Geldmenge und Waarenpreise. 
103 
Unterzieht man die vorstehende Theorie einer kri 
tischen Betrachtung, so erscheint zunächst und vor 
der besonderen IFaare und der Nachfrage nach derselben, und zwei 
tens von dem Ferhältnisse zwischen dem allgemeinen For rat he des 
Umsatzmittels und der Nachfrage nach demselben.^* 
Ferner p. 390 if. 
Ricardo, The high price of bullion etc.: ,,If a mine of gold 
were discovered in either of these countries, the currency of that 
country would be lowered in value in consequence of 
the increased quantity of the precious metals brought 
into circulation, and would therefore no longer be of 
the same value as that of other countries. Gold and sil 
ver, whether in coin or in bullion, obeying the law which regulates all 
other commodities, would immediately become articles of exportation, 
they would leave the country, where they were cheap, for those coun 
tries where they were dear. — If instead of a mine being discovered 
in any country, a hank were established, such as the Hank of Eng 
land, with the power of issuing its notes for a circulating medium, 
after a large amount had been issued, either by way of loan to 
merchants, or by advances to Government, thereby adding conside 
rably to the sum of the currency, the same effect would follow as 
in the case of tke mine. The circulating medium would be 
lowered in value and goods would experience a pro 
portionate rise. The equilibrium between that and other nations 
would only be restored by the exportation of part of the coin.** — 
,,It is evident, then, that a depreciation of the circulating 
medium is the necessary consequence, of its redun 
dance; and that in the common state of the national currency this 
depreciation in counteracted by the exportation of the precious me-