A Series of Letters on the Circulating Medium of the British Isles: Addressed to the Editor of the Royal Cornwall Gazette, and Originally Published in ... 12-and December 19, 1818 (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from A Series of Letters on the Circulating Medium of the British Isles: Addressed to the Editor of the Royal Cornwall Gazette, and Originally Published in the Numbers of That Paper, for November 23-December 12-and December 19, 1818

Suppose by a variation in the market the gold in the sovereign becomes worth 24 shillings, (and we have known it higher) it can still pass in this country but for.20.' What is the conse quence? Why, one hundred pounds worth of\ uncoined' geld may be brought from other countries and exchanged in our markets for one hundred sovereigns or one hundred and twenty pounds worth of coined gold, (as long as the latter continue in circulation) and our gold coin will presently.be melted down, or exported to countries where it is valued by its intrinsic worth. Thus a main branch of our currency will disappear; in replacing which the revenues will lose £20 per cent. Besides the expences of. The coinage - toties quoties - and if the foreign merchant IS the speculator, this loss to the revetiue is in no degree counterbalanced by any gain to subjects of the realm; the im provement of 'whose estates might otherwise promise some future return in taxes, 810.

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