Untitled
Category
Ephemera
Date
Unknown
Materials
Photographic paper and paper
Measurements
96 x 62 mm; 105 mm (Height); 64 mm (Width); 178 mm (Height); 112 mm (Width); 158 mm (Height); 98 mm (Width)
Collection
Tyntesfield, North Somerset
NT 27411.122
Summary
At top left a portrait photograph of white haired gentleman. Printed beneath; LORD SHERBROOKE. At bottom left (but has become detached) a letter on folded cream paper from Sherbrooke. Top right a photograph of Sir Stafford Northcote M.P. Folded letter at bottom right of page, with glued photograph inside on right.
Full description
At top left a portrait photograph of white haired gentleman. Printed beneath; LORD SHERBROOKE. At bottom left (but has become detached) a letter on folded cream paper. October 12 1879 (Embossed address in blue) Sherbrooke Caterham My Dear Mr Gibbs I understand you to say that in England gold is money and money gold. Granting this for the sake of argument how does it apply to silver? As long as silver is the only currency as in India the same reasoning applies. Things that equal the same are equal to each other. But suppose silver to fall from 15 to 18 – the reason why gold uncoined and coined were roughly speaking equal is that their values are equal. But that element of equality is just what is sure to be wanting between gold and silver unless you can find some means of regulating the fertility of gold and silver mines. The reason why gold coined and uncoined is equal value i.e. that they have the same value as commodities not because one of them is money. Where does the state get the power of making two unequal things equal by calling them money. You ask me to show you how in the case supposed that is of silver fixed by law at 1/15th of the price of gold by the common consent of all nations (a thing which seems to me quite impossible) silver could be depreciated if it sank to 1/18 seeing that it is declared by law to be 1/15. It seems to me that what would happen is this – all payments which were at the option of the payee would be made in silver, but wherever a bargain had to be made as by a purchaser of goods a mortgagor and you would by your law have introduced a new term into commerce. First there would be the usual niggling over the amount and next the question as to the metal in which it was to be paid. The relaxed demand for gold would tend to make it dearer by relaxing the motive for working for a metal which another metal by the [sup-------] more easily got would displace and the forced value given to silver would tend to stimulate its production, already by the supposition abundant still more so. The case I put would as it seems to me be just like what happens to the precious metals with a redundant paper currency. Law, the guillotine itself could not support it and so I believe it could be in the case supposed. Pray excuse my presumption in daring to set my opinion against the opinion of one so much better qualified than myself to deal with these intricate questions and believe me Very truly yours Robert Lowe H.H.G Folded letter at bottom right of page, with glued photograph inside on right. (Embossed address) Vynes, Exeter Sept 7 1879(?) My dear Gibbs, I will read your pamphlet when it comes; but think it safer to thank you for it first in my unconverted state. I will simply say ‘I bar the surrender’. Perhaps King Solomon is even a better authority [-----tallism] than Balaam; for, though silver was ‘nothing accounted of’ in his day, yet he bought his horses and chariots from Egypt with it. Believe me Yours faithfully Stafford N. Northcote H.H.G.
Provenance
Purchase from the estate of the late Lord Wraxall with the assistance of the NHMF and donations from members and supporters.