Kootut teokset | Samlade skrifter | Selected Works
Writing: A Remedy for the Country

A Remedy for the Country, § 9

Previous Section:

Next Section:

Font size: A A A A


Viewing Options:

§ 9

That is now the simple state of the matter. But there are two reasons for it. I want, first, to prove that our own monetary regulations have given rise to it.

As the commodities never possess a stable value against each other but change every day according to the lesser or greater supply of and demand for them, two kinds of metal likewise cannot be used with any certainty as currency of the same tale-value. For as uncertain as it is that 2 aln of Ras de Sicile1 should always be exchanged equally for 1 aln of fine broadcloth is it also that 2 lod of fine silver should always be worth the same as 200 lod of copper, for it might easily happen that the demand for copper were to be high in Europe but the supplies of it so far diminished that foreigners would willingly offer 2½ lod of fine silver for every 200 lod of it. If both of these metals were now to be struck into coins, which would relate to each other in weight as 1 to 100, with the same daler denomination and an injunction that they should be of equal value in all commercial transactions, foreigners would be able to purchase our small copper coins or plåtar with silver, to the detriment of the realm of 25 per cent, which could not happen if the copper coins were allowed to freely increase in value within the country.

In like manner, when the price of copper for the opposite reasons falls by 10 per cent, but yet, under the monetary regulations, 200 lod must be regarded as equal in value to 2 lod of silver, then foreigners will seek out the silver coin, causing a 10 per cent loss to the realm. Ever since copper was adopted as a metal to be coined along with silver, experience has provided the most deplorable evidence of this fact, and it can never be prevented as long as the relative value of copper to silver is determined by law.

This, however, is by no means the only cause for the deterioration of our finances to be found in our monetary regulations. There is another, even more important one, namely that all specimens of a coinage, taken together, have not been allowed to correspond to the whole. That is to say, 2 lod of silver of a purity of 14/16 is worth less when minted into caroliner and more when struck into sexstyver pieces than if the same 2 lod were minted into a riksdaler. That is to say, 1 mark of fine silver, which never is nor can become anything more nor less, corresponds by our monetary standard to 7 to 8 per cent more daler kmt if minted as riksdaler than if struck into caroliner but to 3⅛ per cent more daler when it is struck into sexstyver pieces rather than into riksdaler, somewhat more than 2 per cent fewer daler when it is struck into fyrastyver pieces, but 16⅔ per cent more daler when it is struck into vit styver pieces than when it is struck into riksdaler.

The daler, which, on the grounds outlined above, ought to represent a certain quantity of fine silver, is thus, according to our monetary regulations, worth most in caroliner, 7 per cent less in riksdaler, and more than 10 per cent less in sexstyver pieces than in caroliner.

However great the difference may thus be between daler of the same metal, our regulations have nonetheless not allowed for any such difference but have instead most severely prohibited any undervaluing of the coin of the realm. Yet, as it must concern buyers and sellers no less differently whether they receive or pay 24 per cent more or less silver for a commodity, a preference for certain kinds of coin, whether among natives or foreigners, can hardly be avoided, and that will also determine that the daler denomination will lack a stable value in any of the silver coins.

The natural difference between our daler coins will turn out to be even greater when we turn our attention to the minting of copper coinage.

Mathematical axioms tend not to be denied or disputed, but it is certain that under our monetary system, when a skeppund of copper is minted into 540 daler in plåtar but 900 daler in slantar, one is urged to believe that 1 whole equals 5/9ths or that 64 slantar equal one 6-daler plåt, but what is to make up the rest here, or 4/9ths, is incomprehensible, unless it is the generally accepted prejudice that small change should be inferior to the standard coin, though I am well aware that it is precisely that view that has taken our plåtar out of the country by the ship-, boat- and cartload, for little return.

When one thus looks at the differential minting into daler kmt that our copper has undergone, which varies by 66 per cent, I then ask with good reason how many lod of copper represent 1 daler; the answer I receive is 1/6th of a 6-daler plåt, but should I not be allowed by law to add 10 styver and 2 öre to that and assert that the daler would then be complete? Does anyone have the right to undervalue the coin of the realm?

I ask further what security he has who sells a commodity when he is uncertain whether he is being paid for it with 1 or 5/9ths of a skeppund of copper for one and the same agreed-upon amount of daler?


  1. Ras de Sicile was a patterned silk cloth in two colours, a specialty originating from Tours in France.

Original documents

Previous Section:

Next Section:

Places:

Names:

Biblical references:

Subjects: