Geldmenge  und  Waarenpreise.

103

Unterzieht  man  die  vorstehende  Theorie  einer  kritischen ­
  Betrachtung,  so  erscheint  zunächst  und  vor

der  besonderen  IFaare  und  der  Nachfrage  nach  derselben,  und  zweitens ­
  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  silver, ­
  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  countries ­
  where  they  were  dear.  —  If  instead  of  a  mine  being  discovered
in  any  country,  a  hank  were  established,  such  as  the  Hank  of  England, ­
  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  considerably ­
  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  proportionate ­
  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  redundance; ­
  and  that  in  the  common  state  of  the  national  currency  this
depreciation  in  counteracted  by  the  exportation  of  the  precious  me-