A Letter to D. Ricardo, Esq. Containing an Analysis of His Pamphlet on the Depreciation of Bank Notes (Classic Reprint) - Tapa blanda

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Excerpt from A Letter to D. Ricardo, Esq. Containing an Analysis of His Pamphlet on the Depreciation of Bank Notes

In short, your observation implies the truth of two contrary sup positions, either of which you may take; but without involving a contradiction, or substituting a truism for an argument, you cannot take both. Either Say, that the guinea is a perfect and invariable standard, marking the relative values of all commodities, in which case, bullion may rise in value above coin; or say, that the guinea is not an invariable and just standard, because in some cases, in stead of determining or measuring the price of bullion, its own value is measured by that of bullion nor can it be denied, in any consistence with propriety, that if the value of bullion rises, the value of the guinea, which must be regarded as bullion, rises with It.

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