I. Introduction, 36. — II. The first issues of paper currency, 37. — III. Depreciation begins, 41. — IV. Why paper depreciated, 43. — V. Issues of paper for canals and by the Philippine Company, 45. — VI. Paper above par in 1786–1793, 46. — VII. Taxation, loans, and inflation during war with France in 1793–1795 and with England in 1796–1800, 50. — VIII. Paper in terms of specie in 1792–1800, 59. — IX. Reasons for depreciation in 1794–1800, 64. — X. Efforts to control depreciation, 65. — XI. Prices and wages, 72. — XII. Conclusions, 76.

The evolution of machinery, 256. — Commodity prices and money wages, 257. — Real wages, 260. — Profit inflation, 262. — The utilization of mechanical inventions, 263. — Capital formation and the factory system, 264. — Real wages and the market, 267. — Comparisons with other countries and periods: Spain, 267. — France, 270. — The Price Revolution, 270. — Conclusions, 272.

Introduction, 42.—I. Economic conditions in France upon the death of Louis XIV, 43.—II. The General Bank and the Company of the West, 44.— III. The Royal Bank and the Company of the Indies, 47.— IV. Sources of price and wage statistics, 48.— V. Commodity prices, 50.— VI. Why prices rose, 62.— VII. Group price movements, 64.— VIII. Wages: money and real, 66.— IX. Comparison of prices at London, Madrid, Philadelphia, and Paris, 67.—X. Summary and Conclusions, 69.

Journal Article Comments Get access Earl J. Hamilton Earl J. Hamilton Duke University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 50, Issue 1, November 1935, Pages 185–192, https://doi.org/10.2307/1882349 Published: 01 November 1935

I. Effect of fertile American mines on European prices — Spain the recipient and distributor of the treasure, 437.—New sources of data, 438.—II. House of Trade and Merchant Gild of Seville, 441.—Handling of bullion in the Indies: (a) mining; (b) assaying; (c) shipping, 442.—III. Treasure fleets, 444.—Attempts to plunder, 445.—Measures taken to combat smuggling and exporting: (a) in America; (b) on fleets; (c) in Spanish waters, 448.—The silver master, 451.—The House of Trade the goal of all American treasure, 453.—How gold and silver were disposed of in Spain: (a) mints; (b) silver merchants, 454.—IV. Volume of imports, Table A, Chart I; explanation of trends, 462.—Gold and silver, Table B, 468.—Relative importance of exporting regions, Chart II, 469.— V, How imports affected motherland and colonies, 469.