A Discourse Concerning the Currencies of the British Plantations in America, &C (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ... his Notes of Hand for 100,000 /. will be as good as Silver; if it be known that he passes Notes of Hand for 200,000 /. Sterl. their full Credit will be suspected and eventually be worth no more than his real Credit 100,000 /. Sterl: if he can be supposed to utter 500,000 /. Bills or Notes, his 5 /. Note will be worth only 20 s. Sterling. In New England A. 1713 there were about two thirds Bills to one third Silver current, equally at 8 s. per Oz. Silver Value; there being an Allowance of 5 per Cent. in all publick Payments in favour of Bills only, gave them a Credit beyond their natural Stretch. At that Time the publick Bills of the four Provinces were about 175,000 /. at 8 s. per Oz. Silver Value (we use always the nearest round Numbers) is 438,000 Oz. Value, with 219,000 Oz. of Silver Currency is 657,000 Oz. Silver Value. A. 1718 the publick Bills of New England were 300,000/. (Silver all drove away by the worse Currency of Bills) at 12s. per Oz. Silver; is 500,000 Oz. Value in Silver. A. 1731 New England publick Bills were 470,000 /. at 20 s. per Silver, is 470,000 Oz. Silver Value. A. 1739 the current Paper Money of New England was 630,000 /. at 29 s. per Oz. Silver is in Value 434,000 Oz. Silver. Here it is plain that the more Paper Money we emit our real Value of Currency or Medium becomes less, and what we emit beyond the Trading Credit of the Country does not add to the real Medium, but rather diminishes from it, by creating an Opinion against us, of bad Oeconomy and sinking Credit. A Country may exceed in any Commodity or Medium, excepting in that universally Staple Commodity and Medium Silver: and a smaller Quantity of any other Commodity or Medium will turn to the same or better Account than a larger. In Holland upon a too...