Quote of the Day for September 18, 2014


261: From Ricardo, On the Principles of Political Economy and Taxation, Chapters 24-27:

    On these principles, it will be seen that it is notnecessary that paper money should be payable in specie to secureits value; it is only necessary that its quantity should beregulated according to the value of the metal which is declaredto be the standard. If the standard were gold of a given weightand fineness, paper might be increased with every fall in thevalue of gold, or, which is the same thing in its effect, withevery rise in the price of goods.

    27.10 (paragraph number)

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