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Updated: June 1, 2025
It is not merely a melting and a restamping of old coin with a new superscription, a new sovereignty a composite face instead of a personal likeness it is the making, as I have said in other illustrations and metaphors, of a new race.
He next proposed that, as my Brazilian pay was to be equivalent to that which I received in Chili, it should he numerically estimated in Spanish dollars, at the rate of 800 reis per dollar though the Brazilian mint was then actually restamping those very dollars at the rate of 960 reis! thus, by a manoeuvre, which reflected little credit on a Minister, lessening the pay agreed on by one-fifth.
Law found him full of perplexities, from the disastrous state of the finances. He had already tampered with the coinage, calling in the coin of the nation, restamping it, and issuing it at a nominal increase of one-fifth; thus defrauding the nation out of twenty per cent of its capital.
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