"Money Makes the World Go Round"..... but, only if it 'klinks', 'jingles', and 'clanks'. Anything less and the world will not 'go round' as we know it.
Laughlin, J. Laurence (1850-1933)
- Head of the U. of Chicago Economics Department, founder of the Graduate School of Business there, and founder of the Journal of Political Economy, J. Laurence Laughlin brought his interest in monetary systems and the practical workings of free markets to general academic attention in the United States.
Part II, Chapter XIII
The Continued Fall in the Value of Silver since 1885
No such change has ever before been recorded in the history of gold and silver.
Neither the famous output of silver from the South American mines in the sixteenth century (see Chart V), nor the greater production of silver in Mexico about 1761-1820 (see Chart VI), had anything like such an effect. To what causes can this last and greatest change in the relative values of gold and silver be attributed? This, without doubt, is the most absorbing and interesting part of our whole inquiry. In order to address ourselves properly to this question, we shall first recount the recent events which, in Europe, have had an important bearing upon it.