Excerpt from The Standard of Value The argument Of this book is to the effect that the Double Standard is not only required for the general welfare of the country, but that it also represents the cause Of justice and of honour. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from The Ultimate Standard of Value This is undoubtedly the sense in which the term cost is understood in practical business life. It is in this way, that the manufacturer, the farmer and the merchant reckon their cost. This, too, is the sense in which Professor Marshall employs the term when he speaks of the money cost of and in my own writings about value and cap ital, I usually employ the term cost in the same way. Usually but not always, because for certain purposes another mode of estimating sacrifices, becomes important and may not be neglected. This is the historical method. It is quite mani fest that many of the concrete forms Of goods, which we to day are compelled to sacrifice to purposes of production, are themselves the product of past and more original sacrifices. For example, the wood and coal that we consume to-day in the production of cloth, and likewise the machine which we wear out, are themselves the product Of previous sacrifices of labor. If we go behind these material commodities to the sacrifices which the human race has suffered in successive periods of time, in bringing them into existence, or if you like the sacrifices necessary to reproduce them, the list of the historical production sacrifices would be greatly simpli fied. It would include two, or at most three, elements. First of all comes labor, which without doubt is the most important Of these elements. Then comes a second to which many economists have given the name, abstinence. Perhaps a third might be added, namely, valuable original naiaral power; though many might decline to regard this last as a sacrifice. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Standard of Value I was employed in the Financial Department of the Government of India when the divergence in the relative value Of Gold and Silver began to declare itself and, as the fall in the Indian Exchange had a serious effect on the finances of the Government Of India, the subject forced itself on my attention. In 1886 I published a work called the Theory of Bimetallism, and I was a Member Of the Royal Commission on Gold and Silver which sat from 1886 to 1888. I was subsequently Finance Member Of the Council of the governor-general of India, and took part in the measures for the introduction of the Gold Standard into India. I was afterwards a Member of the Committee which recommended that the gold value of the Indian rupee Should be fixed at 18. 4d. Although Bimetallism is no longer a live question, other problems connected with the Standard of Value will arise in the future, and I have decided to place on record the conclusions at which I arrived as the result of my experience and study of the subject, and also to state the circumstances under which it was decided to introduce the Gold Standard into India and explain the procedure adopted for that purpose. I cannot hope to give the trained Economist fresh light on questions with which he is already familiar, but what I have to say may be of some assistance to the man Of business who may be forced by circumstances, as I was, to give his attention to the subject. I feel that some apology is needed for the length Of my remarks on the subject of the Quantity Theory of Money and the Relation between Credit and Prices, but at the time of the Bimetallic Controversy the questions connected therewith had not been so thoroughly investigated as they have lately been, by Professor Irving Fisher, and other Economists, and the applicability Of the Quantity Theory of Money to modern conditions was denied, while, as it seemed to me, wholly untenable theories were put forward regarding the relation between Credit and Prices. It is for this reason that I have felt bound to Offer certain remarks in defence Of a theory which, rightly understood. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from The Disturbance in the Standard of Value I have written this little book in the belief that a short general view of the monetary question might be useful to those who are desirous of understanding it. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Observations on the Standard of Value and the Circulating Medium of This Country The greater part of the following observations have been communicated in letters to friends at different periods, and more particularly in those times when the writer had reason to believe, that he saw the shadows of forthcoming events, that would disturb our monetary system. This, it is hoped, will be sufficient excuse for the want of arrangement, and for the familiarity of the style. I have for some years been anxiously looking forward to the time when the currency question might occupy the attention of this great nation; and when the evil of our present system should be so evident, that few would be found to raise objection to a fair enquiry on the subject. Many persons conscientiously believe that there may be danger in changing our metallic currency, or, as the term goes, "tampering with it." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from A Scientific Money Standard A dollar is a measure of value, as a pound Weight or yard-stick is a measure of quantity. But, unlike the pound weight and yard-stick, the stan dard gold dollar is not a fixed unit of value; it is merely a fixed quantity of gold, which varies in value with the supply and demand, as do all other commodities. The dollar measure, therefore, varies constantly with the rise and fall in the quantity of money in circulation. This defect in the money standard of value produces illimitable evils, which constantly disturb the prosperity of the world. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from A Contribution to the Studty of a Constant Standard and Just Measure of Value The following are the features of this essay to which attention is more particularly directed: - 1st. The mathematical nature of the proof, in the first chapter, that steady general prices cause continuously advancing wages, and are the solution of the "difficulty of employment." 2nd. The idea of basing the value of money on the prices of chosen agricultural products, and not on the prices of goods in general. 3rd. The naming and description of the function which money fulfils as the regulator of general prices and of trade. 4th. The explanation of the law of the average rate of interest, and of the function which money fulfils in regulating the prices of State and other securities to fixed interest by means of the rate of discount. 5th. The recognition of the remarkable character of the change, which steady prices together with a supply of money freely permitting any rate of expansion of commerce, are calculated to produce in the position of wage-earners. 6th. The whole system of "just money," as an attempt to realise, in a practicable system, the theoretic requirements of a perfect money; and 7th, As an attempt to state the laws of issue of a good paper money. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.