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The Pamphlet Collection of Sir Robert Stout: Volume 69

David, King of Israel

David, King of Israel,

we read that by his victories he amassed so much gold and silver in Jerusalem, afterwards added to by his son's wisdom, that it is said "silver was not anything accounted, of in the days of Solomon"; plainly showing the absurdity of gold, or gold and silver—bi-metallisin, being reckoned as a "standard of value." From what has been said, I hope it has been made plain that an honest Pharaoh could, by regulating the issue of his ear-marked white stone currency, produce greater stability in finance than could be contrived by any uncertain influx of silver or gold. Food may be cheap for either one of two reasons—Because there is more of it than can be consumed (in which case no one ought to go short of it); or money may be so scarce that there is not enough in circulation to enable many would-be consumers to purchase as much as they require for their sustenance. In both instances the growers of wheat equally suffer, but it is in the latter ease that nobody benefits—the cause of the whole misfortune rests with those who have permitted a deficient money circulation to exist.