WHY MONEY IS SCARCE
WHERE THE SOVEREIGNS GO. Oxe reason why . gold' inOney is not sufficient for the wants of commence id that, after gold is coined, sovereigns are withdrawn by the jewellers from the banks and melted down for jewellery. One firm of jewellers in Wel-lingfcnr-melts down 500 sovereigns a year.’' Ajs a sovereign,represents thirty times its value in bommeree, the num b n- «.f sovereigns destroyed by on*' hqnse: means a contraction of the purchasing power of the community by £15.000. If we knew the total number of sovereigns melted down by the whole of the jewellers every year, it would be found to result in an enormous contraction of the purchasing power of the people. This is why the added mintage of gold each year is so utterly insufficient to maintain the stability of trade aud commerce.— People.
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Te Aroha News, Volume XII, Issue 1787, 16 November 1895, Page 2
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141WHY MONEY IS SCARCE Te Aroha News, Volume XII, Issue 1787, 16 November 1895, Page 2
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