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Updated: June 18, 2025
Then my captain took another tack, and tried to make the contract in obsolete currencies, in Austrian pounds, in Venetian pounds, but as I inexorably reduced these into familiar money, he paused desperately, and made me an offer which I accepted with mistaken exultation. For my captain was shrewder than I, and held arts of measurement in reserve against me.
It is a matter of undramatic daily cooperation in hundreds of workaday tasks: of currencies kept in effective relation, of development loans meshed together, of standardized weapons, and concerted diplomatic positions. The Atlantic Community grows, not like a volcanic mountain, by one mighty explosion, but like a coral reef, from the accumulating activity of all.
In Nova Scotia, the Peruvian, Mexican, Columbian dollars are all legal; in New Brunswick, British and American coins are recognized by law, though I believe that the shilling is taken at twenty-four cents, which is less than its value; in Newfoundland, Peruvian, Mexican, Columbian, old Spanish dollars, are all equally legal; whilst in Prince Edward's Island the complexity of currencies and of their relative value is even greater. When the Reciprocity Treaty was negotiated at Washington in 1854, Nova Scotia felt, with some reason, that she had not been adequately consulted in the granting to foreign fishermen of her inshore fisheries.
Specie was scarce, and equally scarce were the notes of specie-paying banks. But the legislature did not propose any divorce of government and people; they did not seek to establish two currencies, one for men in office, and one for the rest of the community. They were content with neighbor's fare. It became necessary to pass what we should call now-a-days the civil-list appropriation bill.
Counter-intuitively, single currencies are often associated with complex political entities which occupy vast swathes of land and incorporate previously distinct -and often politically, socially, and economically disparate units. The USA is a monetary union, as was the late USSR.
In the currencies of North America, paper was commonly issued for so small a sum as a shilling, and filled almost the whole of that circulation. In some paper currencies of Yorkshire, it was issued even for so small a sum as a sixpence. Where the issuing of bank notes for such very small sums is allowed, and commonly practised, many mean people are both enabled and encouraged to become bankers.
All single currencies encountered opposition on both ideological and pragmatic grounds when they were first introduced. The American constitution, for instance, did not provide for a central bank. It took the nascent USA two decades to come up with a semblance of a central monetary institution in 1791. It was modeled after the successful Bank of England.
The strict monetary discipline which characterized the union evaporated. The currencies diverged a result of a divergence of inflation targets and interest rates. The East African Currency Area was formally ended in 1977. Not all monetary unions ended so tragically. The nascent German Federation was composed, at the beginning of the 19th century, of 39 independent political units.
I can go to him and say: "George, I want you to place this friend of mine." He says: "Mi right, Senator." Or vice versa. You see, we differ on tariffs and currencies and all them things, but we agree on the main proposition that when a man works in politics, he should get something out of it.
They are said, likewise, to have been more abundant before the institution of those currencies. Though paper money should be pretty much confined to the circulation between dealers and dealers, yet banks and bankers might still be able to give nearly the same assistance to the industry and commerce of the country, as they had done when paper money filled almost the whole circulation.
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