Three lectures on the cost of obtaining money, and on some effects of private and government paper money |
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Page 21
... currency , as if the subtraction of twenty millions of sovereigns , or less than four hundred thousand pounds troy of gold , from the ten millions of pounds troy of gold bullion , coin , and plate sup- posed to be in use throughout the ...
... currency , as if the subtraction of twenty millions of sovereigns , or less than four hundred thousand pounds troy of gold , from the ten millions of pounds troy of gold bullion , coin , and plate sup- posed to be in use throughout the ...
Page 36
... previously prohibited the issue of notes for small sums payable to bearer , should suddenly legalise them , and notes equal in value to one - third of the former metallic currency , which we will suppose to have been of LECTURE II. ...
... previously prohibited the issue of notes for small sums payable to bearer , should suddenly legalise them , and notes equal in value to one - third of the former metallic currency , which we will suppose to have been of LECTURE II. ...
Page 37
... currency would be altered , the consequences would be that some foreign commodities would be more abundant during the continuance of the increased importation , —that our capital would be increased by that portion of them which would be ...
... currency would be altered , the consequences would be that some foreign commodities would be more abundant during the continuance of the increased importation , —that our capital would be increased by that portion of them which would be ...
Page 44
... currency of Great Britain and Ireland is not supposed to exceed thirty millions ; it is subject to much variation , but I believe it to be usually less . Even if we were to export our last sovereign , and our last shilling , how ...
... currency of Great Britain and Ireland is not supposed to exceed thirty millions ; it is subject to much variation , but I believe it to be usually less . Even if we were to export our last sovereign , and our last shilling , how ...
Page 52
... currency , when notes were first intro- duced , amounted to forty - five millions sterling . And I will also suppose that at that time 2 lbs . of gold were coined into eighty - nine guineas , or , in other words , that the mint price of ...
... currency , when notes were first intro- duced , amounted to forty - five millions sterling . And I will also suppose that at that time 2 lbs . of gold were coined into eighty - nine guineas , or , in other words , that the mint price of ...
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Common terms and phrases
arrêt assignâts attributed bank notes Bank of England capitalists cent circulation commercial corn laws cost of obtaining depreciation difference diminish dities doubled duced eighty-nine guineas England English labour English manufacturer equal exchange export of money foreign French manufacturer gold and silver gold bullion HENRY HALLAM high wages Hindostan hundred quarters import inconvertible paper increased issue of notes issued notes less low wages mark of silver market price metallic money millions of livres millions sterling Mississippi scheme modities NASSAU WILLIAM SENIOR nine pounds nine nominal value obtaining gold ounces of silver paper currency paper money payment precious metals price of gold probably produce prohibited proportion purchase quantity of labour rate of profit rate of wages receive rent sell silver of corn sovereigns Storch supply supposed tion trade undersell the English UNIVERSITY OF OXFORD value in silver wages in France wages of labour whole worst land worth
Popular passages
Page 13 - The mine worked by England is the general market of the world : the miners are those who produce those commodities by the exportation of which the precious metals are obtained...
Page 98 - The True History of the State Prisoner, commonly called the Iron Mask...
Page 97 - It is according to the division of the whole produce of the land of any particular farm, between the three classes, of landlord, capitalist, and laborer, that we are to judge of the rise or fall of rent, profit, and wages...
Page 97 - ... Under the circumstances I have just supposed, commodities would have fallen to half their former value, and if money had not varied, to half their former price also. If then in this medium, which had not varied in value, the wages of the labourer should be found to have fallen, it will not the less be a real fall because they might furnish him with a greater quantity of cheap commodities than his former wages.
Page 97 - In that case I should say, that wages and rent had fallen, and profits risen; though, in consequence of the abundance of commodities, the quantity paid to the labourer and landlord would have increased in the proportion of 25 to 44.
Page 17 - Italian aristocracy from the first floor to the garret, or the entresol. Little imagining that the greater part of the value of what he called his patrimony was, in fact, the creation of the chimneys and jennies of his neighbour, the manufacturer. Such, in fact, were the events which actually occurred in this country during the latter part of the eighteenth and the beginning of the nineteenth century. The inventions of Arkwright and Watt, by making English labour ten times, or more than ten times...
Page 68 - ... the bank for coin. Its notes, though they lost the premium which they had borne while the establishment continued in Mr. Law's hands, still exchanged for coin at par. I must now turn a little backwards in the story and state that, while the bank was in the hands of Mr. Law and his partners, they had received from the government the exclusive privilege of trading to the West Indies and the French possessions on the continent of America (whence the name of the Mississippi scheme has ever since...
Page 97 - Wages are to be estimated by their real value, viz., by the quantity of labour and capital employed in producing them, and not by their nominal value either in coats, hats, money, or corn.
Page 12 - In fact the portableness of the precious metals and the universality of the demand for them render the whole commercial world one country, in which bullion is the money and the inhabitants of each nation form a distinct class of labourers.
Page 97 - ... it would, I apprehend, be correct for me to say, that rent and wages had fallen while profits had risen ; for if we had an invariable standard by which to measure the value of this produce, we should find that a less value had fallen to the class of labourers and landlords, and a greater to the class of capitalists, than had been given before. We might find, for example, that though the absolute quantity of commodities had been doubled, they were the produce of precisely the former quantity of...