Proceedings of the International Monetary Conference

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U.S. Government Printing Office, 1887 - 558 páginas

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Página 11 - They fully concur in a part of the first proposition, viz. , that ' it is necessary to maintain in the world the monetary functions of silver, as well as those of gold ;' and they desire that ere long there may be adequate co-operation to obtain that result.
Página 329 - ... skilled industry, which we have developed and organized, and in which we contest with Europe the markets of the world. We propose to furnish the products of our agriculture, which feed in so great share the laborers of Europe and the machinery of Europe, as inexorable in its demands as the laborers, and we propose also to deal with the world at large in the skilled products of industry in every form applied to those raw materials, and prosecuted under the advantages of their home production....
Página 478 - Subject to these considerations, the Bank Court are satisfied that the issue of their notes against silver, within the letter of the Act, would not involve the risk of infringing that principle of it which imposes a positive obligation ou the bank to receive gold in exchange for notes, and to pay notes in gold on demand. " The Bank Court see no reason why an assurance should...
Página 427 - It has been suggested that some form of bimetallism should be introduced. We would point out that a bimetallic standard, which presupposes a fixed relation between the value of gold and that of silver, could be safely introduced only if the most important countries of the world agreed to such a measure. As the only international monetary standard which is at present likely to command universal acceptance is the gold standard, the idea of introducing bimetallism must be regarded as impracticable.
Página 154 - The discovery of the alluvial mines in Brazil in 1695 quadrupled the annual average amount of gold previously produced ; yet in 1717, when this inundation, as it may be termed, was at its height, the value of gold remained the same as in 1650 — 1 to 15.
Página 335 - States to feel that any settlement of the money questions of the world that leaves us out and our interest in them, and our wisdom about them, will not be the decree of an (Ecumenical Council, or establish articles of faith that can be enforced against the whole world. The notion seems to be that the nations that sit above the salt are to be served with gold, and those that sit below the salt are to be served with silver. But who is to keep us in our seats ? Who is to guard against an interruption...
Página 329 - ... the feet of the more civilized and richer nations. We have no desire to place ourselves, on the side of skilled industry, in the position of a superior nation to inferiors, though they may depend on us for this supply. We occupy, quite as much as in our geographical position, in this aspect towards the different forms of wealth, production, and industry, an entirely catholic and free position, having no interest but the great interest that all nations, as far as money is concerned, should not...
Página 369 - It is evident, that where the function of the gold coins as a measure of property ceases, there that of the silver coins should begin; and that where the function of the silver coins, in this respect, ceases, there that of copper should begin: it is clear, therefore, that so far only these silver and copper coins should be made legal tender and no further, at least not in any great degree; and it follows that the coins, both of silver...
Página 363 - ... so that there has been an average fall of price between 1873 and 1877 of more than 20 per cent.* There is nothing in the figures then to imply that the quantities of the articles exported in 1877 were less than in 1873. To throw farther light on the point, I extract from the report to the Board of Trade already referred to, a table in which the prices of the articles of export enumerated in the statistical abstract, according to their declared values in 1873, have been applied to the quantities...
Página 357 - A third cause which must be mentioned is the extraordinary demand for gold for the new coinage of Germany, and for the United States on its resumption of specie payments during the last few years. It is a little difficult to consider this point except in connection with the question of the supply of gold, and any variation in that supply which may have occurred, but what I desire to bring out is that apart from a permanent diminution of the supply, whether absolutely or in relation to the growing...

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