A Practical Plan For Assimilating The English And American Money; As A Step Towards A Universal…

Paperback | October 12, 2012

byWalter Bagehot

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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. 1889 edition. Excerpt: ...would leave it possible to advance in such a course, or to recede from it at any time without embarrassment.' As the delegates state their plan, it involves the immediate issue of an 8s. gold piece, which is to circulate with the present coins. But in this there would be much harm and no good. It would be very inconvenient to have at once in circulation pieces so alike in appearance, but so sensibly different in value, as an 8s. gold piece and a 10s. gold piece; the cashiers of all banks would rebel against the puzzle, and in practice it would cause constant mistakes. The half-sovereign we must have, and so the 8s. piece would be unpopular as an introduction of the proposed coin--it would be a bad introduction. The 8s. piece would begin by creating blunders and causing plague; it would be itself unpopular, and make everything allied to it unpopular too. But though the immediate issue of a 10-franc piece in England is out of the question, its adoption as a basis for a universal money is by no means out of the question. There is, indeed, one objection of great magnitude to it--of the greatest magnitude to English ideas--the 10-franc piece is a very low unit. The tendency of nations is to augment the scale of their transactions, and the larger the transaction the more convenient to have a high unit in terms of which to express it. The natural change is from a lower unit to a higher, and it is a going-back in civilization to begin to count in 8s. pieces when we have been used to count in pounds sterling. The number of figures would be greater, and the reckoning would be more difficult. To this it is replied--first, that the reckoning would be in decimals, which for all paper calculations is indisputably easier, so that the increased facility...

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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. 1889 edition. Excerpt: ...would leave it possible to advance in such a course, or to recede from it at any time without embarrassment.' A...

Format:PaperbackDimensions:28 pages, 9.69 × 7.44 × 0.06 inPublished:October 12, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217428576

ISBN - 13:9780217428576

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