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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1812. Excerpt: ... "another 19, daring the same time." Whereas it is obvious, that, from 1774, gold has ben alone legal tender, and the standard money. The whole difference of value, therefore, arising from time to time between the two metals, must always have been expressed as the price of silver, while gold, except for the fashion, could no more have price, than the mouth of the river of Amazons can have latitude. It may, nevertheless, be true, and I believe is so, that gold has not undergone so great a variation of value, as silver, though the variation has been considerable. Note D p. 100. It will be matter of surprise, some time hence, that, in this age of the world, it should have been gravely maintained, that the best mode of estimating the value of a commodity is to compare it with something having no value, --that grievous mistakes may be made by computing the worth of one object of desire, according to the quantity of some other object of desire, which may be obtained for it in exchange, --and that the only true way of ascertaining the amount of our wealth, our means of enjoyment, and the power our possessions give us over theservices of others, is, by comparing them with certain undefined, abstract ideas, --certain impalpable creatures of the imagination, or the intellect, --certain sounds and denominations, --which can neither be enjoyed nor desired, bestowed nor received. But it will be deemed more astonishing, that the holders of this doctrine should have accused their opponents of dealing in abstractions, and in theory. Mr. Gloster Wilson, in my opinion, by far the most ingenious supporter of these doctrines, has the following passage, near the commencement of his work, which appears to me precisely paralleled by the paraphrase I have aken the liberty to place besi
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Essays Towards Illustrating Some Elementary Principles Relating to Wealth and Currency
Bokrecensioner » Essays Towards Illustrating Some Elementary Principles Relating to Wealth and Currency
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