Tuesday, November 4, 2008

Readings: Petty (1)

Qu. 14. Why hath Money been raised, or retrencht, or imbased by many wise States, and so often?

Answ. When any State doth these things, they are like Bankrupt Merchants, who Compound for their Debts by paying 16s 12s or 10s in the pound; Or forcing their Creditors to take off their Goods at much above the Market rates. And the same State might as well have paid but 3/4 of what they ow'd, as to retrench their Money in General to 3/4 of the known weight and fineness. And these practices have been compassed by Bankers and Cashiers, for oblique Considerations, from the Favourites of such Princes and States.
William Petty, Quantulumcunque concerning Money (1682)

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