“How should that be?” inquired the widow. “The dearer everything is, you know, the more money is wanted. So let the bankers put out as many notes as they can make it convenient to give us, say I.”
“But ma’am,” pursued Edgar, “the more notes are put out, the faster the guineas go away. I assure you, Sir,” he continued, addressing himself to Mr. Williams, “we go on working at the Mint, sending out coin as fast as ever we can prepare it, and nobody seems the better for it. Nobody can tell where it goes, or what becomes of it.”
“Perhaps our friend Philip could tell something, if he chose,” observed Mr. Williams; “such dealings as he has in gold. And perhaps, if you servants of the Mint could see into people’s doings, you might find that you coin the same gold many times over.”
“One of our officers said so the other day. He believes that our handsome new coin goes straight to the melting-pot, and is then carried in bars or bullion to the Bank of England, and then comes under our presses again, and so on. But much of it must go abroad too, we think.”
“And some, I have no doubt, is hoarded; as is usually the case during war,” observed Mr. Williams; whereupon the widow turned her head quickly to hear what was passing. “But what waste it is to be spending money continually in coining, when every week uncoins what was coined the week before!”
“Waste indeed!” observed the widow. “But if it has anything to do with high prices, I suppose you do not object to it, Mr. Williams, any more than Mrs. Smith; for the high prices must be a great gain to you both.”
“You must remember, Mrs. Parndon, we have to buy as well as sell; and so far we feel the high prices like other people. Mrs. Smith gets more than she did for her butter and her fowls; and even her roses sell a half-penny a bunch dearer than they did: but she has to buy coals for her house, and shirting for her husband; and for these she pays a raised price.”
“Those are the worst off,” replied Mrs. Parndon, sighing, “who have everything to buy and nothing to sell. I assure you, sir, my pension does not go so far by one-fourth part as it did when I first had it. And this was the thing that made me so anxious about these young people. Edgar has a salary, you know; and that is the same thing as a pension or annuity, when prices rise.”
“True. Those are best off just now who sell their labour at an unfixed price, which rises with the price of other things. But for your comfort, ma’am, prices will be sure to fall some day; and then you will like your own pension and your son-in-law’s salary as well as ever.”
“And then,” said Edgar, “you and Mrs. Smith will be reducing the wages of your servants and labourers, and will buy your blankets and fuel cheaper, and yet find yourselves growing poorer because your profits are lessened. Then,” he continued, as Hester came into the room, “you will leave off giving lockets to your young friends when they marry.”