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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1886 Excerpt: ... of their debts to it in gold, and no grounds for a prohibition of the export of bullion would have existed. The currency, too, would be in the course of improvement, and not of depreciation. Probably there are as many cases in which the depreciation of the currency is, directly, or indirectly, the consequence of excessive importations, as in which it is due solely to the errors and bankruptcy of Governments. Often, both influences are combined, taking alternately the position of cause and effect. Sometimes Governments, simply for their own purposes, issue a quantity of paper money: the natural consequence will be over-importation; prices will rise in consequence of the increase in circulation, and accordingly attract commodities from other markets, while the exports, having risen also, will be less easy of sale abroad. Or, over-importation takes place in the first instance, and Governments, in order to remedy artificially and apparently what can only actually be remedied by the cessation of the real primary cause, commit the fatal error of increasing the circulation by an issue of paper money. They think thus to increase the means of paying the debts which are being incurred; but the only effect is, still further to increase the evil; for importation, instead of being checked, is fostered by such a plan. When, during a period of apprehension caused by a large efflux of gold from England to America, views were expressed in Manchester and Liverpool, that a much larger issue of bank-notes ought to be permitted, this opinion tended manifestly to a depreciation of our currency. But as the consequence of the depreciation of the currency in any country is to offer inducement for further importation, by creating an appearance of high prices, and at the same ...

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