Note 154 — Chapter II
Reading edition
In view of this, it is a matter of some surprise that such an eminent economist as Prof. W. Lexis should have ceased to be bimetallist on the ground that the enormous increase of silver militated against the establishment of a permanently high ratio with gold. Cf. his essay on “The Present Monetary Situation,” in the Economic Studies of the American Economic Association, 1896, Vol. I, No. 4, pp. 273–77. The habit of measuring the production of silver in terms of value is no doubt largely responsible for this quite unfounded notion.