Excerpt from Silver and Gold
I agree with you in thinking that the depreciation of Silver and the unsettled state of the market for that metal contribute largely to the present condition of trade; for not only does the low price of Silver inflict heavy losses on the Government of India and upon all who have fixed incomes payable in Silver, but the unsettled state of the market imparts, through the unusual fluctuation of the Exchanges, a character of speculation if not (as Mr. Stanhope says in a speech lately delivered) of gambling, to the business of all those in Gold-using countries who have dealings with the dwellers in countries that use Silver: they can make no just estimate of what they have to receive for their goods; the thing that they do receive is for them a commodity, just as wool is, or bark, or silk, or tea - neither more nor less.
I have been answered as to this point, that the merchant does know what he has to receive; for remittances being made in bills, it is all a matter of exchange, which must of necessity be subject to fluctuations.
But I reply that it is precisely because it 25 a matter of exchange that my statement is correct.
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