Author: John Taylor

Publisher: Theclassics.Us

Published: 2013-09

Total Pages: 34

ISBN-13: 9781230257396

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1844 edition. Excerpt: ... chapter V, imperfection of coin as money. In treating of symbolic money, we decided that it was not necessary that it should possess intrinsic value; but a question may still be raised, whether it may not be desirable that it should have it. Let us therefore consider this question; for there are many who are ready, without consideration, to give it an answer in the affirmative. It is certain, that almost all men believe it to be safer to have a circulating medium composed of the precious metals; because, as they argue, if the government should be overthrown, the people would then have something in their hands which could not fail to prove valuable, and which they would not have if their money consisted of Exchequer Bills or Bank notes, The question in this case does not concern the fractions of a pound; with these, therefore, we will not embarrass the discussion. It may be more convenient, and cannot do harm, for these fractions to be expressed by shillings and pence. But if it be affirmed that we should be safer from loss if all our pounds were to consist of gold or silver coin, we are compelled to say that we cannot see any grounds for the assertion. For suppose the government were to fail, and that our symbolic money consisted wholly of paper, what would ensue? Every man's store of such money would become of no value. True; but, on the other hand, he has no further taxes to pay: he is a gainer, therefore, instead of being a loser, by the. alteration. But further; how came he to be possessed of this symbolic money? He had given value for it; he had paid real money for it, let us suppose, to the amount of his annual contribution to the taxes. His real money, then, the government have received, and he is now holding their tokens of...