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
The bullionists, struck with terror at so prodigious an addition
annually to their darling gold, and consequent diminution in its
exchangeable value, are beginning to exert themselves to decry it. They
say that there is a "_Currency Restriction Act of Nature_;" that the
supply of gold from the alluvial washings will soon be exhausted; and
that when the excavation comes to be made from the rocks and mountains
in which the veins are embedded, it will cease to be profitable, from
the hardness of the strata of rock in which the veins are found.[4] The
plea in abatement of the supply of gold thus likely to be obtained is
very remarkable. The fact of its appearing in the highly respectable
journal where it first was ushered to the world, and from the pen of
the eminent geologist from whom it is said to have proceeded, are
alike ominous. It shows at once how marvellously strong has been the
hold which the mania for raising the value of gold and cheapening
that of everything else prevailing during the last thirty years, from
the influence of the holders of realised wealth, has got of the most
influential classes in this country; and how deep is their alarm at the
prospect of all their measures being at once blown into the air by the
augmented supply _of this very gold_ from the shores of California! A
"Currency Restriction Act of Nature!" What a commentary on the measures
of Sir R. Peel, so vehemently lauded and strenuously supported by all
the capitalists whose fortunes, from the Currency Restriction Act of
the right hon. baronet, were every day increasing in value! They would
fain enlist Nature in the same crusade against labour and in favour of
riches; but they may save themselves the trouble. There is no Currency
Restriction Act of Nature: her beneficence, unlike that of man, is
equally distributed over all her children. The CURRENCY EXTENSION ACT
of Nature will only stand forth in brighter relief from having been
immediately preceded by the Currency _Restriction_ Act of Man.
Public-domain text, read in full here on John Shaqi.
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