In times previous, it has been sufficient to clarify the worth of paper cash by referring its rise or fall to an increase or diminution of its amount. The fall in price for the carriage of commodities by sea has also been as remarkable because the decline in the price of carriage by land. All of the evidence, furthermore, tends to point out that there was very little decline in recent years in the prices of such of the commodities of India as constitute her staple exports, which can not, as can be hereafter shown, be clearly referred to businesses entirely disconnected with any influence assumed to have been occasioned by any enhance in the buying power of gold attributable to its absolute or relative scarcity. If, nonetheless, there are some silver-loving sensibilities to placate, such a process shouldn't be spoken of because the institution of the gold standard by the indirect redemption of inferior silver by gold, nevertheless it has been discovered that a uniform ratio of alternate between gold and silver-utilizing nations might be established, not by the gold commonplace, but by a 'gold-trade commonplace.' Within the recent proposals laid earlier than Mexico and China this new type of assertion has been employed.

If, then, the treasury of the silver-using country buys the payments, in sure emergencies of the alternate market, it's paying gold for silver; or, in other words, it's to that extent redeeming amounts of silver in gold price today. When silver bills are offered in the alternate market, they're merely offers for the gross sales of a lot silver to be paid for in gold. "The economics for us are terrific. Given a sure set of business operations, as many notes may be stored in circulation as are needed by the group, and no extra; and these notes will remain at par provided that there's a acknowledged system-not of ultimate, however of rapid redemption. Redemption is the only positive technique of ascertaining mechanically what quantity of paper is required by the public. But, if there is an efficient system of rapid redemption in operation, then no matter what the quantity issued, none of it could actually depreciate, and only that amount which is needed by the convenience of the business public will remain excellent. Plans a banking system to sustain market for bonds. It doesn't matter what amount of notes could also be put out, if there is no such thing as a system of quick redemption, the notes will depreciate.

Within the case of irredeemable paper, nevertheless, it is usually assumed that, within the absence of redemption, the.value of the paper is set directly by the quantity outstanding as compared with the uses to which such cash could be put. Neutral pigments and river stones can turn a kitchen counter right into a sleek dry riverbed. It buys notably much less of hides and leather, which are the sequences of cattle-growing, which in flip entails time, and for which, in level of economic system, massive sections of the earth are usually not adapted; of horses, and most different animals; of pepper; of cocoa, the cheap production of which is proscribed to a few countries, and requires an interval of 5 years between the inception and maturing of a crop; of malt liquors, eggs, currants, and potatoes; and also of home-rents, which rely largely upon the value of land, and which in turn is influenced by style, inhabitants, commerce, facilities for access, and the like. The prices for French and other competing light wines and brandies are a lot greater than the average for 1866-'67, because the phylloxera has so impaired the production of French vineyards that France now imports more wines than she ex-ports. Thus, in the case of Honduras sarsaparilla, at New York, which is the principal distributing market of the world, the average value for the best grade is reported as similar for the years 1881 and 1886; whereas for the "Mexican," the average reported for 1881 was eight cents per pound, and for 1886, with a lot larger gross sales, from seven to eight and a quarter cents.

1863 to 1870, cotton, owing to conflict influences, ruled so high-from 70 to 800 per cent in excess of normal costs-that its inclusion in computations, with a view of figuring out any common of costs, or generalization of causes affecting prices in the course of the years mentioned, would, without correct allowance, completely vitiate any conclusions. The facts oblige us to query a concept which presents such evident disparities as this; and one is obliged, in all fairmindedness, to just accept the truth that many other and potent influences, in addition to the amount of the media of alternate, have a strong effect upon the value-level. Within the previous paper of this collection (No. IV), evidence was submitted to the effect that the exceptional decline in prices which has occurred in the course of the final ten or fifteen years-or since 1873-in the case of the assorted commodities which constitute the great bulk of the commerce, commerce, and consumption of the world, has been so largely resulting from situations affecting their supply and demand that, if any or all other causes no matter have contributed to such a end result, the influence exerted has not been appreciable; and, further, that if the costs of all other commodities, not included in such evaluation, had confessedly been influenced by a scarcity of gold, the claims most well-liked by the advocates of the latter principle could not be pretty entitled to any extra favorable verdict than that of "not proven." But have commodities, other than those whose production and price gold-experience have been submitted-extra particularly such commodities as have not in recent times skilled any marked change of their conditions of supply and demand-exhibited in their latest worth-movements any evidence of getting been subjected to any influences attributable to the scarcity of gold?

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