Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island CommunityWells, David Ames
General
Robinson Crusoe's Money;: or, The Remarkable Financial Fortunes and Misfortunes of a Remote Island Community
Wells, David Ames
Currency question -- United States; Money
Another idea which about this time had become very popular on the
island was, that while it was a very desirable thing to sell as much as
possible of the products of the island to people in other countries,
it was not desirable to buy any thing from foreigners in return, and
that it was wise to put all possible obstructions in the way of any
ill-informed persons who desired to make such exchanges. But as no
one can long continue to buy unless he proportionally sells, or sell
unless he proportionally buys, the foreign commerce of the island soon
came to a stand-still; and what also notably helped to this result
was, that the necessity of insuring all exchanges made through the
medium of the unstable currency of the island caused all the island
products to cost from five to ten or fifteen per cent. more than they
otherwise would, and more than they would cost the foreigners to buy
elsewhere. [20] But as every industrious community (especially if it
calls in the aid of the forces of nature through machinery) produces
more than it consumes; and as the islanders were both industrious and
ingenious, it oddly enough happened that the community became sorely
troubled by an accumulation of useful things, which the manufacturers
would not part with, because they were unwilling to sell at a loss,
and which the foreigners would not buy because they could buy cheaper
elsewhere, and pay in their own products for what they bought. Then
the manufacturers stopped producing, and next the laborers, by lack of
employment, being unable to buy a full share of the existing abundance,
in turn diminished their consumption; so that for a time it seemed as
though the island would get into the condition of those unfortunate
people who die of their own fatness.
Public-domain text, read in full here on John Shaqi.
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