Social statics by Herbert Spencer

Author:Herbert Spencer
Language: eng
Format: epub
Publisher: D. Appleton

Thus, self-regulating as is a currency when let alone, laws cannot improve its arrangements, although they may, and continually do, derange them. That the State should compel every one who has given promises to pay—be he merchant, private banker, or shareholder in a joint-stock bank—duly to discharge the responsibilities he has incurred, is very true. To do this, however, is merely to maintain men's rights—to administer justice; and therefore comes within the State's normal function. But to do more than this—to restrict issues, or forbid notes below a certain denomination, is no less injurious than inequitable. For limiting the paper in circulation to an amount smaller than it would otherwise reach, inevitably necessitates a corresponding increase of coin; and as coin is locked-up capital, on which the nation gets no interest, a needless increase of it is equivalent to an additional tax equal to the additional interest lost.

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