Excerpt from Wages in the West and the Crisis in Exchanges With the East
Until China has so controlled the production and export of many of our great staple industries, cotton and iron and leather, that she has saturated her currency with standard silver coins, accepted with out question by her four hundred millions of people, which coins again can not’ be distributed over China’to raise prices and wages until she has made real progress with a railway system - until that remote time comes there can be no such rise of wages and prices in Asia he will adjust values between Europe and America on the one hand, and Asia on the other; and in the meantime there is a prospect amount. Ing to a certainty of ch a further rise of gold prices as will involve panics and exchange crises every few years. It is this which makes the exchange problem so infinitely important at the present time.
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