119
Geldmcnge und Waarenpreise.
allen Anhängern des sog. „Currencyprinciple" hndet^®),
sondern welches auch erst kürzlich wieder von
passages in an article in the Edinburgh review, on the depreciation
of paper currency (Appendix zu d. IV. Aufl. der oben
genannten Schrift, Works of R. by M® Cu 11 och p. 291 ff.):
J,— erro no us doctrine of the merchants, that money might
be exported in exchange for commodities, although
money were not cheaper in the exporting country.^* —
,,jdn unfa V our ab le balance of trade, and a consequently
low exchange, may in all cases he traced to a relatively
redundant and cheap currency.** — ,,^ bad harvest
operates on the exchange in no other way than
by causing the currency, which was before at its just
level, to become redundant, and thus is the principle
that an unf a vour a b le e xc h a ng e may always he traced
to a relatively redundant currency most fully exemplified.**
Reply to Bosanquets observations on the report
of the Bullion Comitee p. 338; ,,lf 'ho would be at the trouble and
risk of sending guineas to the Continent to he sold there for their
value as bullion, while the value of bullion continued here as high
as before, and consequently as high as the price abroad. H^ould
not the coin be melted and sold as bullion at home, till the value
of bullion had so much diminished in its relative value to the bullion
of other countries, and therefore to the relative value of commodities
here, as to pay the expenses of transportation, or, in other
words, till the exchange had fallen to the price at which it
would repay such expenses.**
59) Vgl. u. A. M® Culloch a. a. O. p. 12: ,,The fact of
the, exchange being unfavourable and an efjlua of gold taking place,
shows that the currency is in excess, and should be diminished.**
