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
There was a popular feeling that all these lenders were "bloated," the
degrees of bloat being, of course, different all the way from the man
who owned and lent a ship down to the man who owned and lent a cart,
or their equivalents in money; and that the best remedy for this
frightful disease was tapping, and tapping by tendering in payment
the ideal money, which was something very different in value from
the money understood at the time the loans were effected. Natives
of heathen lands, who had never enjoyed the light of the Gospel,
called this robbing; but many on the island who had always been
Christians regarded the matter with indifference, and treated it
as a purely sanitary measure; and Christian ministers who never
preached against such practices, but always did preach against the
sins of that ancient people, the Jews, wondered at the low tone of
morality that seemed to generally characterize society. As it appears,
however, from an examination of the ancient records of the island,
that strenuous exertions were made about this time to interest the
Government and the people in the momentous question of the reading of
the Bible in the public schools, and thus prevent public attention from
being diverted to the consideration of any such unimportant and side
issues as the nature and obligations of promises, it may be that the
low tone of morality thus referred to was more apparent than real; no
province devolving upon the historian being more difficult than that of
attempting to reconcile, after a long lapse of years, what appears to
be a series of contemporaneous but utterly incongruous circumstances.
But, be this as it may, all who had loaned valuable commodities desired
to avoid tapping, and consequently hastened to demand repayment before
the ideal money could be extensively issued and put into circulation;
and, having once obtained payment, were very cautious how they lent
again. All this contributed, in the language of the day, to make money
very tight; but this language had, to a great extent, no meaning. The
only money that was tight was good money, and this had been gone so
long that the younger part of the population didn't even know how
it looked; while of the bad money there was a continually increasing
quantity.
Besides good money, all real capital, timber for building ships,
factories, and houses, iron for the construction of machinery, cloth
for clothes, and grain for food, were tight; not because there was any
lack of all these useful things, but because the owners had all become
afraid that if they once loaned or parted with them they should never
receive back an equivalent. So the island, instead of being lifted up
to great prosperity, was plunged into the depths of adversity. There
was a general lack of confidence. Societary activity was abated;
production was arrested; and men desirous of being industrious had
no opportunity of following any industry.
Public-domain text, read in full here on John Shaqi.
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