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Every-Day Biography, 139–The Psychic Life of Micro-Organisms, 139–In the Beginning, 139–Recent Economic

Changes, 278 - The Doll's House, 280—The Awakening of Mary Fenwick, 281- Blind Love, 281– Foundations
of Semitic Religion, 419,--Stanley's Last Achievement, 421-Philosophy of Physical Efforts, 422–A 1'raveller's
Narrative, 424—"Very” Popular Science, 435-Kit and Kitty, 425–Doone " Mary Anersley," 426-More about
Stanley's Emin Pasha Expedition, 564—Sifted Gold, Robert Browning's Principal Shorter Poems, 565-A
March' in the Ranks, 566- The Dominant Seventh, 566“A Noted Philanthropist, 709-The Idle Thoughts of
an Idle Fellow, 710– The Ancient Classical Draina, 711—The Craze of Christian Engelhart, 711–The Voyage

of H. M. S. Beagle, 858—Behind the Footlights, 859—The Bagpipers, 860—Prince Fortunatus, 860.
LONDON Town, A LAY OF. By Emily H. Hickey. . Longman's Magazine....

514

Lover's Song, THE. By Alfred Austin...

..Murray's Magazine.....

652

Lynn LINTON, and THOMAS HARDY

New Review.

311

MADEMOISELLE. By Mrs. Oliphant...

Cornhill Magazine...

94

Madame KRASINSKA, THE LEGEND OF. By Vernon Lee. Fortnightly Review.

598

MANNISH MAIDENS, MODERN

Blackwood's Magazine...

449

MARIE BASHKIRTSEFF: A PERSONAL REMINISCENCE. By Mar-
ion Hepworth Dixon

Contemporary Review.....

387
MARRIAGE QuestION FROM A SCIENTIFIC STANDPOINT, THE.
By Alice Bodington....

Westminster Review....

488

MARRIAGE, THE MORALITY OF. By Mona Caird.

Fortnightly Review....

612

MartinEAU, DR., ON SPIRITUAL AUTHORITY..

Spectator:..

770
MIRACLE PLAYS. By Edward Clodd

...Longman's Magazine......

742
MisceILANY:
The New Trades-Unionism, 141-The Lepers of Crete, 142—Dangers of Raw Milk, 143—Ainhum, a Brazilian Dise

ease, 144-Planter Energy in Ceylon, 284–Religion and Science, 286—Modern Agnosticism, 287–Religious In-
toxication, 287—The Scarlet Hunting-Coat, 288—The Erectness of Man as Compared with Apes, 288–The
Pleasures of Baldness, 427–Loyalty, Old and New, 428—The Destruction of the Temple of Heaven in Pekin,
429-Man-Eating Tigers, 430-Poisoning by Tinned Provisions, 430-Hairdressing and Contagion, 431–The
Origin of the Diamond, 431 — Remarkable Atmospheric Manifestations in the South of Russia, 431-Ascents of
Kilima-Njaro, 432-The Tongue of the Hound, 570—The Jews in France, 572-The Extraordinary Origin and
Characteristics of Influenza, 573-Ibsen at Home, 573-The Deadening of Life in Town, 574-Our Foreign
Critics, 575-A Voyage with General Gordon, 575- Flogging and Suicide of Female Political Prisoners in Siberia,
576-Something about Ambergris, 715-Jurymen's Meals, 916—Easter Trips, 716—The Scenery of the Modern
Stage, 717– The Horses of the Pampas, 918—How Large was Ancient Rome? 719-Engineering Feats and

their Cost to Life, 719-Sea-Bird Shooting, 720-A King's Wives, 863-War Strength, 864.

MONEY, A PROBLEM IN. By Robert Giffen.

.Nineteenth Century..

MORAL CRUSADER, A. By Goldwin Smith..

Macmillan's Magasine..

850

MOTHER OF THB Strozzi, The. By Edith Marget. .. National Review

637
MOUNTAIN STUMPS.

Cornhill Magazine.

MURRAY'S HANDBOOKS FOR TRAVELLERS, THE ORIGIN AND

HISTORY OF. By John Murray....

.Murray's Magasine.......

34

NATURAL EVOLUTION OF MAN, THE By A. Dewar.. Westminster Review...

13

NATURAL INEQUALITY OF Men, ON THE. By Professor Huxley.Nineteenth Century..

250

NEWSPAPER Press, T'HE. By Frederick Greenwood.. .Nineteenth Century..

837

NIÑO DIABLO. By W. H. Hudson.

..Macmillan's Magazine.

OLD AGE, THE INTELLECTUAL EFFECT OF

..Spectator...

237
OLD PEOPLE, What To Do with OUR. By F. Max Müller.. New Review...

114

ORIGIN OF THE ENGLISH, THR LATEST THEORIES ON THE.

By Professor Edward A. Freeman, D.C.L..

.Contemporary Review.

329

PAGE OF My Life, A. By John Addington Symonds... .Fortnightly Review.
PASTEUR AT HOME. By Dr. A. J. H. Crespi...

Gentleman's Magazine.

503

PERSIA, THE AWAKENING OF. By E. F. G. Law.

.Nineteenth Century

PETRARCH, Two TRANSLATIONS FROM. By Oliver Elton..... Academy...

680

Poems. By Cosmo Monkhouse.

. Blackwood's Magazine....

415

POETS AND PURITANS. By John G. Dow..

Macmillan's Magazine

733

“ PoisonED PARADISE," A. By Clement Scott.

Contemporary Magazine..

774

POMPBII, The Gardens of. By Elizabeth Lecky.

Macmillan's Magazine...

25

PORTUGUESE CLAIMS IN AFRICA. By H. Lovett Cameron. .. National Review.

324

PRACTICAL Religion. By Grant Alien..

. Fortnightly Review...

145

PRIDE AND MERIT.

Spectator...

417

Profit-SHARING. By Professor J. Shield Nicholson..

Westminster Review.

339

“ PROVERBIAL PHILOSOPHY

Spectator...

128

Rabies. By M. Louis Pasteur..

.....New Review..

45

RABIES, II. By M. Louis Pasteur.

New Review....

171

Rain. By C. W. Herbert.

.Spectator..

693

RING OF THOTH, THE...

Cornhill Magazine .....

355

Russian CHARACTERISTICS : DISHONESTY. By E. B. Lanin... Fortnightly Review.

SCEPTICISM ABOUT One's Self.

Spectator

49

Science of CHARACTER? CAN THERE BE A. By W. L. Cour-

teney...

National Review.....

592

Snakes Of India, The Venomous. By Sir Joseph Fayrer... Nineteenth century...

81

SONG OF LOVE AND MAY, A. By Peter Bayne..

Blackwood's Magazine..

828

ST. GEORGE AND THE DRAGON

Cornhill Magazine

533

STANLEY'S EXPEDITION: A RETROSPECT

Fortnightly Review..

240

STATE AND THE SERMON ON THE MOUNT, The. By the

Bishop of Peterborough.

..Fortnightly Review..

289

STOKES, PROFESSOR, M.P., on PersonAL IDENTITY. Spectator...

701

SUNLIGHT LAY Across My Bed, THE. By Olive Schreiner.. New Review..

SWIMMER'S DREAM, A. By Algernon Charles Swinburne......New Review..

298

TALMUD, LIGHT FROM THE. By Launcelot Cross.... .Gentleman's Magazine.

829

THEKMOPYLÆ. By Rennell Rodd...

Murray's Magasine

611

Trelawny, Talks with. By Richard Edgcumbe..... Temple Bar....

808

UTOPIAS, Two New, By Emile de Laveleye......

.Contemporary Review..

433

Willow Wood, THE LAMENTABLE COMEDY OF. By Rudyard

Kipling.

..Fortnightly Review..

843

WINTER DAYBREAK, A, New Zealand. By Annie Glenny

Wilson.

Spectator..

700

Winter, The BEAUTY OF..

Spectator.

671

WOMEN OF TO-DAY. By Lady Gaskell.

Nineteenth Century..

WOMEN OF To-Day, YESTERDAY, AND To-Morrow. By Mrs.

Jeune.....

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National Review..

177

WORK, THE PESSIMIST VIEW or

Spectator

WORLD'S AGE, THR. By Joseph Truman............ Macmillan's Magazine...

56

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FOREIGN LITERATURE, SCIENCE, AND ART.

plete in 63 vols.

In what way is the ratio of exchange further assumption that gold and silver are fixed between the precious metals and other not only interchangeable as

money,” but commodities? There is a common notion that each can be made to take the place of that the function of the precious metals as the other, by legislation, at a given ratio, money involves some peculiar relation be- which will continue to operate until one or tween them and commodities in regard to the other is wholly displaced, what is the adjustment of their ratio of exchange. known as the quantitative theory of money It is said, or assumed, that every portion is really the basis of the whole bimetallic of the precious metals not wanted for any structure. Holding myself the view that other purpose, becomes money ;" that there is “a” relation between the quantity the ratio of exchange with other articles of the precious metals and prices, I have rises or falls as there is less or been frequently claimed by bimetallists as “money," the fall or rise being propor- going a long way with them. I avail mytionate to the change in the quantity of self, therefore, of the present opportunity “money; and that this money use is also to give an answer to the question as to how so much the preponderant use, that noth- the ratio of exchange between the precious ing else is material in settling the ratio of metals and other commodities is fixed. I exchange between the precious metals and hold most fully to the view that it is fixed other commodities. It would not be going in no other way than is any other ratio, too far to say that this notion is at the root viz. by supply and demand, and by the of the bimetallic theory, so far as bimetal- cost of production of the last margin of lism is based on any consistent and sub- supply necessary to meet the last margin stantial theory. Supplemented by the of demand. There is “a” relation beNEW SERIES. – VOL. LI., No. 1.

1

use.

tween the quantity of money and prices, how steady is the conversion of the prebut it is rather one in which prices assist cious metals into such forms, though the in determining the quantity of the precious amount annually converted may not be metals to be used as money, and not one large, and for how many centuries the in which prices are themselves determined accumulation of objects of value has been by that quantity There are some com- going on, it will be seen that in most of plicated elements in the problem ; but this the rich countries of the world the plate is the substantial result. In no respect, and ornaments must be a large mass. It therefore, do I go any way with the bi- is a moderate estimate that in this country metallist, not even the fraction of an inch ; alone-in plate, in watches, in jewelry and, apart from the interest of the present and ornaments—there cannot be less than problem itself, I am the more ready to 50,000,0001. worth of gold, which repreavail inyself of the opportunity of discuss- septs no more than an accumulation of ing it, because it enables me to explain half a million per annum for a century, how different is my own view of the rela- not to speak of the older accumulations at tion between the quantity of money and all. There is probably an equal amount prices from that quantitative theory of of silver, though the fashion of solid silver money which, with its supplement as above plate has for many years died out. In described, is the foundation of the bi- England, then, the stock of gold held for metallic theory itself.

non-monetary uses is probably not far

short of, if not equal to, the stock held The precious metals, it is admitted on for monetary uses, which is probably little all sides, have an extensive non. monetary more than about 60,000,0001. The stock

They are merchandise as well as of silver, again, in England held for noninoney. But few people perhaps realize monetary uses must be two or three times that probably this non-monetary use is the stock of silver money, which is little preponderant over the monetary use itself, over 20,000,0001. This is not a statistical The assumption to the contrary is, in fact, paper, but the figures may illustrate what made by binnetallists and others as if there the facts are throughout the rest of the could be no question of it. The vast civilized and semi-civilized world, where :etores of coin in existence and circulating greater taste for ornaments may compenin people's hands are pointed to, and the sate to some extent the smaller wealth of vuse being assumed to be entirely “ mon- the people compared with England. It is .etary,”' this monetary use is considered to enough for the present purpose to indicate be overwhelming. What is the annual that there must be an enormous mass of production, it is said, of the precious gold and silver in existence and used for metals as compared with the enormous non-monetary purposes. mass of inoney ?

The demand for non-monetary purposes But the mass of the precious metals in on the annual production is also preponan uncoined form must be enormous. In derant in the case of gold, and very large the form of plate and ornaments there is in the case of silver. About two-thirds endless gold and silver. The belief to the of the gold annually produced is taken for contrary appears to be due to an impres- the arts; and if the consumption of India sion that only a small proportion of the is included, as being either for simple 'wealth of modern societies is in plate and hoarding, or for the arts, and in no case ornaments-that the days when people for the purpose of circulating money, then kept their wealth in this form are past. the demand for gold for non-monetary What seems to be forgotten is that the purposes appears aldıost equal to the entire wealth of modern societies is itself such annual production. The normal demand that while the proportion of that wealth for money proper it is almost impossible kept in plate and ornaments is indefinitely to state, owing to the amount of recoinage less than it was, yet the amount so kept and other difficulties ; but it may be may be large in proportion to the amount doubted whether the annual addition to :of the precious metals themselves. The circulating gold money in normal years two proportions are entirely distinct and can be anything nearly so great. Of silunconnected. If, however, it is considered ver, apart from India, about a fourth or for a moment how indestructible are ar- fifth of the annual production is consumed ticles .composed of the precious metals, in the arts; but if the Indian consumption is included, as being mostly of a non

When in demand for hoarding, the premonetary kind, about half the annual pro- cious metals, although they may be in the duction of silver may be considered as re- form of coin, remain mere merchandise. quired for non-monetary uses. Not only, They are subject to the same laws respecttherefore, is the non-monetary stock of ing their ratio of exchange as diamonds, the precious metals enormous, but the valuable pictures, or any other valuable preponderating demands falling on the an- object which may be hoarded. The monual production are also non-monetary. tives of hoarding, and the price to be paid

And both as regards this mass of the " in meal or in malt” for the boards, deprecious metals in existence not used as termine the demand ; and the price to be money, and the demands on the annual obtained, which acts upon both the existproduction for non-monetary uses, the ing boards as well as upon the annual same conditions as to the ratio of ex- production, when any new board is in change of the metals with other articles question, determines the supply. The must exist, as exist for those other articles possibility of using the boards as money, themselves in their exchanges with each especially when in the form of coin, may other, unless in the case of gold and silver be an element in their value ; but it is their use as money should alter the con- only one element out of many, and for ditions. The proposition is self-evident. this purpose, accordingly, the precious The precious metals, so far, are ordinary metals are practically merchandise only. merchandise and nothing more.

Equally with the stock of the precious What I have next to point out is that metals for purely non-monetary uses, the as regards, even the monetary uses of the stocks of the precious metals hoarded are precious metals, there are different uses. very large. The military and quasiThere is “ money” and “money. The military chests of military Governments precious metals, when used for one kind like France, Germany, and Russia : the of monetary purpose, may remain obvi- accumulations of the precious metals in ously under the ordinary conditions of those countries, far beyond any strict remerchandise, although not obviously so quirement of monetary circulation : are when used for another kind of monetary enormous.

The United States, again, has purpose. It is convenient in any case to accumulated both gold and silver in its make distinctions, and to look at the mat- Government vaults far beyond any orditer in detail instead of speaking of the nary monetary necessity. - There are large monetary use in a vague and general way. private hoards besides all over the world,

Three principal kinds of employment of but especially in India, where both gold the precious metals for monetary purposes and silver are largely hoarded. What. are apparently to be distinguished : 1, ever the motives may be which deterThey are employed for token or quasi- mine these hoards, the boards themselves token coinage, i.e. for the retail payments are not money in circulation in any form, of society. 2. They are employed as re- and the demand to replenish them is not serves in banks, or other hands, forming a demand for “

a demand for “money," and the supply the guarantee of paper money and checks, of these demands is not a supply of and thus becoming the instrument of the money,'

which can help to make any wholesale payments of society. With this such relation between the quantity of employment may be included the use of money and prices as the quantitative theory the precious metals as an instrument of of money, and with it the bimetallic theinternational remittance. 3. They are

ory, assume. used as a means of hoarding.

Only the

It is further to be noted that it is pracfirst two of these employments can be tically impossible to distinguish between spoken of, I believe, as a proper monetary the quantities of the precious metals simemployment. At any rate, although the ply hoarded and the stock in the form of precious metals, when hoarded, whether ornaments, where they serve another purin coin or in bullion, may be considered pose as well as hoarding. In India espeas potential money, they are clearly not cially it is well known the ornaments are a money in circulation, and a distinction

reserve, and are if necessary melted down. must be made between the use for money But in all cases the possibility of melting in circulation and the use for hoarding. exists.

We may begin with the hoarding use. In this way, then, the use of hoarding,

causes.

which is in one sense a monetary use of which copper has to do in such a commuthe precious metals, is to be included, for pity at almost any range of prices. The the purposės of the present discussion, in statistics of copper coinage show that it is the category of merchandise uses where a machine wbose size is increased autogold and silver are subject to the same matically as population increases—more conditions as regards their ratio of ex- rapidly, perhaps, in good times (when change with other articles as are those prices rise) than in bad times (when prices other articles themselves.

fall), but not in such a way at any time We come then to the more special as to make any proportion between the monetary uses of the precious metals as changes in quantity and the changes in above defined. And here again we find prices. that as regards the most important of these What is true of copper money is true in respect of quantity, viz. the use of the of silver money in a country like England. precious metals as token money, or quasi- This money being wanted for small token money, the demand for them must change, the quantity in use varies only as also be viewed as an ordinary merchandise copper money does, and from similar demand. The point is so important as to

The determining factor is a cusexcuse a somewhat full exposition. tom and habit of the people, which re

As regards all kinds of token money, quires so much silver money per head. then, I have to put forward the proposition At a point, no doubt, silver might tend to that the general economic circumstances go out of use, and copper come in on the of a community of which the range of one side in place of it, and gold on the prices of staple articles is an important other ; but the limits of change are appart, but still only a part, determine in parently very wide. ordinary circumstances the quantity of the Mutatis mutandis, it is obvious, the precious metals used as money in circula- same reinarks must apply to that part of tion in that form. The range of incomes the gold money in a country like England seems even more important in this connec- which is either explicitly token money or tion than prices ordinarily so called ; but which, though standard money and unlimthe two are interconnected, and incomes ited legal tender, is really used as a kind are a part of “prices,” using the word in of small change only—that is, the whole its most general sense. Further, the stock of gold coin in a country like Eng. quantities of the different kinds of the land which is neither held as reserve in precious metals so used as money may be the Bank of England nor hoarded, the considered as a fixed amount of each kind banking system reducing the uses of gold per head of the population, or rather an coin in circulation to those really of small amount oscillating between fixed limits ac- change only. The amount of such small cording to the seasons and the ebb and change must be viewed as strictly regulated flow of credit. The amounts at any rate by the habits and customs of the people, do not vary proportionately with small or remaining at the sanie chronic amount ordinary fluctuations of prices, though with given habits and customs, and not they are liable to great changes with changing--or, at any rate, not changing changes of magnitude in economic circum- greatly-according to the ordinary fluctustances, including, in such changes of ations of prices. magnitude, great changes in the range of The point when stated is so obvious as incomes and the range of prices of staple to seem hardly worth laboring ; but it commodities.

may be pointed out that the analogy of Take first the case of copper or nickel the circulation of paper money of small money, which is all the better for illustra- denominations in a country where the tion because copper and nickel, though quantities of such paper in circulation are used for token money, are not precious exactly ascertainable, quite supports the metals. Apparently, then, for a com- conclusion, although so little is known of munity of given numbers in a certain state the circulation of gold itself that it cannot of civilization and economic development, be directly proved. The paper (and this only a definite amount of such small is true of inconvertible as well as convertmoney is required, whatever the range of ible paper) is very nearly a fixed quantity prices may be. The same (or nearly the per head in such countries, or rather a şame) copper money will do the work quantity varying between fixed points ac

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