Blackwood's Edinburgh Magazine, Volume 69, No. 423, January 1851 — John Shaqi
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
Such a change, however, the reverse of all this, like all those
produced by nature, is so gradual as to the vast majority of men to be
imperceptible. Like the gradual extension of the day in spring, or the
change of temperature, the change is so slight from day to day that
it eludes even the closest observation. From one month to another,
however, the alteration is great and striking. The addition, first,
of six or eight millions of gold, annually raised, rising by degrees
to sixteen or eighteen millions--which doubles the annual supply of
the precious metals for the use of the globe--being diffused over an
immense surface, and finding its way more or less into the coffers of
all nations, may not produce a great or even visible start of prices at
any one time. But the change will be incessant; and before many years
have elapsed, the result, if the increased supply continues, will be
great and apparent. In the first instance, the effect will appear in
arresting the fall of prices which has so long been going on, and which
our legislative measures have all been calculated to increase. But
after arresting the fall, it will speedily induce a rise; and this rise
will for a long period be so steady and considerable as to produce a
very great increase in the remuneration of the labouring classes, and
immensely to benefit them. There is no speculation in this: it is only
supposing that the increase of gold is to produce the same effect as
the increase of silver, from the discovery of the South American mines,
did three centuries ago.
Public-domain text, read in full here on John Shaqi.
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