Page:The Economic Journal Volume 1.djvu/181

 Rh recuperative force in France, that her land has lost its productive power, and her people their genius for commerce. Surely it is a commonplace of Political Economy, that the effect of an unfavourable exchange, i.e. of an excess of imports over exports, is to stimulate production and export, and bring about a more favourable course of exchange. That the absence of Gold should of necessity prevent the development of wmmerce, and the maintenance of an average equality of exchange is incredible, and contrary to all commercial experience.

APPENDIX

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