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Theory of a general over-production of wealth

But a general glut is impossible

A glut of manufactured products is possible

Effects of reducing the supply of food

A glut of finished products is possible .

Three causes of a glut of such products .

Effects of the unequal distribution of wealth

Exchange not always profitable

The purchasing power must be general

Where the market for manufactures is largest

Proportion of embodied to free labor

Cause of high profits in an infant settlement

Cause of their decline ...

Invention raises the rate again

Low profits increase the inequality of fortunes

And favor wild speculation

Stationary state of wealth not to be dreaded .

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Political consequences of this revulsion

The value of paper money regulated by its quantity

Ricardo's "Economical and Secure Currency" .

Plan of gradual resumption

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CHAPTER XXII.

Page

The Decline In The Value Of Money . . . . .392

Consequences of such a decline 392

The value of the precious metals depends on the cost of their production 393

How much the American mines increased the supply . . . 394

Effects of this increase 395

Two conclusions from these facts . . . . . . . 396

Statistics of the supply in the present century . . . . .397

Great fluctuations of this supply . . . . . . . 398

Effects of gold washings unlike those of silver mines . . . .399

Anticipated extent of the decline now going on .... 400

Relative values of gold and silver 401

In what ratio the value of money falls . . . . . 402

Effects of economizing the use of money 403

The present decline but little retarded "by a greater demand for money 404

No reason to dread the decline 405

Its effect on outstanding obligations 405

What property will be depreciated 406

Rates of interest will not be permanently affected . . . .407

Only the coin in active circulation affects prices .... 408

The spirit of ^peculation ultimately induced ..... 409

Specie reserves absorbed by the rise of prices . . . . 410

Probable future course of the depreciation . . . . .411

Prices to be equalized throughout the world . . . . . 412

Beneficial effects of the decline .412

Former crises of a similar character 413

Such a decline not followed by a reaction 415

Change in the relative values of gold and silver will not indicate the

whole decline . . . 416

How the alteration in the coinage should be made . . . .417

What justice requires in this respect . . . . . 418

How the alteration was made in 1853 420

The principle was borrowed from the English system . . . 421

Silver is not now a standard of value 422

The decline in the value of money favors the United States . . 423

CHAPTER XXIII.

Effect Of Speculation On Prices. The Theory Of A Com-

Mercial Crisis 424

How prices are adjusted 424

A fall in price does not always increase the demand . . . .425

Two elements of the demand 426

What constitutes the supply . . . . . • . .426

The price equalizes demand and supply 427

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