Word: metallism
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Dates: during 1890-1899
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...evolution from the old Greek galley. Forty years ago we had practically all sailing vessels, manned by sailors; now we have great machines, managed by mechanics. There has been a complete change from heavy wooden frames and weighty constrction to light frames of iron or steel with a thin metal covering...
...then traced the effects produced on the industry and trade of oriental nations by the demonetization of silver in other countries. While in other countries silver had fallen to one-half its former value, in the east its value remained almost constant. Oriental countries held silver as their greatest metal. This tended to discourage other nations in their trade with the orient. As a consequence, industry was very seriously affected. But in the eastern countries new industries sprang up, the foreign depreciation of silver acting as a protection to them...
...resulting combination of England and Germany in the support of the gold standard, both of them selling silver and buying gold, compelled even France to restrict silver coinage and finally to cease entirely from coining that metal...
...time of the discovery of America gold stood to silver at the ratio of 1 to 11. But as the mining industry of New Mexico and Peru assumed importance, there was a vast preponderance of silver among the metallic supplies. Not till after 1660 did the proportion of silver to gold by weight fall below 40 to 1. The reason why so great an increase of silver did not diminish its value in terms of gold was because silver was a metal which the world greatly needed. It was in an overwhelming degree the world's money. The expansion...
...effect which was actually produced, however, disturbed every mint in Europe. We have to read the accounts of the scarcity of this or that metal with a certain degree of incredulity; because the people of that time believed the overflow of one metal was an actual loss to the country, although it really had beneficent effects...