The agricultural output of England and Wales 1925

Bibliographic data

Monograph

Identifikator:: 1757028552

URN:: urn:nbn:de:zbw-retromon-135495

Document type:: Monograph

Title:: The agricultural output of England and Wales 1925

Place of publication:: London

Publisher:: Stat. Off.

Year of publication:: 1927

Scope:: XV, 152 Seiten; graph. Darst., Kt.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The production of crops

Collection:: Economics Books

THE DEPRECIATION OF SILVER 29 For so long as anyone, even though he were not living in a bimetallist country, desired to sell silver and could find a market by sending it to the mint of a neigh- bouring country, for a price in gold corresponding to the legal ratio obtaining there, it was generally true that the rate of silver could not fall permanently much below the legal ratio (less the cost of transport and coinage, interest on the sum locked up in the process of minting, the cost of returning the gold obtained and possibly an insur- ance premium and a few miscellaneous expenses necessi- tated by this method of conversion). But with the disap- pearance of the minting of silver for the benefit of private in- dividuals, this process had become impracticable and anyone desiring to sell silver no longer had it to fall back upon. The rate of silver was thus limited by a maximum ; for in the last resort it could be obtained by having gold coined in a bimetallist country ; but there was no longer a mini- mum rate. Or, rather, a minimum rate—nearly equal to the maximum—could only have reappeared if the aggre- gate amounts payable in silver standard countries had been such that with insufficient stocks available on the silver market it had become necessary, as in the years between 1850 and 1866, to draw for this purpose upon the silver crown holdings of the bank or in circulation. But it will be remembered that the position was quite different at the time when the free coinage of silver was suppressed ; for not only did India require comparatively small shipments of silver, but, since Germany and the Scandinavian countries had gone on to gold, any surplus foreign credits of these countries, as in the case of Eng- land, no longer had to be converted from gold into silver, but from silver into gold. In these circumstances the disappearance of the coin- age of silver, by abolishing the previous minimum rate, exposed it for the future to unrestricted fluctuations which tended towards depreciation. Hence, comparing the state of the silver market during and after the period of Bi- metallism, we are led to the following conclusion : The suppression of free coinage was not the sole cause of the

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