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CHAPTER XXII.

Page

THE DECLINE IN THE VALUE OF MONEY

392

Consequences of such a decline

392

The value of the precious metals depends on the cost of their production 393

How much the American mines increased the supply

394

Effects of this increase

395

Two conclusions from these facts

396

Statistics of the supply in the present century

397

Great fluctuations of this supply

398

Effects of gold washịngs unlike those of silver mines

399

Anticipated extent of the decline now going on

400

Relative values of gold and silver

401

In what ratio the value of money falls

402

Effects of economizing the use of money

403

The present decline but little retarded by a greater demand for money 404

No reason to dread the decline

405

Its effect on outstanding obligations

405

What property will be depreciated

406

Rates of interest will not be permanently affected

407

Only the coin in active circulation affects prices

408

The spirit of speculation ultimately induced

409

Specie reserves absorbed by the rise of prices

410

Probable future course of the depreciation

411

Prices to be equalized throughout the world

412

Beneficial effects of the decline .

412

Former crises of a similar character

413

Such a decline not followed by a reaction.

415

Change in the relative values of gold and silver will not indicate the

whole decline

416

How the alteration in the coinage should be made

417

What justice requires in this respect

418

How the alteration was made in 1853

420

The principle was borrowed from the English system

421

Silver is not now a standard of value .

422

The decline in the value of money favors the United States

423

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Division of estates in France has reached its limit

Laws of the ancients respecting inheritance

Effects of the feudal law in England .

Origin of the right of primogeniture

And of the law of entail

Bacon and Smith on the law of entail

Perpetuities forbidden in law, established in fact

How English estates are kept together

This custom worse than perpetual entail

Evils of Scotch perpetual entails removed in part

Two causes of increased burdens on Irish estates

Commission for the sale of Irish encumbered estates

Amount of sales under this commission

Consequences of the great inequality of wealth in England

Opposite state of things in France

The monster farm system:

The land produces less under this system

Beneficial effects of small properties

Results of the two systems taken side by side

Large estates divert much land from production

The Scotch Highlands converted into game preserves

Or into sheep pastures

Systematic depopulation of the country

Absenteeism and middlemen in Ireland

Large estates make food dearer and wages lower

Fearful proportion of laborers for hire in England .

Results of the depopulation of the rural districts .

Benefits of the American law of inheritance

Wealth creates wealth, poverty generates poverty

Natural limit to excessive accumulation.

The English law chills exertion .

Preponderance of misery in Great Britain

Apologies for primogeniture

Great estates deaden exertion everywhere

Opposite effects of republican principles

Liberal use of wealth in the United States

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