Reflections On the Abundance of Paper in Circulation And the Scarcity of Specie
Reflections On the Abundance of Paper in Circulation And the Scarcity of Specie
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A wor- thy Knight and Alderman weighs himself mechanically, or out of pure animal cu- riosity, to know how much he has gained or wasted in solid contents, since he dined at the Mansion-house. This well-fed ma- gistrate, with a florid face, the appetite of a cormorant, and the digestion of an os- trich, has no occasion, as I take it, to send for the doctor to feel his pulse. In all bo- dies, human, or made of men, spirits and strength are the test of constitution. Ge- nuine health makes no appea...l to calcula- tion. But suppose the symptoms in this D case to be notoriously reversed ; if specie disappears, if the whole mass of gold, which proved the super-lucration of our trade, and which since His Majesty's ac- cession has been coined into sixty millions sterling, be gone or going, and if bills on the rest of the world, or on Europe, are not to be had but at an exorbitant premium sufficient to make it the interest of the per- son, who wants to make a remittance, ra- ther to send the amount in specie, than to buy the bill; cunning men may argue, and silly people may listen to them ; but neither their arguments nor their docu- ments, with which the plainest questions are sure to be overwhelmed and strangled, ought to have the weight of a feather against the facts.
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To quickly assess the difficulty of the text, read a short excerpt:
A wor- thy Knight and Alderman weighs himself mechanically, or out of pure animal cu- riosity, to know how much he has gained or wasted in solid contents, since he dined at the Mansion-house. This well-fed ma- gistrate, with a florid face, the appetite of a cormorant, and the digestion of an os- trich, has no occasion, as I take it, to send for the doctor to feel his pulse. In all bo- dies, human, or made of men, spirits and strength are the test of constitution. Ge- nuine health makes no appea...l to calcula- tion. But suppose the symptoms in this D case to be notoriously reversed ; if specie disappears, if the whole mass of gold, which proved the super-lucration of our trade, and which since His Majesty's ac- cession has been coined into sixty millions sterling, be gone or going, and if bills on the rest of the world, or on Europe, are not to be had but at an exorbitant premium sufficient to make it the interest of the per- son, who wants to make a remittance, ra- ther to send the amount in specie, than to buy the bill; cunning men may argue, and silly people may listen to them ; but neither their arguments nor their docu- ments, with which the plainest questions are sure to be overwhelmed and strangled, ought to have the weight of a feather against the facts.
What to read after Reflections On the Abundance of Paper in Circulation And the Scarcity of Specie?
You can find similar books in the "Read Also" column, or choose other free books by Philip Francis to read onlineMoreLess
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