Who it is for
For readers studying gold-standard monetary thought, interest rates, fixed-income securities, railroads, industrial shares, commodity prices, and purchasing power.
English reader · Project Gutenberg #75687
III. The Gold Supply
The Cycles of Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
Gibson adopts the early twentieth-century view that rapidly expanding gold output raises commodity prices, keeps interest rates high, depresses fixed-income securities, pressures regulated railroads, and benefits many industrial shares and commodities. He repeatedly warns that these effects are tendencies rather than mechanical trading rules.
Modern reader note
The chapter is written from a gold-standard perspective and includes claims about gold production, prices, wages, interest rates, and wealth distribution that are historically important but not a substitute for modern monetary economics.
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