DOI Seite / Zitierlink:
https://doi.org/10.11588/diglit.22140#0352
336 INDUSTRIAL AND COMMERCIAL HISTORY.
explanation of the facts in anything but their own shortsighted-
ness and folly, will believe that a bimetallic standard will bring
back old prices and old rents. As well expect that the abandon-
ment of Newton's astronomy and the adoption anew of Ptolemy's-
will produce the same highly gratifying results. Not a scintilla
of evidence is adduced in support of this hypothesis.
AVhen the gold products of Australia and California were
thrown on the European market, and a great stimulus owing to
the demands of the mining population was given to manufacture
and trade, great alarm was expressed at the inevitable consequences
of depreciation. Prices, I allow, rose, and for reasons to which,,
for all I can find, the addition to the gold currency contributed
little or nothing ; for, on the whole, it cost no less to produce and
acquire gold than it did before. But M. Chevalier gave utterance
to an alarm in a work which he wrote on the subject, a work on
which my friend, Mr. Cobden, lavished the superfluous labour of
translation. The Dutch, a shrewd people, were actually so far
carried away by the panic as to demonetise gold. The French
and those members of the Latin Union which could follow their
example, began to coin gold in increasing quantities, wisely, as I
do not doubt, because, at the old rate of 15^, it was the cheaper
metal to manipulate at the Mint. During the reign of Louis
Philippe from 1830 to 1848, the French Mint issued near 216
million francs in gold, and nearly 1,737 million francs in silver,
according to M. Roswag. But from the commencement of the
Second Empire in November 1852 to December 31, 1863, a little
more than eleven years, near 4,523 millions of gold were coined,
and only 199 millions of silver, according to the same authority.
It is difficult to doubt that, for all which may be said about free
mintage in France, and the invariable ratio of 15+ to 1, the
Government put into circulation that form of currency which
was cheapest to get in the raw form of bullion. The difference
may not have been much, but it was susficient to determine the
choice. So anxious was the Government to supersede silver for
gold, perhaps with some convenience to the public, that they
issued spangles called five-franc gold pieces, which, by the way.,
were very easily lost.
After the Franco-German war, Germany resolved to adopt a
explanation of the facts in anything but their own shortsighted-
ness and folly, will believe that a bimetallic standard will bring
back old prices and old rents. As well expect that the abandon-
ment of Newton's astronomy and the adoption anew of Ptolemy's-
will produce the same highly gratifying results. Not a scintilla
of evidence is adduced in support of this hypothesis.
AVhen the gold products of Australia and California were
thrown on the European market, and a great stimulus owing to
the demands of the mining population was given to manufacture
and trade, great alarm was expressed at the inevitable consequences
of depreciation. Prices, I allow, rose, and for reasons to which,,
for all I can find, the addition to the gold currency contributed
little or nothing ; for, on the whole, it cost no less to produce and
acquire gold than it did before. But M. Chevalier gave utterance
to an alarm in a work which he wrote on the subject, a work on
which my friend, Mr. Cobden, lavished the superfluous labour of
translation. The Dutch, a shrewd people, were actually so far
carried away by the panic as to demonetise gold. The French
and those members of the Latin Union which could follow their
example, began to coin gold in increasing quantities, wisely, as I
do not doubt, because, at the old rate of 15^, it was the cheaper
metal to manipulate at the Mint. During the reign of Louis
Philippe from 1830 to 1848, the French Mint issued near 216
million francs in gold, and nearly 1,737 million francs in silver,
according to M. Roswag. But from the commencement of the
Second Empire in November 1852 to December 31, 1863, a little
more than eleven years, near 4,523 millions of gold were coined,
and only 199 millions of silver, according to the same authority.
It is difficult to doubt that, for all which may be said about free
mintage in France, and the invariable ratio of 15+ to 1, the
Government put into circulation that form of currency which
was cheapest to get in the raw form of bullion. The difference
may not have been much, but it was susficient to determine the
choice. So anxious was the Government to supersede silver for
gold, perhaps with some convenience to the public, that they
issued spangles called five-franc gold pieces, which, by the way.,
were very easily lost.
After the Franco-German war, Germany resolved to adopt a