her than gold is that when prices rise or fall the
impression is conveyed to a superficial observer that it is the
value of other things that changes, the value of the sovereign
remaining fixed."

Under this head he says again:

"The price of things estimated in gold--their gold price--may
change, whilst their price estimated in silver--their silver
price--remains unaltered. This will occur if the value or
purchasing power of gold goes up or down, while the value or
purchasing power of silver remains unaltered. Suppose, for
instance, that gold is in any way scarce in relation to the
demands upon it. Then, in any country where gold is the standard
metal of the currency, those who wish to obtain, a certain
quantity of gold, whether in coin or in bullion, will have to give
a larger quantity of other commodities in exchange for it; or, to
put the matter in another light, those who have only a definite
commodity to part with will receive less gold in return for that;
in other words, there is a fall in gold prices. Suppose, on the
contrary, that gold is abundant in relation to the demands upon
it, then those who wish to obtain a certain quantity of gold,
whether in currency or in bullion, will not have to give so large
a quantity of other commodities to obtain the quantity of gold
they require; or, to put the matter as before in another light,
those who have a definite quantity of other commodities to dispose
of will obtain more gold in return for them; in other words, there
is a rise in gold prices. If in either case there is no change in
the value of silver, then the price of commodities stated in
silver, that is, their silver price, will remain unchanged."

In referring to the very prevalent notion, especially among the uneducated
classes, that the gold unit of measure of value does not vary, he says:

"As for the tenant purchaser, he probably thinks that after the
extra pressure of the first few years he may look forward to easy
times for the rest of his life. He little knows what is before
him. If things go on as they are, it will be harder for him, ten
or fifteen years hence, to pay forty pounds a year than it would
be to pay fifty pounds a year now; but of all this he knows
nothing--how could he? His only idea is that a pound is always a
pound, and a sovereign is always a sovereign