The principles of political economy applied to the financial state of Great Britain, Anno Domini, 1821

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. 1821. Excerpt: ... CHAP. IV. ANTICIPATION OF OBJECTIONS TO THE PLAN PROPOSED. SECT. I. Statement of Probable Objections to the Plan proposed for the Removal of the National Distress. So long as a very prevalent idea existed, that the distress which afflicts the nation was only of a temporary nature, it was in vain to expect that any argument tending to show the contrary would be listened to. Now, however, that every hope of that kind must have vanished from the minds of men of the smallest observation and reflection, the foregoing inquiry into the nature of the thing will perhaps be attend ed to. There are, however, two objections to the plan recommended, which are likely to occur. The first objection is, that the plan proposed would amount to a breach of faith with the national creditor. The second objection is, that, supposing the breach of faith to be unavoidable, it is proposed to carry the change of value in the national currency farther than the actual circumstances of the case require. It is proper to remove these objections. SECT. II. Refutation of the First Objection, which supposes a Breach of Faith with the National Creditor. For the purpose of refuting the notion of a breach of faith with the national creditor, I shall state, first of all, what I conceive to be the nature of the breach of faith which is said or supposed to be committed. It is proposed, in the plan recommended, to reduce the weight of the gold and silver used in the composition of the circulating medium, or money of the nation, or to change the denomination of the existing coin, in such a way, as will have the effect of augmenting the valued or nominal amount of the whole to such a sum as will be sufficient to serve as a basis for the bank or paper money actually required for the support of the n...