Word: moneyed
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Dates: during 1890-1899
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...precious metals. But the conquest of Persia by Alexander, laying open the vast treasure houses of Susa, Persepolis and Ecbatana afforded something like a measure of the metallic wealth which had been amassed through many centuries. In that early time this wealth amounted to hundreds of millions of our money. This is the all important fact in the history of the precious metals down to the Macedonian conquest. That it should have reached into the hundreds of millions is a miracle, and it was to contemplate this phenomenon that this lecture goes back to the early ages...
Thirdly, how was such a production of the precious metals economically possible, under the law which controls the value of money...
...answer to the third question will require more time: How was such a production of the precious metals economically possible under the law controlling the value of money? That law is: The more freely gold, say, in any given interval of time, is produced, and the longer that production is carried on, the less, other things being equal, becomes the motive to continued production on the same scale. The new metal going into circulation drowns the mines, or all but the mines. Such is the economic condition under which the production of the precious metals is carried...
means; they became treasures, not money. Not until the time of Pericles was the soldier paid regularly for his services...
...Macedonian conquest changd the conditions under which, down to that time, the production of the precious metals had been carried on. Gold had already begun to lose its character as treasure, and take on its character as money. Gold to the value of L40,000,000 sterling was carried by Alexander into Macedonia, and from Macedonia it was carried by Paullus to Rome. Suddenly, violently, the whole mass accumulated unpper non-economic principles came under the control of economic law. The effect upon prices was enormous. It was characteristic of the Roman People that this effect was turned to evil...