The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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138 PARLIAMENTARY COLBERTISM Jemonetised?, The cost, in the difference between the value of the defective coin that was accepted, and the new money that was issued, amounted to £2,400,000, and this was de- frayed by a house and window tax; but the administration at once felt the benefit from the improved rates at which they could remit money for the expenses of the war. The recoinage of 1696 had done away with the evils which arose from the existence of a cortupt silver currency; but, in so far as the disappearance of silver had been due to the high rate which it bore relatively to gold, the recoinage had made no difference. “Parliament had indeed called down the price of guineas from 30s. to 26s." It was further reduced bo 22s, but even at this rate merchants found it worth while to import gold, in order to buy English silver for export. Locke had maintained that the low rating of gold—which kept it from becoming the standard for ordinary payments— was in itself advantageous*, but common opinion regarded the effects of the arrangement as mischievous. It had been part of Lowndes’ scheme for raising the value of silver coins, to bring the nominal ratio of gold and silver pieces into closer who alse accord with the market rate of gold and silver bullion®. It attempted a3 left for Sir Isaac Newton to deal with this problem more a thoroughly®; as a consequence, the guinea was called down the rating to 21s. in 1717; but events showed that he had not been altogether successful in his calculations?, for English silver continued to be exported. Important steps were taken to- wards the solution of the difficulty in 1774, when there was a general recoinage of gold®, and silver coins ceased to be legal tender by tale for sums over £25° The demonetisation of silver, which was thus begun, was conclusively justified on grounds of principle by Lord Liverpool in his Treatise on the Coins of the Realm, and was carried out more thoroughly A.D. 1689 —1776. L9gW. lc. 2 § 2. + 7and 8 W. III. ¢. 10, § 18. 8 7and 8 W. IIL c. 19, § 12. \ Further Considerations concerning raising the Value of Money (1695), 21, 28. 5 W(illiam) L(owndes), A further Essay for the Amendment of the Gold and Silver Coins (1695), p. 11. 6 Sir Isaac Newton, Mint Reports, in Shaw, Writers on English Monetary History, p. 154. 7 Shaw, History of Currency, 231. 3 Tord Liverpool, Treatize, 194. 9 14 Geo. ITIL. c. 42, § 2.

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