Full resolution (JPEG) - On this page / på denna sida - Sidor ...
<< prev. page << föreg. sida << >> nästa sida >> next page >>
Below is the raw OCR text
from the above scanned image.
Do you see an error? Proofread the page now!
Här nedan syns maskintolkade texten från faksimilbilden ovan.
Ser du något fel? Korrekturläs sidan nu!
This page has never been proofread. / Denna sida har aldrig korrekturlästs.
506 SWEDENBORG IN THE HOUSE OF NOBLES. [Doc. 176.
III. That a paper currency based upon iron should be
introduced, and that it should circulate with a paper currency
based upon “ plates."—Answer : this will not influence in the
least the course of exchange.
IV. That a separate paper currency based upon “plates,"
and another based upon mortgaged property should be issued.
Answer: this is impracticable because all paper based upon
“ plates," would be purchased by paper based upon property,
and the bank would remain empty.
V. That the rate of exchange should be fixed, and that it
should be regulated by the price of those products of the
country which are exported. — Answer: this cannot be done,
as the rate cannot be fixed thus.
VI. Our chief care should be to obtain a surplus balance
of trade in our favour: Answer : this will not affect the
course of exchange, inasmuch as this is exclusively in the
hands of those who deal in iron, etc.
VII. That iron, which has now become the basis of
exchange in the place of specie in “ plates,” should be held
at a lower price. - Answer: those who hold iron are unwilling
to do this; moreover, the course of exchange depends upon
the discretion of the few who issue bills of exchange.
VIII. That all bank -bills in circulation should be diminished
in value.—Answer: this would cause ill- feeling in the country,
and yet not alter the course of exchange.
IX. That the present state of things should continue, until
the Bank receives back again the moneys it has advanced on
mortgages, and becomes rich thereby - Answer: this will take
twenty years, and meanwhile the country will go on from worse
to worse .
Other propositions, besides these, may be originated and
mentioned, but all are of but little value, except one, which
consists in returning to a specie currency, such as has existed in
Sweden heretofore, and as exists in all countries in the world :
for in specie itself lies the real value of exchange. If any
country could exist by means of a paper currency, which
signifies money, but is not money ; such a country would be
unparalleled in the world .
<< prev. page << föreg. sida << >> nästa sida >> next page >>
