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Sec. 7]
THE CAUSES
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The chief of these statistics are given in Figure 5. It is surprising how little any one gold-standard country departs from the average of all.[1]
Fig. 6. Price Movements in the United States under the "Greenback" Standard and in the United Kingdom under the Gold Standard
Affording an instance of differing price movements under differing monetary standards.
Again, countries which have the silver standard in common also have price movements in unison as, for instance, India and China from 1873 to 1893.
We find, in the second place, that countries of unlike monetary standards have unlike price movements. Thus we find a great contrast between the gold and silver countries as soon as gold and silver themselves separated. Speaking roughly, we may say that, be-
- ↑ A still greater agreement would be found if the statistics in the different countries were constructed by the same methods. Professor Wesley Clair Mitchell has shown this by reconstructing the statistics, in this way, in certain selected cases.
