_John Sheldon_ (_New England Yale Review_, March, 1890): “This is of supreme importance, for prices tend to carry with the amount and not simply with the kind of legal-tender money in circulation. The greater the amount the higher the range of prices; the less the circulation the lower the prices. Prices tend ever to follow up and down the amount of legal-tender money in circulation; they do not tend to fixity of the particular kind of money or standard used.” _Alexander Baring_ (before the committee, House of Lords, 1819): “The reduction of paper would produce all those effects which arise from reduction in the amount of money in any country.” _Sir Robert Peel_ (May 6, 1844, speaking of the act to regulate the currency): “There is no contract, public or private, no engagement, national or individual, which is unaffected by this.” _Lord George Bentinck_ (Parliamentary Debates, about 1847): “Of all the subtle devices which the wit of man has contrived to despoil the community of their property, nothing equals the contrivance of laws which limits the currency to gold.” _Lord Beaconsfield_ (“Agricultural Depression”): “Gold is every day appreciating in value, and as it appreciates in value the lower become prices.” _Sir Walter Scott_ (speaking of abundant currency): “It is not less an issue that the consequences of this banking system as conducted in Scotland have been operated with the greatest advantage to the country; have converted Scotland from a poor, miserable and barren country into one where, if nature has done less, art and industry have done more than in perhaps any country in Europe, England itself not excepted.” _Encyclopedia Britannica_ (1859): “A fall in the value of precious metals, like a fall of rain water after a long course of dry weather, may be prejudicial to certain classes. It is beneficial to an incomparably greater number, including all who are engaged in industrial pursuits, and is, speaking generally, of great public or national advantage.” _North British Review_ (November, 1861): “Metallic money, whilst acting as coin, is identical with paper money in respect to being destitute of intrinsic value.” _William Jacob, F. R. S._, gives statistics of the world’s volume of money from the year 14 A. D., when it was $1,790,000,000, to 806, when it had fallen to $168,000,000. The price of a horse in England then was £1 15_s_ 2_d_; an ox, 7_s_ 2_d_; a cow, 6_s_ 2_d_; sheep, 1_s_ 2_d_; goat, 4_d_. _Ernest Seyd_ (1867, speaking of a reduction in volume): “Throughout the world a fall in prices will take place, injurious alike to the owners of solid property and to the laboring classes, and advantageous only, and unjustifiably so, to the holders of state debts and other contracts of that kind.” (“Bullion,” 1868:) “On this one point all authorities are agreed: that the large increase in the supply of gold has given a universal impetus to trade, commerce and industry, and to greater social development and progress.”