On the record
By this ratio gold was under-valued, as one ounce of gold was worth more in the markets of the world than fifteen ounces of silver, and gold, therefore, was exported.
Source
gutenberg.orgJohn Sherman: “By this ratio gold was under-valued, as one ounce of gold was worth more in the markets of the world than fifteen ounces…”
Editor's note · Context
Sherman explains how the established ratio undervalued gold, leading to its exportation.
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