An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain 6
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They are worth, in that case, just as much as the foreign . country will give for them ; and the foreign country, in estimating their value, since it means to melt them, does not at all take into its calculation the expence of the coinage of the piece of metal. It aets like a buyer not of new but of old plate, who destines it to tlie melting pot, and, therefore, refuses to allow any thing for "the fashion." This foreign price of our coin principally determines the current value of the price of ...coin in Englarid. It appears to me to do this in the following manner.
When the price which our coin will fetch in foreign countries is such as to tempt it out of the kingdom, the directors of the bank naturally diminish, in some degree, the quantity of their paper, through an anxiety for the safety of their eftablishment. By dimi- nishing iheir paper, they raise its value ; and in raising its value, they raise also the value in England of the current coin which is ex- changed for it. Thus the value of our gold coin conforms itself to the value of the current paper, and the current paper is rendered by tlie bank directors of that value which it is necessary that it should bear in order to prevent large exportations ; a value sometimes rising a little above, and sometimes falling a little below, the price which our coin bears abroad; a price, in the formation of which no regard i
What to read after An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain 6?
You can find similar books in the "Read Also" column, or choose other free books by Henry Thornton to read online
To quickly assess the difficulty of the text, read a short excerpt:
They are worth, in that case, just as much as the foreign . country will give for them ; and the foreign country, in estimating their value, since it means to melt them, does not at all take into its calculation the expence of the coinage of the piece of metal. It aets like a buyer not of new but of old plate, who destines it to tlie melting pot, and, therefore, refuses to allow any thing for "the fashion." This foreign price of our coin principally determines the current value of the price of ...coin in Englarid. It appears to me to do this in the following manner.
When the price which our coin will fetch in foreign countries is such as to tempt it out of the kingdom, the directors of the bank naturally diminish, in some degree, the quantity of their paper, through an anxiety for the safety of their eftablishment. By dimi- nishing iheir paper, they raise its value ; and in raising its value, they raise also the value in England of the current coin which is ex- changed for it. Thus the value of our gold coin conforms itself to the value of the current paper, and the current paper is rendered by tlie bank directors of that value which it is necessary that it should bear in order to prevent large exportations ; a value sometimes rising a little above, and sometimes falling a little below, the price which our coin bears abroad; a price, in the formation of which no regard i
What to read after An Enquiry Into the Nature And Effects of the Paper Credit of Great Britain 6?
You can find similar books in the "Read Also" column, or choose other free books by Henry Thornton to read online
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