If the quantity of gold in a country whose currency consists of gold should be increased in any given proportion, the quantity of other articles and the demand for them remaining the same, the value of any given commodity measured in the coin of that country would be increased in the same proportion.
Sir James Graham says:
The value of money is in the inverse ratio of its quantity; the supply of commodities remaining the same.
Torrens, in his work on Political Economy, says:
Gold is a commodity governed, as all other commodities are governed, by the law of supply and demand. If the value of all other commodities, in relation to gold, rises and falls as their quantities diminish or increase, the value of gold in relation to commodities must rise and fall as its quantity is diminished or increased.
Wolowski says:
The sum total of the precious metals is reckoned at 50 milliards, one-half gold and one-half silver. If, by a stroke of the pen, they suppress one of these metals in the monetary service, they double the demand for the other metal, to the ruin of all debtors.
Cernuschi says:
The purchasing power of money is in direct proportion to the volume of money existing.
Prof. Francis A. Walker, in his work on "Money" (page 57), says: