Front Page Titles (by Subject) Disadvantages of International Money. - Money and the Mechanism of Exchange
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Disadvantages 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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Disadvantages of International Money.
There are, no doubt, certain evils which might possibly arise from the circulation of money between nation and nation. One government, for instance, might coin money slightly inferior to the proper standard, and such money, once introduced, would, in virtue of Gresham's law, be difficult to dislodge. The French mint has been in fault in this respect. French gold coin, when carefully assayed, is found to have a fineness of 898 or 899 parts in 1000, instead of 900 parts. There is, indeed, a mint remedy of two parts, so that the coin was legally issued; yet the mint authorities have taken advantage of this remedy in an improper way. On the average, the coins issued by any mint ought to have almost the exact standard fineness, and the divergence allowed under the name of remedy is only intended to cover accidental faults of workmanship in particular coins, and not an intentional average divergence from the standard.
It is hardly to be supposed that a state issuing money under international obligations would wish to make a profit of one or two parts in a thousand in this way. To secure uniformity, it would be desirable for the assayers and officers of different mints to meet and agree upon a common standard process, and uniform trial plates. Experience does not show that one nation need distrust the faithfulness of another in matters of coining. We do not look upon Spain and Mexico as models of financial integrity, yet so faithfully used the mints of those countries to maintain the standard of weight and fineness in the issue of silver dollars; that these coins have for a hundred years past been received by tale almost without question in most parts of the world, and were at one time made current in England. The possibility of international currency is proved by the fact that, without any international treaties, the coins of several nations are recognized as a legal tender elsewhere. This is the case with English sovereigns, not only in the British colonies and possessions, but also in Portugal, Egypt, Brazil, and probably elsewhere. The napoleon has circulated freely in most parts of Europe. The ducat of Holland has also been a highly esteemed coin; and of the wide circulation of several species of dollars I have frequently spoken.