Currency fallacies refuted, and paper money ... - University Library

CURRENCY FALLACIES REFUTED. 21ter. The increased duties on importation benefitedthe farmer, or rather his landlord for atime, at the expense of the productive classesgenerally ; but men cannot always pay moremoney than they receive—and the farmer canonly get at last what it is possible for theother productive classes to give, which abilityof theirs to give is governed by the value ofcorn in all other countries ;to that level thereforeprices must descend. The standard willbe attained, supposing 406-. per quarter gives it,when a sovereign in gold, or 20^. in silver exchangesfreely for 4 bushels of wheat, insteadof 3 as at present ; at which period all othercommodities will be sold for one-fifth lessthantheir present prices. Whether the corn lawsare repealed or not, to this we must come if weadhere to a metallic currency. It is a fallacytherefore to talk of money being about to bedepreciated by the issue of one pound notes, asif it were not already in a state of great depreciation; and as if the real danger to which weare exposed were not that of its further enhancementat a time, when, from an inadequacy ofmeans to fulfil the engagements into which theyentered under happier auspices, men of enterpriseand property are leaving the country bythousands, and the social system is threatenedwith disruption by the growing distresses ofthose who remain.By returning to the standard, we can alone