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JB/002/356/001

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Exchequer Notes 7 Text contd

currency the use and need of it is the same. The loss
to which the subject was exposed by metal money
coined by individual hands was that of the difference
between genuine metal and of full weight, and
the coin metal of light weight or base alloy that might be
expected apprehended from individuals. The loss to which the subject
is exposed from bad paper currency is of the
same kind but much heavier in degree. Loss by
bad metal currency distributes itself in small parcels,
and becomes in a manner by the minuteness of the
portions to which it adheres falls with a gentle and
almost imperceptible stroke. Loss by bad paper falls
in large masses in to much larger masses. Loss by
bad copper is as nothing: loss by bad silver is no
great matter: even loss by bad gold is light in comparison
of the average rate of loss upon a bad bill.

6 3. — for which there is more occasion in the instance of paper than in that of coin The motive justification of for the monopoly in the new case
is stronger than in the old one in every point of
view. The loss that government endeavours to servise save
the subject from by the monopoly of the coinage metal
currency, it succeeds but very imperfectly in saving
him from: Coiners are made punished as Traitors, and yet
the country swarms with silver coiners.. The copper is three-fourths
of it bad: the pretended silver a great deal of it worth
nothing and none been there is scarce any that is not
counterfeit and light. In protecting To saving the subject from bad


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