Bimetallism a Tract for the Times
Bimetallism a Tract for the Times
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In 1809 began 15 that long series of revolutions and rebellions in Mexico and Spanish South America which destroyed the mining industry of those countries, so that silver production fell off with frightful rapidity. Then gold was discovered in the Ural Mountains and in the auriferous sands of Siberia ; yet the bimetallic system held. Still, gold and silver stood to each other closely in the ratio of I to 15^-. In 1848 came the discovery of the marvelous gold fields of Cali- fornia, of a richnes...s never before intimated in the history of the world, and, only three years later, the gold dis- coveries of Australia. Within twelve years the stock of gold in the hands of civilized men was literally doubled ! Statesmen and financiers were aghast at the enormous volume of the new gold. It seemed inevitable that the bimetallic system should break down under this strain. Gold threatened to become so cheap, in comparison with silver, as to render the maintenance of the ratio of I to 1 5^- no longer practicable.
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You can find similar books in the "Read Also" column, or choose other free books by Walker, Francis Amasa, 1840-1897 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In 1809 began 15 that long series of revolutions and rebellions in Mexico and Spanish South America which destroyed the mining industry of those countries, so that silver production fell off with frightful rapidity. Then gold was discovered in the Ural Mountains and in the auriferous sands of Siberia ; yet the bimetallic system held. Still, gold and silver stood to each other closely in the ratio of I to 15^-. In 1848 came the discovery of the marvelous gold fields of Cali- fornia, of a richnes...s never before intimated in the history of the world, and, only three years later, the gold dis- coveries of Australia. Within twelve years the stock of gold in the hands of civilized men was literally doubled ! Statesmen and financiers were aghast at the enormous volume of the new gold. It seemed inevitable that the bimetallic system should break down under this strain. Gold threatened to become so cheap, in comparison with silver, as to render the maintenance of the ratio of I to 1 5^- no longer practicable.
What to read after Bimetallism a Tract for the Times?
You can find similar books in the "Read Also" column, or choose other free books by Walker, Francis Amasa, 1840-1897 to read onlineMoreLess
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