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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prudential reform would withdraw from circulation ; and chapter
by supplying the additional proportion of coin, which ^^^^'
would in most countries be necessary to meet the gradual
augmentation of produce, and maintain prices at their
existing standard ; it is evident, that if no increase were
made to the present stock of paper, no material depre¬
ciation of money, nor consequent alteration of the mea¬
sure, could occur.

For an efficient counteraction of the depression, there¬
fore, a revision should take place of the whole circulation
of Europe ; and the utterance of paper should, in all
countries, be forbidden beyond the existing amount, as
any addition, however insignificant, would cause a cor¬
respondent reduction in the value of money. But under
the present constitution of the banking establishments, no
check to the issue of paper is in operation, except the
obstruction, which arises from an unfavourable exchange
upon a partial excess ; and as this check is removed, if
the paper of all countries be augmented in a similar
ratio, some reform should be proposed, that would sub¬
ject them to the regulations, which the common interests
of the republic of Europe require. The limitation by
exchange has been duly enforced from the first intro¬
duction of a paper medium; and whatever influence it
may have had to obviate a particular excess in any given
country, it has had no influence to prevent the general
amount from proceeding to a pernicious extreme. The
present quantity of paper exceeds, in an unprecedented
degree, the quantity that was in issue fifty years ago;
and if the same unrestricted utterance be permitted for
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