if money, like other things, and in the same degree as other things, were obtained in greater abundance and cheapness, prices would be no more affected than values would.
As regards the precious metals, it is to be said that since 1850 there has been a vast increase in their amount, and probably in greater proportion than the need arising from increased transactions. This is certainly true of silver; and it is admitted to be true of gold as late as about 1865. It has been asserted by Mr. Goschen that since then, especially since 1873, gold has not existed in a quantity that would permit it to keep its former proportions to commodities, and that it had appreciated. An appreciation, of course, would show itself in lower gold prices. On the other hand, gold has, as I think, not appreciated. Prices, even in the collapse of credit after the panic of 1873 down