²²¹ Cf. the speech of Prof. Pierson, Delegate of the Netherlands at the International Monetary Conference of 1881, _Report of the Delegates of the United States_, Cincinnati, 1881, pp. 77–84. If a gold-standard country like England had escaped these difficulties it was only to meet others equally embarrassing. As has been pointed out before, the continued fall of prices, the reflex part of the appreciation of gold, [pg 134] TABLE XXIII _Distribution of the Stock of Money in Different Countries_²²² ──────────────────────────────────────────────────────────────────────────────────── Monetary Circulation at the _Beginning_ of 1892. Countries ────────────────────────────────────────────────────────────────────────── Gold. Silver. Uncovered Fractional Billon Notes Currency. Money. ──────────────────────────────────────────────────────────────────────────────────── Austria 65,000,000 197,000,00 601,000,000 40,000,000 14,000,000 fl. ──────────────────────────────────────────────────────────────────────────────────── England £ 118,000,000 — 10,000,000 26,000,000 1,900,000 ──────────────────────────────────────────────────────────────────────────────────── France 3,900,000,000 3,200,000,000 572,000,000 280,000,000 280,000,000 fr. ──────────────────────────────────────────────────────────────────────────────────── Germany 2,500,000,000 430,000,000 450,000,000 457,000,000 57,000,000 m. ──────────────────────────────────────────────────────────────────────────────────── Holland 64,000,000 135,000,000 98,000,000 7,600,000 1,800,000 fl. ──────────────────────────────────────────────────────────────────────────────────── Italy li. 485,000,000 81,000,000 847,000,000 150,000,000 75,000,000 ──────────────────────────────────────────────────────────────────────────────────── Russia £ 59,500,000 — 51,200,000 8,200,000 1,000,000 ──────────────────────────────────────────────────────────────────────────────────── Spain 160,000,000 646,000,000 548,000,000 190,000,000 157,000,000 pes. ──────────────────────────────────────────────────────────────────────────────────── U.S.A 671,000,000 458,000,000 419,000,000 77,000,000 18,000,000 doll. ──────────────────────────────────────────────────────────────────────────────────── ²²² The figures are as given by Ottomar Haupt (London: Effingham, Wilson & Co., 1892, p. 160.) [pg 135] had produced a depression in the trade and industry of the country never known before in its history. Apart from this, the monetary disturbances affected the yield on capital investment, the mainstay of so many of her people, by reducing the field for its employment. Said the American Commission:—