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

;PAPEU MONEY VINDICATED. 47The official value is estimated agreeably to theprinciple acted on in 1698, immediately afterthe establishment of the Bank of England ; thismay be considered to represent the ««//^;y// price.The declared v'diue is the worth of the goods at themarket price of the day :so that this is the price inpaper money. In 1800, those exports wereworth, at the official value, 22 millions, whichat the market price, were declared worth 36 millions.In 1830, those goods were worth, attheir official value, ^Q millions, which at themarket price were declared to be worth only 35millions ;thus the same goods which producedin 1800 and 1830, at the market price, 36 millions,(speaking in round numbers) cost the producersin 1800, but 22 millions of metallicmoney, and in 1830, not less than 56 millionsof the same money — a difference of 5 to 2.With a paper currency, our manufacturers wouldnot have been compelled to lose the sum whichtaxation ought to have added to the naturalprice, as they actually didin the latter period,except in so far as the loss has been borne bythe poor operatives and their miserable children,working at reduced wages during increasedhours.That which was really worth ^^ millions,would have been sold for as much, if not moreor rather that which was sold at the marketprice for 36 millions, would not have cost theproducers more than that sum. From 1799to 1813, a period of 14 years, the market price