Currency Fallacies Refuted, And Paper Money Vindicated 32
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PAPER MONEY VINTDICATED. 83 According to this doctrine, we are bound up in a golden chain, from which there is no pos- sibility of escape ; and though the choice of pay- ing the taxes by a diminution of profits, or a rise of prices, is offered us, the truth comes out that we have " Hobson's choice," the first or none. * The principle is undoubtedly correct, that without an injiu.v of gold, " there could be iio increase of quantity, no fall in its value, no i^ise in the general price of goods." ...But what shall we say to the fact, that ever since the year 1797, there has been a rise in the general price of goods ? Is it not a proof that there must have beeji an ittfliLv of gold? — since, otherwise, there would have been no increase of quantity, no fall in its value. How, then, is that influx * Mr. Ricardo did not perceive that paper money, if it added to prices only so much beyond gold as the taxes called for, would not disturb in any degree the natural price of commodi- ties ; that it would leave us at liberty to sell them abroad, or to bring the productions of foreigners for sale here, with the same advantage as before.
What to read after Currency Fallacies Refuted, And Paper Money Vindicated 32?
You can find similar books in the "Read Also" column, or choose other free books by Taylor John to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
PAPER MONEY VINTDICATED. 83 According to this doctrine, we are bound up in a golden chain, from which there is no pos- sibility of escape ; and though the choice of pay- ing the taxes by a diminution of profits, or a rise of prices, is offered us, the truth comes out that we have " Hobson's choice," the first or none. * The principle is undoubtedly correct, that without an injiu.v of gold, " there could be iio increase of quantity, no fall in its value, no i^ise in the general price of goods." ...But what shall we say to the fact, that ever since the year 1797, there has been a rise in the general price of goods ? Is it not a proof that there must have beeji an ittfliLv of gold? — since, otherwise, there would have been no increase of quantity, no fall in its value. How, then, is that influx * Mr. Ricardo did not perceive that paper money, if it added to prices only so much beyond gold as the taxes called for, would not disturb in any degree the natural price of commodi- ties ; that it would leave us at liberty to sell them abroad, or to bring the productions of foreigners for sale here, with the same advantage as before.
What to read after Currency Fallacies Refuted, And Paper Money Vindicated 32?
You can find similar books in the "Read Also" column, or choose other free books by Taylor John to read onlineMoreLess
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