Gold and Prices Since 1873

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Page vi - League, formed in 1 88 1, the Report of the Royal Commission on the Depression of Trade and Industry...
Page 22 - The continuance of prices unaltered would, therefore, under such circumstances, amount to proof of a fall in the value of gold. Now, when, in not fall, that could only be because money had not remained the same, but had fallen in value." Or it would be more correct to say that the cost of producing money had fallen ; for, if prices are now nearly the same as in 1850, in reality the cost of production of both commodities and money has fallen, leaving them relatively to each other in very much the...
Page 7 - In a state of commerce in which much credit is habitually given, general prices at any moment depend much more upon the state of credit than upon the quantity of money.
Page 7 - That an increase of the quantity of money raises prices, and a diminution lowers them, is the most elementary proposition in the theory of currency, and without it we should have no key to any of the others.
Page 37 - ... evidence on this point. The fact that wages have risen tends to confirm the belief that the fall of prices is due chiefly to the introduction of improvements. X. In the study of this subject, we have been confronted at the outset with a fall of prices since 1873 which happened to coincide with the demonetization of silver by Germany and the United States, and the beginning of a new epoch in the production of many commodities. To assume that because the fall of prices coincided with the demonetization...
Page vii - With but few exceptions," he says, " the prices given are the average prices in each year, either those officially returned or the averages of the twelve quotations at the end of each month, partly received from private firms, partly collected from the Economist and other publications. Where a range of prices is given, the mean has been taken between the highest and lowest quotations.
Page 7 - It is not, however, with ultimate or average, but with immediate and temporary prices, that we are now concerned. These, as we have seen, may deviate very widely from the standard of cost of production. Among other causes of fluctuation, one we have found to be, the quantity of money in circulation. Other things being the same, an increase of the money in circulation raises prices, a diminution lowers them.
Page 36 - ... lowers the profits of that trade. But if this was his meaning, he overlooked the circumstance, that the fall of price, which if confined to one commodity really does lower the profits of the producer, ceases to have that effect as soon as it extends to all commodities...
Page xiv - Report of the Director of the Mint on the production of the precious metals in the United States during the calendar year, 1883.
Page 8 - ... also an unusual expansion of credit, would show an advance of prices quite out of the natural order of things. Such a period was that from 1850 to 1873. •Between 1833 and 1839 prices rose 22 1-2 per cent., and between 1839 and 1844 fell 44 per cent.; and "this great oscillation," Jevons asserted, "was entirely due to the general expansion of trade and credit, and to its subsequent collapse.

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