Remarks on the production of the precious metals: and on the demonetization of gold in several countries in EuropeFaucher, Léon
History
Remarks on the production of the precious metals: and on the demonetization of gold in several countries in Europe
Faucher, Léon
Bimetallism; Precious metals; Precious metals -- Europe
I shall be very glad if I find that by this translation I have in
any way contributed to increase the circulation of your remarks in
this country. The subject is one of considerable interest, and I
hope that you will, at no very distant period, give us some further
observations, and let us know how far your first impressions have been
then influenced by events which may have occurred subsequently to the
present time.
I am, my dear Sir,
Yours very faithfully,
THOMSON HANKEY, JUNR.
_London, 30th November, 1852._
_The Foreign Weights and Monies have been converted into English, at
the following rates._
Dollars and Piastres, at 4s.
Thalers ” 3s.
Florins ” 1s. 8d.
Francs ” 25 to £1 sterling.
A kilogramme weighs nearly 2 lbs. 8 oz. 3 dwt. 2 grs. or nearly 15,434
grs. Troy.
Do. of gold at the standard value, viz. 77s. 9d. per oz. is worth about
£125.
Do. of silver at 5s. per oz. is worth about £8 0s. 9¼d.
Do. of quicksilver weighs 2·2055 lbs. avoirdupois.
Do. Do. is worth about 5s. 1¾d. or 2s. 4d. per lb.
A Spanish marc weighs 7 oz. 7 dwts. 22½ grs.
Do. of gold at 77s. 9d. per oz. is worth £28 15s.
1 lb. of gold is equivalent to 46²⁹⁄₄₀ sovereigns.
A poud is equivalent to 36 lbs. English, and worth about £1679.
The weights and measures not enumerated here are explained at the foot
of the page in which they occur.
REMARKS ON THE PRODUCTION OF THE PRECIOUS METALS, &c.
From the commencement of the 19th century, gold appears to have been
always esteemed in Europe above the price at which it has been legally
fixed in relation to silver; the commercial value of the metal has
remained on an average about 1 per cent. above its legal value. In
England alone gold circulates as money: in those countries which have
maintained a double standard, gold, rarely coined, became immediately
an article of merchandize, and disappeared from circulation. Gold
regions were discovered without restoring the equilibrium of value
between the two metals. Civilization, in its development from
historical times, has but realized the legends of ancient fables. Gold,
from its importance and constancy of value, appeared likely to remain
for ever the symbol and the essential agent of wealth.
In this regular course of the progress of the precious metals, a
pause, or rather a deviation, appears to have occurred. Gold seems
to be tottering in its monetary supremacy; the fortress appears to
have succumbed in a paroxysm of alarm. Ten years ago, every one was
frightened at the prospect of the depreciation of silver; during the
last eighteen months, it is the diminution in the price of gold that
has been alarming the public. Some countries, which, but a short time
since, were but too anxious to attract and retain gold in circulation,
even at great sacrifices, have already shown a feverish anxiety to
banish it altogether.
Public-domain text, read in full here on John Shaqi.
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