Word: preciously
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...second lecture of Gen. Walker's course on bimetallism attracted a large audience last night and was very interesting and instructive. Gen. Walker continued in this lecture the history of changes in the precious metals from the time of Augustus down to the middle of the 16th century...
...more unsatisfactory in their allusions relating to the times before the Macedonian conquest. Fable is at its worst here. Thus in Pliny there is an absurd account of the gold-hunting of the Bactrians. The works of Herodotus, Diodorus, and Strabo contain numerous legends regarding the production of the 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...
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...
...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...