Observations on the System of Metallic Currency: Adopted in This Country (Classic Reprint) - Hardcover
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Excerpt from Observations on the System of Metallic Currency: Adopted in This Country
Of this valuable truth,itaught by the history of our currency, Lord Liverpool was fully aware; but conceiving it to be indiwensable so to fix the value of the coins by law, it did not occur to him how the inconveniences resulting from a variation between the Mint and market prices of the coins could be obviated, except by making the silver coins a mere tohen subservient and subordinate to the gold. His difficulties were much increased by the state of the currency at that time. He thus represents it If we were now to cry down the present gold coin so as to make it equal in relative value to the value of our silver coin, even if it was perfect according to the Mint price, we should diminish a considerable part of the property of the kingdom. But this measure, if otherwise right, is impracticable, for as we have at present (1798) no perfect Silver coin, we cannot cry down our gold coin till the Mint has been able to furnish the subjects of this country with a sufficient quantity of good silver coin, and if we should issue such silver coin before we cry down our gold coin, it would be melted down or exported as fast as it came out of the Mint, for a great profit would be made thereby. It should also be mentioned, that in 1774 a large re-coinage of gold moneys had taken place, chiefly on the recommendation of Lord Liverpool, and there can be no doubt that, whatever might be the law on this subject, gold had become, from the force of circumstances, the practical standard of value for several years previously.
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