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Updated: May 22, 2025
This mode of reduction, however, is possible with a national value-currency only. A specie-currency is incapable of regulation. The same may be said of any currency based on specie.
With regard to the legal-tender currency, so called, it serves well for temporary use, much better, indeed, than any of its predecessors; and as long as its promises are ignored, and as long as its quantity is not increased faster than the increase of the population, it is practically a value-currency, resting on its own inherent right of use, with the exception of the limitation defined by the law of legal tender.
A dollar, value-currency, will always buy a dollar's worth of gold, but it may not always buy the quantity of gold contained in the gold dollar.
The merchandise attached to a specie-currency is an evidence of former barbarism, a remain of the primitive practice of barter, an incongruous element, tending to impede rather than to assist circulation, to destroy rather than to create a currency. But is a value-currency possible?
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