119 
Geldmcnge und Waarenpreise. 
allen Anhängern des sog. „Currencyprinciple" hn- 
det^®), sondern welches auch erst kürzlich wieder von 
passages in an article in the Edinburgh review, on the depre 
ciation 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 rela 
tively redundant and cheap currency.** — ,,^ bad har 
vest 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 princi 
ple that an unf a vour a b le e xc h a ng e may always he tra 
ced to a relatively redundant currency most fully exem 
plified.** 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 bul 
lion of other countries, and therefore to the relative value of com 
modities 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.**