A Select Collection of Scarce and Valuable Tracts on Money
Debasing the standard of money, will occasion culling, and transporting of the old coins at an undervalue.
19th Century John Ramsay McCulloch (ed.) English- Trade is quick sighted, and no restraint of law can hinder its pursuit of gain, wherever the game stands fair; and herein the uncircumcised are just as good marksmen, as the sons of circumcision. In the present case, a temptation will be laid, and accordingly a new trade will be opened, for culling, and transporting all the good old coins, perhaps to purchase others coined abroad in imitation of our new standard. Of the profits made by this new commerce, foreigners will have some share, at our manifest expence: In this respect, trade is very generous, and readily divides some of its spoils on all sides. But you will say, this evil may be prevented by opening the mint, and purchasing there all the old coins at their full value. And so you will save the nation harmless, at the moderate expence of a general recoinage: A wonderful expedient truly! But after the mint hath engrossed all the old coins, and whilst it is coining the new; how will the internal traffic of the country be carried on? And will not the distresses of the people, and the uncertainties you have thrown them into, by your new standard, be an invitation to foreigners to coin and import upon you, even worse coins than you are a making at your own mint. I am weary of the subject; and it would be an endless pursuit to go through all the inconveniencies, that would attend this rueful project of debasing the standard of money.