Essays on Exchange, Interest, Money, and Other Subjects

Essays on Exchange, Interest, Money, and Other Subjects

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1850 edition. Excerpt: ...his own government and the hostile attacks of others. The security of property has, in consequence, been prodigiously augmented. And though we should eoncede to the satirist that paper credit has " lent corruption lighter wings to fly," it is easy to show that it has powerfully contributed to render subjects less dependent on the policy, and less liable to be injuriously affected by injudicious measures on the part of their rulers. In countries in a low stage of civilization, the inhabitants endeavor, by burying all the gold and silver they can collect, to preserve a part of their property from the despots by whom they are alternately plundered and oppressed. This was universally the case in the middle ages; and in Turkey, India, Persia, and other eastern countries, the practice is still carried on to a very great extent. Some economists have endeavored to account for the long-continued importation and high value of the precious metals in India, by the loss which necessarily attends the Blest paper credit! last and best supply! That lends corruption lighter wings to fly! Gold imp'd by thee can compass hardest things, Can pocket states. oan fetch or carry kings; A single leaf shall waft an army o'er, Or ship off senates, to some distant shore; A leaf, like Sibyll's, scatter to and fro Our fates and fortunes, as the wind shall blow; Pregnant with thousands flits the scrap unseen, And silent sells a king, or buys a queen.--Pope.-practice of hoarding; and undoubtedly this locking up of capital is one of the main causes of the extreme poverty of these countries. But the security afforded by bills of exchange is infinitely greater than any derived from the barbarous expedient of trusting property to the bosom of the earth. " Pregnant with thousands...show more

Product details

  • Paperback | 72 pages
  • 189 x 246 x 4mm | 145g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236658280
  • 9781236658289