[BOOKS] ✯ An Essay on Money Author John Taylor – Bluevapours.co.uk 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 1844 e This historic book may have numerous typos and missing text Purchasers can usually download a free scanned copy of the original book without An Essay PDF \ typos from the publisher Not indexed Not illustrated edition Excerpt chapter V imperfection of coin as money In treating of symbolic money we decided that it was not necessary that it should possess intrinsic value; but a uestion may still be raised whether it may not be desirable that it should have it Let us therefore consider this uestion; for there are many who are ready without consideration to give it an answer in the affirmative It is certain that almost all men believe it to be safer to have a circulating medium composed of the precious metals; because as they argue if the government should be overthrown the people would then have something in their hands which could not fail to prove valuable and which they would not have if their money consisted of Excheuer Bills or Bank notes The uestion in this case does not concern the fractions of a pound; with these therefore we will not embarrass the discussion It may be convenient and cannot do harm for these fractions to be expressed by shillings and pence But if it be affirmed that we should be safer from loss if all our pounds were to consist of gold or silver coin we are compelled to say that we cannot see any grounds for the assertion For suppose the government were to fail and that our symbolic money consisted wholly of paper what would ensue Every man's store of such money would become of no value True; but on the other hand he has no further taxes to pay he is a gainer therefore instead of being a loser by the alteration But further; how came he to be possessed of this symbolic money He had given value for it; he had paid real money for it let us suppose to the amount of his annual contribution to the taxes His real money then the government have received and he is now holding their tokens of.
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- 148 pages
- An Essay on Money
- John Taylor
- 09 July 2014 John Taylor