...loss of wealth occasioned by her receiving a less quantity of foreign produce in exchange for the game quantity of exported goods, would be the least portion...the evil inflicted upon England by the change which IMS been described. Under the circumstances assumed, the abstraction of the precious metaU, the contraction...

...L.2,250,000 to LI, 500,000. The consumers of British goods in Cuba, though the nominal payers of LI, 5^0,000 into the treasury of Cuba, would, in reality, be able...salaries and charges, and the augmented pressure of the debt, would concur in creating a crisis more calamitous than any that has actually been experienced....

...2,250,000/. to 1 ,500,000/. The consumers of British goods in Cuba, though the nominal payers of 1,500,000/. into the treasury of Cuba, would, in reality, be able...salaries and charges, and the augmented pressure of the 30 debt, would concur in creating a crisis more calamitous than any that has actually been experienced....

...40s. per cwt., and therefore no further transmission of the metals would be required. He adds that:— The loss of wealth occasioned by her receiving a less...salaries and charges, and the augmented pressure of the debt, would concur in creating a crisis more calamitous than any that has actually been experienced....

...produce in exchange for the same quantity of exported goods, Sec. 3] INFLUENCE OF TRADITIONAL THEORY 171 would be the least portion of the evil inflicted upon...salaries and charges, and the augmented pressure of the debt, would concur in creating a crisis more calamitous than any that has actually been experienced....

...wealth of Cuba would be increased by its amount." Yet Torrens believed that this terms of trade effect "would be the least portion of the evil inflicted...upon England by the change which has been described," and instead the deflationary consequences were paramount — with "national bankruptcy and revolution...