The Mississippi Bubble: How the Star of Good Fortune Rose and Set and Rose Again, by a Woman's Grace, for One John Law of LauristonHough, Emerson
General
The Mississippi Bubble: How the Star of Good Fortune Rose and Set and Rose Again, by a Woman's Grace, for One John Law of Lauriston
Hough, Emerson
Law, John, 1671-1729 -- Fiction
"Sir," said Somers, shifting and coughing, "it is as you say. The
question is of great moment. I should suggest a decree that the old coin
shall pass by weight alone and not by its face value. Call in all the
coin and have it weighed, the government to make future payment to the
owner of the coin of the difference between its nominal and its real
value. The coin itself should be restored forthwith to its owner. Hence
the trade and the credit of the realm would not suffer. The money of the
country would be withdrawn from the use of the country only that short
time wherein it was in process of counting. This, it occurs to me, would
surely be a practical method, and could work harm to none." My Lord
Somers sat back, puffing out his chest complacently.
"Sir Isaac," said Montague, "and Mr. Locke, we must beg you to find such
fault as you may with this plan which my Lord Keeper hath suggested."
Sir Isaac made no immediate reply. John Locke stirred gently in his
chair. "There seemeth much to commend in this plan of my Lord Keeper,"
said he, leaning slightly forward, "but in pondering my Lord Keeper's
suggestion for the bringing in of this older coin, I must ask you if
this plan can escape that selfish impulse of the human mind which
seeketh for personal gain? For, look you, short as would be the time
proposed, it taketh but still shorter time to mutilate a coin; and it
doth seem to me that, under the plan of my Lord Keeper, we should see
the old currency of England mutilated in a night. Sir, I should opine in
the contrary of this plan, and would base my decision upon certain
principles which I believe to be ever present in the human soul."
Montague cast down his eye for a moment. "Sir Isaac," at length he
began, "we are relying very much upon you. Is there no suggestion which
you can offer on this ticklish theme?"
The large, full face of the great man was turned calmly and slowly upon
the speaker. His deep and serene eye apparently saw not so much the man
before him as the problem which lay on that man's mind.
"Sir," said Sir Isaac, "as John Locke hath said, this is after all much
a matter of clear reasoning. There come into this problem two chief
questions: First, who shall pay the expense of the recoinage? Shall the
Government pay the expense, or shall the owner of the coin, who is to
obtain good coin for evil?
"Again, this matter applieth not to one man but to many men. Now if one
half the tradesmen of England rush to us with their coin for reminting,
surely the trade of the country will have left not sufficient medium
with which to prosper. This I take to be the second part of this
problem.
Public-domain text, read in full here on John Shaqi.
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