By William M. Gouge
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Additional info for A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System
But when the annual supply was most abundant, it was only in the proportion of one and a quarter per cent. tt) the stock on hand, and when it was lowest it had fallen only to three-fifths of one per cent. The ordinary supply of gold and silver does not exc~ed one hundredth part of the stock on hand, while the annual supply of agricultural products always exceeds, and that of manufactures often equals, the stock on hand. The demand for the precious metals may be measured by the whole amount of other commodities in the market of the world, and the whole amount of Jabor.
An increase of these three kinds of commercial medium may have the same effect on prices as an increase of money. Where the spirit of speculation is excited, men, 20 OF BARTER, &c. after having exhausted their cash means, strain their credit. Cash and credit are then competitors in the market, and raise prices on one another. In the year 1825, a year of great speculation, the amount of bills of exchange, negotiated in England, was, according to the returns to Parliament, 600 millions sterling. Supposing one-eighth of these in circulation at the same time, this branch of the commercial medium of England amounted in that year to 75,000,000 pounds.
In the same debate Lord King remarked, that" those persons who considered paper money as an excellent thing to be established in a country, he was disposed to view as heretics. He had no hesitation in saying that the su.. perstition attached to paper money was idolatrous in the xii PREFACE. highest degree. " The opinions of such men as Mr. Huskisson, Mr. Grant, Lord King, Lord Liverpool, and the Duke of Wellington, are, on such a subject as this, entitled to the respectful attention of every candid American.
A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System by William M. Gouge