The Story of Gold

Abstract

THE author of this book appears to believe that all human progress depends on a continuous rise in prices, that a rise in prices is always due to a great addition to the stock of gold in the world, and that consequently it behoves statesmen to see that gold is produced from the mines in a rapid and increasing stream. Rome decayed because the Spanish mines stopped producing. Europe weltered in misery until 1492 because the stock of precious metals continued to diminish. Thereafter all went well until about 1810. (N.B.—The price of wheat in 1809 was 157s. per quarter, with wages much lower than now.) Then the revolt of the Spanish American colonies cut off the production of the mines, and began a period of stringency which was not relieved until after 1849. From 1873 to 1896 the new gold supplies were again inadequate, prices fell, trade was bad, the human race languished. Then for a time the enormous production of gold allowed progress to be resumed, The pace, however, is rapidly becoming hotter. Although the output of gold is even, more enormous now and is still increasing, the supply of other commodities has overtaken it, and unless the gold miners redouble their efforts there is little chance of a revival of prosperity.

The Story of Gold.

By E. S. Meade. Pp. xv+206; illustrated. (London: Appleton and Co., 1909.) Price 2s. 6d. net.