Wheatley, John, An essay on the theory of money and principles of commerce

(London :  Printed for T. Cadell and W. Davies, by W. Bulmer and Co.,  1807-1822.)



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On the Reformation of the Paper Currency of Europe.

CHAPTER   As the reasoning of the foregoing chapter evidently
v-i-.-iw/   shewed, that it was of the highest importance, that money
should be made to constitute at different times, as well
as at the same time, an uniform measure of value ; and
as the reasoning of the chapter preceding the last went
to prove, that the variation principally arose in the ex¬
isting circulation of Europe, from the utterance of paper;
it necessarily follows, that a due regulation of the paper
system would be the most effectual means of obviating
the inequality, and causing the same sum, as nearly as
possible,  to   be   permanently  expressive  of  the   same
value.    I certainly, indeed, endeavoured to explain, that
other, and distinct causes of the alteration of the measure,
had subsisted in distinct periods of our history; that in
the ruder ages of society, it had principally resulted from
the adulteration and debasement of the coin; and from
the birth of Columbus to the close of the 17th century,
from the proceeds of the American mines:  but as the
adulteration of the coin is now universally condemned,
as a futile and impolitic expedient, and as the annual
returns from the mines of America would, in a great
degree, be absorbed by the annual consumption of bullion;
by occupying the place of the inferior paper, which a
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