George Goschen, The Theory of the Foreign Exchanges… (1890)
“ As another currency exists, with which they are by no means identical, they no longer constitute the standard, but themselves become subject to another standard. Accordingly, when, owing to this new standard, the prices of all merchandize begin to fluctuate, bullion is subject to the same influences; and when, through the over-issue of paper money, a general rise of prices ensues, the price of gold, as measured by paper money, rises with the rest. ”
