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The Pamphlet Collection of Sir Robert Stout: Volume 69

Violent Contraction

page 18

Violent Contraction

of it at another, that the borrower of £1,000 at 5 per cent, when money is abundant may, when money is scarce, have to sell 50 per cent, in quantity more produce than the money would have purchased when he borrowed it, when wanted to pay his interest or repay the loan. Of course I shall be told that this "arises from financial depression";