Blackwood's Edinburgh Magazine, Volume 69, No. 423, January 1851Various
History
Blackwood's Edinburgh Magazine, Volume 69, No. 423, January 1851
Various
England -- Periodicals; Scotland -- Periodicals
To this must be added another and most important cause, which operated
since the peace of 1815 in withdrawing the precious metals from the
globe, arising from the very scarcity of these metals themselves. The
addition which their enhanced value made to the riches of the affluent
was so great, that it led to a rapid and most important increase in
the consumption of gold and silver in articles of luxury. Gold and
silver plate, jewels, and other ornaments set in gold, became general
among the richer classes, and to an extent unprecedented since the fall
of the Roman empire. Gilding was employed so much in furniture, the
frames of pictures, the roofs of rooms, carriages, and other articles
of state or show, as to withdraw a considerable part of that the most
precious of the precious metals from the monetary circulation. The
scarcer gold and silver became, the more was this direction of a large
portion of it increased, because the richer did the fortunate few who
possessed amassed capital become from the daily decline in the price
of all other articles of merchandise. This effect was most conspicuous
in ancient Rome in its latter days, where, while the legions dwindled
into cohorts from the impossibility of finding funds to pay them
in large numbers, and the fields of Italy became desolate from the
impossibility of obtaining a remunerating price for their produce, the
gold and silver vases, statues, and ornaments amassed in the hands of
the wealthy patricians in Rome, Constantinople, Alexandria, and the
other great cities of the empire, so prodigiously increased, that, with
the currency, which formed but a small part of its amount, their value
is estimated by Gibbon at the almost incredible amount of £350,000,000
sterling of our money.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account