Appreciation of Gold An Essay
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But it would seem difficult to draw any sound conclusion from a period so different in its characteristics from our own. The period in question began with low prices, which were caused by very abundant supplies, as explained by Mr. Tooke, and, notwithstanding the supposed depressing effect of such prices, they were followed by one of the most extraordinary spasms of speculation ever known in this country a speculation which ended in the crisis of 1825, and a multitude of serious failures, espec...ially of banks. This fact does not appear to be referred to in either of these articles, and the omission seems to throw great doubt on reasoning which seems intended to convince us that low prices are simply destructive of all enterprise, and, therefore, amount to a calamity. (See Appendix F. ) It is quite true that this view of the case would not apply to Italy and other countries which were not affected by our disasters ; but it is equally clear that the mere existence of low prices will not of itself discourage active exertions by traders, and it is notorious that great speculations sometimes originate from the fact that prices are low, and 32 APPRECIATION OF GOLD.
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You can find similar books in the "Read Also" column, or choose other free books by William Fowler to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But it would seem difficult to draw any sound conclusion from a period so different in its characteristics from our own. The period in question began with low prices, which were caused by very abundant supplies, as explained by Mr. Tooke, and, notwithstanding the supposed depressing effect of such prices, they were followed by one of the most extraordinary spasms of speculation ever known in this country a speculation which ended in the crisis of 1825, and a multitude of serious failures, espec...ially of banks. This fact does not appear to be referred to in either of these articles, and the omission seems to throw great doubt on reasoning which seems intended to convince us that low prices are simply destructive of all enterprise, and, therefore, amount to a calamity. (See Appendix F. ) It is quite true that this view of the case would not apply to Italy and other countries which were not affected by our disasters ; but it is equally clear that the mere existence of low prices will not of itself discourage active exertions by traders, and it is notorious that great speculations sometimes originate from the fact that prices are low, and 32 APPRECIATION OF GOLD.
What to read after Appreciation of Gold An Essay?
You can find similar books in the "Read Also" column, or choose other free books by William Fowler to read onlineMoreLess
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