Gold Price Today Not Main To Financial Prosperity > 자유게시판

It's now then satisfactorily demonstrated, that the circulation in 1810, so removed from being extreme, was to an virtually unimaginable diploma much less in proportion to the taxes to be paid and the income circulated, than in 1790, earlier than the struggle. It will be still insisted, that if taxes and levies have decreased, currency should decrease proportionably;-and if taxes and levies had been the only standards for the simply quantity of our currency, the conclusion can't be resisted: but the true criterion of the amount of a currency just isn't the mere amount of levies and taxes, but the quantity of the whole earnings of a rustic, and its entire exchangeable value in labour, produce, and manufacture.-The Question then is, has the nationwide income increased or decreased since the diminution of taxes and levies? The results of this argument is, that neither in 1810 nor at present, have been or are the issues of Bank Notes extreme; that their advance has originated in the good further taxation and enormous levies since the commencement of the warfare; that this immense expenditure has produced nice additional capital, nice extra investments in agriculture, mining, manufacturing, trade, &c., &c., which make a big permanent circulation essential to the upkeep of our prosperity.

I have no exact information for understanding or conjecturing what was the quantity of private bank notes in circulation earlier than the Bank Restriction; but it is alleged to amount to upwards of 25 tens of millions at present;-in order that no matter enhance there is in our circulating medium, it should come up, according to this assertion, from the increased circulation of the non-public banks, and never from the increased issues of the Bank of England. From this statement there seems a natural, if not a vital, progress in the rise of foreign money, in proportion as the sum raised upon the nation augmented. If this reasoning is plainly unanswerable, when we're considering of a measure or سعر الذهب في المانيا rule, for the quantity of a currency, we should turn our thoughts to the income of a rustic in its most extended sense,-and as we should admit that currency must be augmented proportionably with revenue, no matter be the quantity of debts and taxes and levies, we should also admit that a greater forex is important now than in 1809 or 1810, or in every other yr, if our income on the entire is better.

Income is of course promoted by improve of foreign money, and increase of taxes is made more easy by it; while a decrease of taxes usually advances revenue, and by rising income, augments the deamnd for foreign money. If our forex is diminished ten per cent, the means of paying our taxes might be diminished ten per cent. Is it the tendency of levies and taxes to increase or decrease national revenue? The new additional everlasting capital which is made on these levies and expenditure, follows regularly until the ultimate profit upon them turns into a fixed stable increase of capital.-Let Government spend 50 additional tens of millions in a year: these 50 millions are taken from the prevailing capital, and the advance of such a sum will also require further currency; however the profit made by the people concerned in advancing and spending these 50 millions, does not come into activity until one, two, or three years' interval. And what's the course we are now to take? And as our taxes and foreign money are equal in quantity to one another, and naturally their proportion to our earnings respectively the same; and as their tendencies are diametrically reverse, and counteractive to each other, it essentially follows, that no matter impact is produced by a change in a single, that change will work a contrary effect in the opposite.

Till it may be identified whether drive and compulsion, as has been threatened, are literally for use in the working of Mr. Ricardo's plan, all dialogue of it is ineffective; and whether it is to rely for its success, not upon its intrinsic benefit, but upon the accessory fulcrum of legislative violence, I fear his plan will probably be as finally ruinous as the assumption of excess of our currency is demonstratively false, and the surplus of our taxes is lamentably true. It was argued in 1810, that the high costs of all articles then current, the excessive value of Gold, and the low value of exchanges, have been attributable to 1 only cause, the excess of our paper currency. If the course of our exchanges had been depressed by a superabundant amount of paper, it may by no means have turned in our favour and risen above par, by a quantity of comparable paper nonetheless extra superabundant. Here then is an entire irrefragable demonstration, that neither the prices of Commodities, nor the value of Gold, nor the course of Exchanges, have been produced by excess of paper forex.

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