Excerpt from International Bimetallism: 55th Congress, 1st Session; June 23, 1897 I pass on now to speak of the effect of the fall in the gold value of silver on British trade with the far East. The effects may be divided into three classes: (1) The effect on capitalists, bankers, and others who have English capital invested in the East; (2) the direct effect on trade as manifested through changes in the level of prices; (3) the indirect or economic effect on production, operating through a disturbance of the relation ...
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Excerpt from International Bimetallism: 55th Congress, 1st Session; June 23, 1897 I pass on now to speak of the effect of the fall in the gold value of silver on British trade with the far East. The effects may be divided into three classes: (1) The effect on capitalists, bankers, and others who have English capital invested in the East; (2) the direct effect on trade as manifested through changes in the level of prices; (3) the indirect or economic effect on production, operating through a disturbance of the relation between prices and wages. AS regards the first, I need not take up your time. It is obvious that if anyone remitted, say, i???1,000 for investment in silver securities at any time before or during the fall, he would never since have been able to get it back again except at a severe loss. All those whose incomes depend upon silver remittances have felt a similar loss. Many promising institutions have been either wrecked or had their usefulness greatly marred by this cause, and for no other fault than that the directors did not see clearly ahead what was going to happen. But losses of this kind, though sharp and severely felt at the time, are soon got over. Companies close and are wound up. Bad debts are written off and a new leaf is turned. There is not the lingering lasting effect which the other two classes produce. The second point is the effect on trade through fluctuations in prices, caused by fluctuations in the relative value of the metals, or, as it is called, by loss of the par of exchange. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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