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Doc. 174.] 499
ON THE RISE OF EXCHANGE.
do not increase in proportion to the rise in price ; the injury
which is thereby inflicted upon the public, may be seen, but
cannot be described briefly; 5. All officers, civil as well as
military, who have no means of their own, either by inheritance,
or acquired by their own exertions, or who have no perquisites
in the usufruct of houses and lands, owned by the state and
furnished to its officers - all such have no sufficient income for
themselves and families; wherefore they are induced and almost
compelled to seek resources wherever they may find them ,
which most frequently cannot be done without detriment to
right and justice: such a state of things, however, ought to be
avoided as much as possible, or else Sweden will be a ruined
country; 6. Without mentioning the immense cost of carrying
on war, compared with former times. These injuries and losses,
caused by the forcing up of the course of exchange, may be
seen by all; but those that can be seen only by the initiated
are as follows: (a) commerce comes gradually more and more
into a different state from any it has ever been in before,
and on account of the inconstancy and the unreasonable
height of the course of exchange its utter destruction is feared
by many ; (b ) as long as paper currency is the only medium
for the interchange of commodities, no surplus in the balance
of the general trade of the country can ever be obtained and
preserved, by which exchange may be forced down : for whatever
may be the condition of our balance, exchange may neverthe
less be kept high; (c) the gains of those who profit by the
rise in exchange, are unreal and chimerical, as they are
subject to the fluctuation of the course of exchange, and are
neutralized by the universal dearth in the land; (d) there
s a danger of exchange being forced up still higher, perhaps
even to 100 marks for one rix -daler current in Holland, when
all the above injuries and losses will become heavier and more
oppressive ; (e) our small coin, which in respect to our copper
plates, is as 900 to 540, is insufficient for the uses of the
country, as soon as exchange rises above 60 marks ; inasmuch
as the copper contained in it is then of more intrinsic value
than the value represented by our paper currency.
II. With respect to the cause by which paper currency has
taken the place of coined money possessing an intrinsic value,
32*
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