Finance and Taxation, Money and Bimetallism, Economic Theory Volume 1

Finance and Taxation, Money and Bimetallism, Economic Theory Volume 1

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...hardship, if such exist, a fall in the value of gold must have, and, as I should say, has already, a most powerfully beneficial effect. It loosens the country, as nothing else could, from its old bonds of debt and habit. It throws increased rewards before all who are making and acquiring wealth, somewhat at the expense of those who are enjoying acquired wealth. It excites the active and skilful classes of the community to new exertions." Investigations into Currency and Finance, pp. 96, 97.) Even Prof. John E. Cairnes, who was much disposed to quarrel with the great increase of the precious metals, due to the Californian and Australian discoveries, as involving "a more cumbrous medium of exchange" and as investing an undue amount of the world's labor and capital in the form of gold and silver, and who asks, "Are the other nations of the world to continue forever laboring in the service of the gold countries, for no other than the barren reward of an addition to their circulation?"--even this highly conservative writer declares, concerning the increase of the stock of silver due to the South American and Mexican discoveries, that "it supplied and rendered possible the remarkable extension of oriental trade which forms the most striking commercial fact of the age that followed." And Professor Cairnes further indicates among the beneficent, though political rather than economic, results, the hastening decay of the feudal power, the increasing dependency of the sovereign upon his people for the supplies which his hereditary domains no longer furnished in sufficient amount, and the rising spirit of self-assertion on the part of the commercial and mechanical classes. When we turn from considering the effects upon...
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Product details

  • Paperback | 142 pages
  • 189 x 246 x 8mm | 268g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236498984
  • 9781236498984