Analysis of Mill's Principles of Political Economy
The book Analysis of Mill's Principles of Political Economy was written by author Mill, John Stuart, 1806-1873 Here you can read free online of Analysis of Mill's Principles of Political Economy book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Analysis of Mill's Principles of Political Economy a good or bad book?
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13. 81 (i) Refutation. What is the good of paper re- presenting property which cannot be claimed in exchange for the notes ? It may be said that it is a guarantee of the final solvency of the issue. But insolvency is only one of the evils to which a paper currency is liable. Another evil is depreciation in value from excessive issue, cf. the Assignats of the French Revolution, which were supposed to repre- sent the lands of the Crown, the Church, etc. They depreciated to such an extent that the... result was that at last an assignat of 600 frs. was required to pay for a pound of butter. This, however, repre- sented land in general. Would it be possible to have paper representing a definite quantity of land ? The plan would certainly have advantages over that which was pursued, and might be an assistance in selling rapidly a great quantity of land with the least possible sacrifice. But what advan- tage would a currency convertible into land (which is more variable in value than gold, and is to most persons an encumbrance rather than a desirable possession) have over a currency convertible into coin ?
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