An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
General
An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
The best remedy for this inconvenience, would be, for any one mint to
form a weight, _ad libitum_, and to send a most accurate copy of it to
every mint in Europe: to mention, at the same time, the exact
proportion between the weight sent, and that observed at their own
mint: to beg of the other mints an equal communication of the
proportion between the weight sent, and their several standards: and
last of all, to publish in the news-papers of all commercial towns,
every market day, as is done at Amsterdam, the price of _fine_ gold
and silver, according to this new weight made for the purpose. This
weight may be called the mint-weight of Europe; and from the universal
utility which would follow upon such a regulation, it probably might
be followed: were this to happen, it might be a step towards
establishing an universal conformity of weights every where.
While matters stand on the present footing, it is necessary to be
informed of three particulars. First, Of the proportion of the
different mint weights. Secondly, Of the regulations by which the coin
is made. And lastly, Of the exactness of the mints in following the
regulation. Every mistake in any one of these three articles, is an
impediment to the just determination of the real par.
I acknowledge that, in fact, exchange business goes on smoothly,
notwithstanding all the difficulties we have been enumerating. It may
therefore be asked, in what would consist the great advantage of so
scrupulous a nicety?
My answer is, that exchange business will always go smoothly on, as
long as exchangers gain, and that trade is not interrupted.
But trading men consider their own interest only; and I am configuring
the interest of an intelligent state, which wants to promote the good
of the whole community, without occasioning any hurt to the interest
of individuals.
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CHAP. III.
_How to remove the inconveniences which occur in paying Balances with
the Metals or Coin of a Nation._
The inconveniences which occur when balances are to be paid in bullion
or coin are these:
First, The want of secure and ready transportation, from the
obstructions government throws in the way to prevent it.
Secondly, The difficulty of procuring the metals abroad when they are
not to be found at home.
Public-domain text, read in full here on John Shaqi.
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