ABSTRACT
With a single standard, the currency is exposed to a two-fold evil, either by the rise or the fall in its general value. When a circulating medium is established in a country, every man’s power of purchasing in the market depends upon the amount of that circulating medium which he can command. The greater, consequently, the amount of the currency, the higher prices will rise—the more money men have, the more they will be able and willing to give for the various commodities which they wish to purchase. Some of the money of England would have passed into the currency of France, and the value of her standard would be in a great measure restored, though not wholly so, for a new level of prices would be established in both countries, a level of prices which would be somewhat lower in each than the former one had been.
