Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: fluctuation in the relative values of the two metals equally as well as one of 15 to 1, or of 30 to 1; that it is not the relative amount of production, nor the cost of production, nor the amount of either of the metals in stock, nor of all these combined, that fixes and maintains the relative values of the metals, but the law and the law only; and it does this by creating a demand for the metals, by setting an economic force in motion, by providing that the metals shall be treated on terms of equality, that they shall have equal access to the mint, and that when coined into money the coins of each, at the ratio fixed, shall be equally clothed with the money function for all purposes. When this is done it would be as absolutely impossible for them to fluctuate in value, as measured by each other, as it would be for two gold coins of equal weight and fineness to be unequal in value. Under a ratio of 1 to 1, it is quite probable that but little gold would be coined into money. The value of gold for other than monetary purposes might and probably would exceed its value for coinage purposes. If it did, its consumption in the arts and for mechanical purposes would consume the entire or nearly the entire output. But any gold that might be coined into money under an international agreement of 1 to 1 would have no greater value, as money, than an equal weight of silver so coined. CHAPTER IV. EXPORTATION OF THE PRECIOUS METALS. SEC. 45. It is the balance of international trade that causes one or the other of the metals to be exported from one country to another, and itis the difference in the ratio of coinage in the respective countries that determines which of the metals shall be taken for export. SEC. 46. Sir Isaac Newton in his report as Master of the Mint to the Right Hon. ...