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The Standard Price of Cotton (Classic Reprint)

The Standard Price of Cotton (Classic Reprint)

          
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About the Book

Excerpt from The Standard Price of Cotton

The reported discovery of new gold fields and the rush of an adventurous people to gain new fortune, with the excitement and adventure that follow, is perhaps the most interesting news in the daily history of the civilized world.

Why should news from gold fields be more exciting and more interesting than similar news from cotton fields, or from new manufacturing territory? Gold must be ex tracted from the soil and rocks by the most arduous human labor; much money is wasted and few succeed; but in new gold fields each one has an equal chance at the hazard of new fortune, which chance does not obtain in cotton or in manufacturing.

Gold is said to be an exception in nature, and for this reason has been called the natural money metal, and it has been given a standard price above cost by law, which is denied to all other products.

The price of gold does not fluctuate on account of the increase in the supply, because each ounce of the new sup ply may be coined into twenty dollars, which buys the gold.

The more gold produced, the more money is produced; each exactly balances the other at a standard price fixed by a law which allows the owner of gold to coin it into money at twenty dollars an ounce.

Gold economists need to be asked about the law of supply and demand, which they assert is the cause of price and which the human law cannot change.

If gold is able to buy itself at a fixed standard price with the money it produces, why may not cotton be given a similar standard price and buy itself with the money the value of cotton creates?

Supply and demand would operate with equal force if cotton had a standard price, and because prices do or do not fluctuate is no evidence in favor of or against supply and demand.

Supply and demand is not the cause of price, but is price itself; when supply and demand operate at all, a price appears, and to say that supply and demand con trols price is to argue in a circle and say that price con trols price.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.


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Product Details
  • ISBN-13: 9780666077769
  • Publisher: Forgotten Books
  • Publisher Imprint: Forgotten Books
  • Language: English
  • ISBN-10: 0666077762
  • Publisher Date: 29 Nov 2018
  • Binding: Hardback


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