OCR Text |
Show 2 14. Remarks and F46}: re/atz've' to out mone in the rovince) a perfon that is badliged to tak); the bill: So that even out of the province, the knowledge that every man Within that province, is obliged to takeits money; gives the bill a credit among its neighbours, nearly equal to what they have at home-And were it not for the laws bare, that reflrain or prohibit as much as poflible all lofing trades, the earth of tin: country would foon be exported ; Every merchant who had occafion to remit it, would run to the bank with all its bills that came into his hands, and take out his part of its treafure for that purpofe; fo that in alhort time, it would be no more i "' "ll" unki‘ V able to pay bills in money upon fight, than it is now in the power of a colony treafury {0 to do. And if government afterwards {hould have occafion for the credit of the bank, it mutt of neceflity make its bills a legal tender; funding them how~ ever on Taxes by which they may in time be paid off; as has been the general practice in the colo- nies-At this very time, even the filver-money in England is obliged to the legal tender. for part of its value; that part, which is the difference between its real weight and its denomination. Great part of the {billings and fixpences now cur- rent, arc by wearing, become 5, Io,_ 20,. and fome of the fixpences even 50 per cent. too light. FOr this difference between the real and the 720m:mzl, you have no z'rztrirgfl‘c value;‘you have not (0 much as paper, you have nothing: It is the legal tender, with the knowledge that it can eafily be repafled for the fame value, that makes three- penny- 3 [A: B. T.] {/36 flmen‘mn Paper-money. 21 5 pennyworth of filver pafs for fixpence. -- Gold and filver have undoubtedly fame properties that give them afitnefs above paper as a medium of exchange; particularly their uizz‘vwflz/ zflimariazz; efpecially in cafes wherea country has occalion to carry its money abroad, either as a flock to trade with, or to purchafe allier and jbrezgn flccaurr ;--- Otherwife that very univerfal ellimation is an in- convenience Whicli paper-money is free from; fince it tends to deprive acountry of even the quantity of currency that {hould be retained as a neceflary inflrument ofits internal commerce ; and obliges it to be continually on its guard in making and executing at a great expence, the laws that are to prevent the trade which exports it.-Paper money well funded has another great advantage over gold and filver ; its lightnefs of carriage, and the little room that is occupied by a great fum; whereby it is capable of being more eafily, and more fafely, becaufe more privately, conveyed from place to placer-Gold and filver are not in- trirflcal/y of equal value with iron, 21 metal in itfelf capable of many more beneficial ufes to man- kind. Their value reflzs chiefly in the ellimation they happen to be in among the generality ofna- tions, and the credit given to the opinion that that eftimation will continue. Otherwife a pound of gold would not be a real equivalent for even a bulliel of wheat.--Any other well-founded credit, is as much an equivalent as gold and filver; and in fome cafes more lb, or it would not be preferred by commercial people in diferent countries. Not to |