silver coins

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silver coins

Post by hunsssalin on Thu Mar 17, 2011 2:16 pm

silver coins

" From to no silver coins of legal weight and purity could be retained in circulation, but were exported to foreign countries, where they passed at full value." What was this full value that attracted silver from England to foreign countries ? Not its value elsewhere as a commodity, to be used in the arts, but its legal relative value to gold as money; in other words, the fictitious legal relative value as coin, given it in other countries by governments. tory burch outlet How could England retain silver when fVAV ounces of it had the same value there as one ounce of gold, whilst on the continent of Europe one ounce of gold had only the same legal value as fifteen ounces of silver ? The exportation of silver after the suspension of specie payments by the Bank of England, when the relative legal value on the continent of Europe had become , was caused by other reasons: by the demand for the precious metals to pay the British armies on the Continent and the subsidies to the Continental powers. This demand was so imperious that the legal value of the precious metals, in either locality, was entirely disregarded.It tory burch sale was the arguments against the two standards that led Great Britain, in , to adopt gold as the only Encyclopaedia Britannica, Money.standard, silver being made a legal tender only tory burch shoes for sums of £ and under. During the French Revolution, the Legislature of France repeatedly discussed the question of the double standard tory burch flats at great length, but finally maintained the double standard, which was very generally used by all European nations except England.After the discovery of the gold mines of California, Michel Chevalier and the economists in general revived the old theory of the impossibility of maintaining an uniform relative value between the two metals, because, according to them, every increase in the production of either, deranges their relative value. Mr. Chevalier predicted that gold would fall to one half of its present value. The greatest uneasiness prevailed everywhere in consequence of the apprehended fall in the value of gold, and rise in the value of silver. Governments were urged to demonetize gold, and two nations, Holland and Belgium, actually acted on this suggestion and made silver the only legal tender.


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