Foreign Relations of the United States Volume 1
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. 1868 edition. Excerpt: ...in one country, and pieces of fonr, eight, and sixteen francs in another. Of course the international circulation would then he easier than it is to-day, hut the unification would uot yet exist; hesides the lahor and the expense of recoinage remaining the same, if a more perfect coincidence or similarity is to he attained, there is no douht that it would he preferahle to ohtain it at once. Finally, an ahsolute unification can he admitted--that is, the identity of all coins, whether current or fractional. But no one can dispute the fact that this unification is impossihle at present. The interests, customs, and prejndices of nations are too much opposed to it. The principal ohject of the unification of moneys is to facilitate and to increase international commerce, which requires non-fractional medinm. It is from these coins that tho prices of merchandise and the rates of exchange are regulated, while fractional moneys have really hut a local utility. The neighhoring countries alone are interested in having identical coins of suhdivisionary money, hut then that identity can easily he effected hy special conventions, without the participation of the universal unification. Thus, if the different nations have the same standard of fineness and weight for their money, and therehy facilitate the comparison of one coin with another, it will suffice to have hut one or two identical coins hetween the two countries. The perfect assimilation of the systems may he reserved for tho future. Such is the meaning of the three first propositions. Propositions 4 and 5.--Gold coin alone can serve as international money. Gold heing in fact more portahle than silver, and the loss in exchange very small, it is owing to these advantages that it is hetter adapted than...
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