Answers to Fallacies on the Decimal Question: Balance of Trade, Exchanges, and Common Coins
1855 ◽
Vol 5
(4)
◽
pp. 304-309
Let us suppose France and the United States to enter into a convention with us to issue pieces of gold of the same weight and fineness as our sovereign—that is, containing 113 grains of fine gold; the three countries would then have a common standard of gold money. Let us examine whether, in the face of the operations of commerce, the international quality of value of these coins could at all times be maintained. The temporary balance of trade is always fluctuating in favour of one or the other country; a permanent balance against any country is impossible.