Every trifling fluctuation

by hunsssalin Thu Mar 17, 2011 2:17 pm

Every trifling fluctuationEvery trifling fluctuation in the value of either metal was immediately accepted by these theorists, without examination or analysis, as proof positive of the realization of their predictions; whereas, when closely analyzed, they all prove that the theory they advanced is completely erroneous, f The following, in addition tory burch shoes to long, imposing arrays of figures It became a prevalent belief, that a marked divergence from the previous scale of relative tory burch sale values existing between gold and silver would rapidly manifest itself, and that this divergence would become so decided that sound policy would lead to the substitution of silver for gold as a standard metal in metallic circulations. It was in pursuance of this opinion that Holland demonetized its gold coins," (Tooke, History of Prices, vol. vi, p. .)f The result of the inquiries instituted seems to justify a positive opinionof the past, present, and future production, existence, and consumption of the two metals, were the facts generally appealed to, to sustain their theories :st. The premium paid for gold when scarce, previous to the influx of gold from California and Australia.d. The disappearance of the premium on gold after the influx of gold from the Californian and Aus. tralian mines.d. The discount at which gold bullion and foreign gold coins were sold in in the United States and in Europe.th. The premium formerly paid in the United States on gold, when coined as to , and that subsequently paid there on silver, when coined as to .th. The premium paid for silver in exchange for gold, after .All these facts, except the d, certainly establish some alterations in the value of one Or the other of the precious metals ; but when analyzed with care, they are found to tory burch flats maintain our theory, and not that which we combat, for none of these alterations were caused by a change in the cost of production, or in the intrinsic tory burch outlet yalue as commodities of either of these metals. The st, d, and th of these facts have already been fully explained, and certainly indicate no alteration in thethat the fluctuating increase of two or three per cent, in the price of silver, as compared with gold, which has prevailed, at various periods since , admits of being fully explained by circumstances not connected with a full in the value of gold." (Tooke, History of Prices, vol. vi, p. .)natural relative value of the two metals.