The Decline of Prosperity

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Excerpt from The Decline of Prosperity: Its Insidious Cause and Obvious RemedySubsidiary coinage consists of silver pieces of inferior quality or short weight, and of copper (or bronze, and in some States nickel). Copper coinages, for instance, usually contain only one-third of their nominal value in actual metal. Such a coinage is nevertheless maintained in circulation at its nominal value, in virtue of the law whereby its tender is limited to a small definite number of pieces (in England twelve), for any one payment. For if anyone were to coin good copper pieces indistinguishable in weight and form from those issued by the mint, he could not dispose of anything like a sufficient number to earn a day's wages without immediately being detected. The object of this arrangement is obvious, and it establishes a distinction in principle as well as'in practice between subsidiary coins and full legal tender coins. Under these conditions the amount of copper current is limited, and it may be stated that the percentage of copper or bronze coin in a country rarely exceeds 1% per cent of the total value of the circulation.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.