Nomism

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: ence between the old value of silver and the value at which she has sold. She suffers also the disadvantage of having now in circulation the new piece of five marks, which is a debased coin. Q. Was it beneficial, or injurious, to any other country or countries A. It was injurious to all the countries, and...
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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: ence between the old value of silver and the value at which she has sold. She suffers also the disadvantage of having now in circulation the new piece of five marks, which is a debased coin. Q. Was it beneficial, or injurious, to any other country or countries A. It was injurious to all the countries, and chiefly to England in her intercourse with India. Q. What other countries besides England and Germany suffered great inconvenience by such legislation ? ?A. The countries of South America, Austria, Russia, and India. Q. Did the countries using paper-money, such as Russia and Austria, suffer any evil effects so far as relates to the internal commerce of those two countries ? ?A. Yes, sir. note.?A continuation of the last answer is given at the opening of the session of the following day.] Thubsday, February 8,1877. Present: Senators Jones, of Nevada, chairman, Boutwell, and Bogy; and Representatives Willard and Bland. Henri Cernuschi resumed. By the Chairman: NOTE.?The last question put to the witness on thepreceding day, and then partially answered, was here repeated, and was followed by a more specific answer, as follows: ] A. Yes, sir. My answer is based not merely upon any argument of my theory, but upon matters of fact. A great crisis has taken place, principally in Vienna, this being a consequence of the great fall of- silver on the London market. The public debt of Austria is stipulated in silver, and the bondholders were nearly ruined by the event. It would take too long for me here to give a description of the crisis, but I declare that the paper-paying country suffered by the derangement of the relative value between gold and silver much more than did the metallic-paying country. There is no way in which to escape the precepts of scienc...