Chapter 10: The Ban on coin exportation

Because of these tenets, the government banned coin exportation.

In King William’s time, there were two species of coin:

  1. Milled
  2. Unmilled

  • The unmilled was frequently clipped by different persons in its circulation.
  • The great complaint was always the scarcity of money.
  • A lot of coin was melted down and exported since coin was of no more value than bullion.
  • Any regulation of the above kind is very absurd because:

  • Supposed the Portuguese banned exporting money by capital punishment.
  • In general, every prohibition of this kind hurts the country's commerce.
  • Banning the exportation of money is really one great cause of the poverty of Spain and Portugal.

  • But this had a quite contrary effect.
  • Every commodity rises to an extravagant height.
  • This has a miserable effect on the domestic industry of those countries.
  • A general presented to his majesty his regiment clothed in Spanish manufactures.
  • In general, they export no manufactured commodities, except swords and armour.
  • Similar regulations were made in Britain in King William’s time.

  • They coined all money brought in for nothing.
  • The exportation of bullion was free.
  • Presently, there is a great temptation to such practices.
  • Because of this, we seldom or never see a new shilling.

  • Words: 850
    Next: Section 2, Chapter 11