A Reply To Mr. Ricardo's Proposals For An Economical And Secure Currency - Softcover

Thomas Smith

Softcover

ISBN 10: 0371747325 ISBN 13: 9780371747322

Publisher: HardPress, 2021

Synopsis

A Reply To Mr. Ricardo's Proposals For An Economical And Secure Currency by Thomas Smith presents a critical response to David Ricardo's proposals for reforming the English currency. Smith argues for strict economy in public finances and maintains that Ricardo's plan would undermine the currency by coercing the Bank of England to exchange notes for bullion or gold at fixed mint prices, thereby disrupting issuance and circulation. He contends that the desired currency should not be tied to precious metals as a standard; rather, pounds sterling serve as the unit of value and Bank of England notes are representatives of value, not commodities. The pamphlet explains the distinction between value in use and value in exchange, and defends a well-regulated paper currency that remains secure and economical. Smith critiques Ricardo’s two axioms—that bullion is the standard of value and that precious metals alone should standard money—and argues that value is social and fluctuates with demand, not fixed by metal standards. He offers alternative measures, including bullion exchange at mint prices for exporters and reforms to country banks, while reflecting on Bank profits and the balance between the public and the banking system.

Edition details

• Publisher: HardPress
• Publication date: 2021
• Language: English
• ISBN 10: 0371747325
• ISBN 13: 9780371747322
• Binding: Paperback
• Number of pages: 50