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Updated: June 18, 2025
In adapting the new silver coinage to the ordinary uses of currency in the everyday transactions of life and prescribing the quality of legal tender to be assigned to it, a consideration of the first importance should be so to adjust the ratio between the silver and the gold coinage, which now constitutes our specie currency, as to accomplish the desired end of maintaining the circulation of the two metallic currencies and keeping up the volume of the two precious metals as our intrinsic money.
But as our object is to get rid of those currencies, the advantage derived from this coincidence will soon be past, whereas the inconveniences of this Unit will for ever remain, if they do not altogether prevent its introduction. It is defective in two of the three requisites of a Money Unit. 1.
The era is computed variously...." After having given a short account of the different coinages and currencies, which is interesting, but of which the various localities are left to the imagination, he writes: "The natives of Central India make use of the ballistae, and those machines which we call bombardas, also other warlike implements adapted for besieging cities.
That the currencies of the world have great defects is so well known that the statement of the fact would be superfluous, except as introductory to an attempt to ascertain the nature of those defects, and to propose an adequate remedy, an attempt suggested by the rapidity with which the people, profiting by their present tuition, are learning wisdom by the things which they suffer in the defence and enforcement of right.
To-day, the argument from unequal currency exchanges is that in the country where the currency value is sinking in terms of other currencies the manufacturer is getting his labour cheaper, seeing that wages are slow to follow increase in cost of living.
When all the frauds, impostures, violences, rapines, burnings, murders, confiscations, compulsory paper currencies, and every description of tyranny and cruelty employed to bring about and to uphold this Revolution have their natural effect, that is, to shock the moral sentiments of all virtuous and sober minds, the abettors of this philosophic system immediately strain their throats in a declamation against the old monarchical government of France.
The price of votes will not decline because of the increased supply, although it will in most instances be offered in currencies too subtle to be counted. As now, the honest and respectable elector will habitually take bribes in the invisible coin of the realm of Sentiment a mintage peculiarly valued by woman.
Value and scarcity are two sides of the same coin. Prices reflect scarcity. Abundant products are cheap. Infinitely abundant products however useful are complimentary. Consider money. Abundant money an intangible commodity leads to depreciation against other currencies and inflation at home. This is why central banks intentionally foster money scarcity.
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.
From this influence they can not now entirely escape, for it has its origin in the credit currencies of the two countries; it is strengthened by the current of trade and exchange which centers in London, and is rendered almost irresistible by the large debts contracted there by our merchants, our banks, and our States.
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