ABSTRACT
The projects which have been brought forward at different times for the regulation of the currency have been various, and the questions which it involves are still, perhaps, amongst the most vexed within the field of political economy. The Bank Charter Act interdicts the export of a single ounce of gold from the reserve treasure in the country, unless upon the condition that an equivalent sum in bank-notes be simultaneously withdrawn from the circulation. A currency susceptible neither of increase or diminution might be at one time in excess, and at another deficient, according to the varying state of credit and confidence in the country, and the nature of its commercial relation with foreigners. A paper currency only answers its purpose so far as it takes the place of coin, and performs all that coin would perform. Inasmuch, therefore, as paper money thus becomes a measure of value, it belongs to the state to regulate it.
