Front Page Titles (by Subject) Advantages of International Money. - Money and the Mechanism of Exchange
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Advantages of International Money. - William Stanley Jevons, Money and the Mechanism of Exchange 
Money and the Mechanism of Exchange (New York: D. Appleton and Co. 1876).
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Advantages of International Money.
Short-sighted people have objected to all schemes of international money, that the object in view, if ever realized, would only save trouble to the comparatively few people who travel from nation to nation. This is the least of all the benefits which the uniformity of money would confer. I am disposed to put in the first place the immense good which would arise from facility in understanding all statements of accounts, prices, and statistics, when expressed in terms of a uniform measure of value. To the statistician it is almost intolerable to meet with tables of information, variously expressed in francs, pounds, dollars, thalers, metres, yards, ells, hundred-weights, kilograms. The labour of statistical inquiry is sufficiently great without the preliminary labour of reducing great masses of figures to a common unit. To the merchant, or man of business, the variety of moneys and measure is equally perplexing. In many places the value of the currency is not certainly known, and only those who happen to have special knowledge of a locality, and the money and measures there employed, can venture to trade with it. The difference of monetary systems, again, renders calculations relating to the foreign exchanges very complex, so that profit fall to those who have acquired skill in calculations of the kind.
In the second place, the actual adjustment of the foreign exchanges would be rendered more prompt and perfect when the coin of one country could be transferred directly into the circulation of another country. One result of international currency would be that the precious metals would be held more in the form of coin. At the present time, what is coined by one country has often to be melted up and recoined by another, although to some extent the principal kinds of coins, English sovereigns, American eagles, French napoleons, Mexican dollars, are held by banks and bought and sold. With a single system of coins, all stocks of gold and silver would, as a general rule, be kept in the coined state, ready to go into circulation at any moment. Some small savings would accrue from the less amount of mintage required, though this is a very secondary matter. One of more importance is the lessened opportunities of profit which there would be for bullion brokers and others, who trade upon the difficulties of conducting the bullion traffic in the present state of things. Nor is the saving of trouble and loss to travellers a matter of indifference. As international communication increases, the number of travellers will increase, and we ought to break down, as far as possible, all factitious difficulties.
One benefit of international money which has been insufficiently noticed, is the improvement which its adoption would probably effect in the currencies of minor and half-civilized states. In many parts of the world there is still a mixture of coins of various and uncertain value; and as long as the principal nations coin money on totally different systems, the coins will circulate elsewhere and make confusion. Already for a long time the practically international currency of the Mexican dollar has been a matter of great convenience; and where it is the unit of value, merchants know on what basis they are making contracts. Now, if all the leading nations combined to issue coins of one uniform series of weight and sizes, these would by degrees form the currencies of non-coining state, and would effect a reform in the most remote parts of the world.