Page:The Economic Journal Volume 1.djvu/182

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The Exchanges in the second column are those at which the corresponding Prices in the first column might, according to the calculations on page 152, presumably be realized by importing Silver into the French Mint.

The black line indicates the general course of price; the dotted line that of the Exchange.

It will be observed that in a few cases the price of Silver has apparently fallen below that which the existing exchange would indicate as obtainable. For example: at the end of the year 1848, when cash payments were suspended at the Bank of France, and when all commercial matters were in a disturbed state, the price of Silver fell to 4/11½, the exchange being at 25·30; whereas the price corresponding to this exchange is about 5/-. It should be added, however, that in this table the charges of transit are calculated as now current, whereas they were certainly higher forty years ago, diminishing in proportion the net proceeds of a remittance; and I have already remarked that they do not include any commission charged by an agent in Paris for receiving the Silver and forwarding it to the Mint for coinage.