The only classes not sharing in this improvement are the receivers of fixed incomes.

As prices rise, the purchasing power of their incomes correspondingly falls.
At length prices begin to go up less rapidly, and the question arises in many minds whether the movement can continue, and if not, when it will cease.

Men wish to hold on for the last profits, and are willing to risk something to gain them.

When prices rise not only as compared with former domestic prices, but as compared with current foreign prices, foreign imports are stimulated and exports fall.

This calls for a new equilibrium of money and requires at length large and continued exportation of specie.