Suppose,  for  instance,  that  gold  is  in  any  way  scarce
in  relation  to  the  demand  upon  it.  Then  in  any
country  where  gold  is  the  standard  metal  of  the  cur-
rency, 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  quantity  of  commodities  to  part
with  will  receive  less  gold  in  return  for  them.  In
other  words,  there  is  a  fall  In   'gold  prices.'

"Suppose,  on  the  contrary,  that  gold  is  abundant  in
relation  to  the  demand  upon  it.  Then  those  who
wish  to  obtain  a  certain  quantity  of  gold,  whether  in
coin  or  in  bullion,  wi.ll  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  compiodities  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  prices  of  commodities,  stated  in
silver — their  'silver  prices,'  as  the  technical  phrase  is
— will  remain  unchanged.
