Title page from On the Probable Fall in the Value of Gold

On the Probable Fall in the Value of Gold

As a result of Peel’s Bank Act of 1844 and the discovery of gold in California in 1848 a dramatic increase in the amount of gold entered into circulation. Richard Cobden translated an expanded version of Chevalier’s essay in order to bring to world attention the thoughts of this French free market economist on the impact these events would have on the value of gold and other commodities.