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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 3

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1. Introduction. The discoveries of gold in Russia, Australia and California at about the same time, exerted an important influence upon the currency of the leading commercial nations of the world. The influence of course was not immediately perceptible, but as early as 1851 the influx of gold from the mines of the Old and New Worlds began to make its presence manifest. The average annual production of the world, which from 1840-1850 had been about $38,000,000. The effect of this great and sudden increase in the supply of the gold of the world could be but to lower the value of that metal as compared with commodities everywhere; but it is only with its effect upon the currency of the United States that we have to deal. Its effect upon that currency was first definitely recog-
 
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