Research in the History of Economic Thought and Methodology by Fiorito Luca;Scheall Scott;Suprinyak Carlos Eduardo;

Author:Fiorito, Luca;Scheall, Scott;Suprinyak, Carlos Eduardo;
Language: eng
Format: epub
Publisher: Emerald Publishing Limited
Published: 2020-09-20T00:00:00+00:00

On the one hand, these banks issued notes against mortgaged property; on the other hand, they borrowed coins from foreigners against this collateral, in order to refill their metallic reserves:

When a nation cannot pay in her metals, manufactures, and natural produce, what she owes to strangers, she must pay in her solid property, that is she must mortgage the revenue of such property, for a capital borrowed out of the country, which capital she must employ for the payment of her foreign debts. (Steuart, 1767, II p. 156; III p. 237; Steuart’s emphasis)

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