ABSTRACT
On the other hand, all paper in forced circulation must be regarded as paper money, though it be cashed on demand; since such a payment is really illusory from the moment that the forced acceptance of such paper was seen as necessary, and it was declared by law as equivalent to specie. In fact, the banks of Russia and Sweden continued to redeem freely the paper money of these two countries; but they paid in copper money which is, after all, nothing but a type of token money whose value, outside the borders, is hardly more real than that of paper. The circulating capital of France has been destroyed almost entirely twice by paper money, the first time by Law’s bank, the second time by the assignats. During the depreciation of the paper one never sold without buying at a higher price what had been sold.
