Appreciation of money shows itself in both periods in much the same way. and is of much the same type. though I am inclined to think that the advance in real wealth before 1845 was not so great as it has since been. The terrible consequences of the great increase in the value of money prior to 1848 are Well known. and relief cameonly through the discovery of gold in California and Australia. and the consequent enormous increase in the volume of the worlds metallic money. Sir Archibald Alison. in his History of Europe. thus describes the results of the increase in the volume of the precious metals and the wonderful relief which followed immediately: The annual supply of gold and silver for the use of the globe was by these Oiscoveries suddenly increased from an average of 10.000.050 pounds sterling to one of 35.000.000 pounds. * * * The era of the contracted cutency and consequent low prices and general misery. interrupted by passing gleams of prosperity. was at an enc. .Prices rose rapidly and rose steadily. wages advanced in a similar proportion: exports and imports enormouslyincreased. while crime and misery as rapidly diminished. emigration itself. which had reached (in 1852) 368.000 persons a year. sank to little more than half that amount. Wheatrose from 40 shillings to 55 shillings and 0 shillings. but the wages of labor advanced in nearly as great a proportion. they were found to be 30 per cent higher on an. average than they had been five years before. In Ireland the change was still greater. and probably unequaled in so short a time in the annals of history.
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emigration