Currency fallacies refuted, and paper money ... - University Library

26 CUURENCY FALLACIES REFUTED.should represent no value whatever, beingmerely an increase of the quantity of moneyin the country, which adds to prices withoutany necessity, and so leaves all parties inthe end j ust where it found them. This is theEditor's notion of paper money ; it is that ofothers also ; but where are the circumstanceswhich justify it to be met with ?Certainly notin England ; for no man here adds to the circulatingmedium by issuing notes which are ofno value : nor would any one take them if hedid. There have been, it is true, swindlers inbanking as in other trades ; but to lay it downas a principle, that every addition to the currency,beyond the limit of the precious metals,is a useless increase ;represent any additional value,— isfallacy or a gross blunder.Inone that does not, in effect,either a greatthe next chapter will be shewn, how utterlyinapplicable this description is to thatpaper money which was issued during the war,and how unfounded is the charge of the Editorof the Times, that to return to it " would be aspoliation of all mortgagees, creditors, and fundholders.''