce of silver. The exceptions are, that in the year 1751, silver rose to 14.15, but fell back the next year to 14.54, and thirty years later it rose to 14.42, but fell back immediately to 14.54. In 1789 gold was to, silver as 1 to 14.75, and the next year it stood at 15.04. From that date to 1872 the variations never exceeded half an ounce. Dr. Kelley, author of the "Universal Cambist," states that for many years prior to the year 1816, when the British Parliament demonetized silver, "the supply of silver currency was very irregular, and the coins, however correctly minted, soon became greatly deteriorated, insomuch that in the year 1774, they were declared to be no longer a legal-tender for more than £25, although they had been previously unlimited in this respect." This statement refers to the worn or clipped silver coins. Silver of full weight still remained a legal-tender. 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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