The Silver Question: Considered Especially in Relation to British Trade and Commerce, an Address to the Philosophical Society of Dumbarton, Delivered on 22nd November, 1886 (Classic Reprint) - Softcover

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Excerpt from The Silver Question: Considered Especially in Relation to British Trade and Commerce, an Address to the Philosophical Society of Dumbarton, Delivered on 22nd November, 1886

Now, the only unlimited legal-tender money of this country is gold. With it, you can discharge obligations to an unlimited extent, and can acquire all the commodi ties you desire. Silver is not money in this country. It is legal tender only to the extent of two pounds, and it has no faculty conferred on it by law, beyond that limit, of discharging debts or enabling you to acquire property. If a working-man from his weekly wages were to hoard up his surplus silver in a stocking, and when his accumu lations reached £50 were to avail himself of the services of a bullion broker to sell it at the current price of silver per ounce in the London market, he would only get back about £35 in gold. This I state to show what is the intrinsic value of the silver money with which wages are paid, when reckoned in gold. No practical difficulty arises, however, because no more token-money is coined here than the necessities of the country demand for small payments. Silver shillings are mere counters. They are only worth 8d., reckoned in gold, and they are not legal tender beyond the limit I have named.

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