In 1911, 43,305,722 british sovereigns were minted, or a good deal more than the whole gold

But no such plan would answer in England.

for a fortnight at 5 per cent per annum. A ring of speculators lay waiting to force prices up as soon as the Government should appear as a buyer. And Mr. At Dutch auctions an upset or maximum price used to be fixed by the seller, and he came down in his bidding till he found a buyer. │ │ Minimum ├───────┬───────┼───────┬───────┼───────┬───────┤ │and Maximum │ │ │ │ │ │ │ │ active │ 1. And he would have a peculiar power of guidance at such moments from the nature of the men with whom he has most to deal. . [14] Gold is an international, but not a local currency.

The first panic of which it is necessary here to speak, is that of 1825: I hardly think we should derive much instruction from those of 1793 and 1797; the world has changed too much since; and during the long period of inconvertible currency from 1797 to 1819, the problems to be solved were altogether different from our present ones.

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