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Writing: The Causes of Emigration

The Causes of Emigration, § 22

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§ 22

We then come to the third general constraint, which relates to property. The intention here is not to adduce the many possible and customary ways in which one may be deprived of one’s legitimate property.

The King and the Estates have assured every subject undisputed possession of their property. It is least of all fitting for the latter to throw any doubt on such hallowed vows. Nor have subjects therefore hesitated to deposit their property in government institutions and funds, which are insured. The Bank has received most of this. Old accumulations of capital in ready money are on deposit there. When the representative coinage was introduced, the entire circulating currency of the country was allocated to it and the Bank issued assurances not only that it was safe there but also that it could be withdrawn at the request of the owner. Those assurances are equivalent to what are now designated banknotes and which function as currency in all our commercial transactions but are in themselves nothing but the Bank’s payment orders to itself, which, as long as they are honoured by the Bank with payment in cash, will preserve their value.

Now almost every single subject of the kingdom has, in the course of trading, converted some part of his property into these payment orders and must therefore be entitled, according to the Bank’s plain statements, the Royal Accession Charter and the guarantee of the Estates of the Realm, to retrieve his property intact from the Bank whenever he so wishes, not only by the name and number of daler on paper but in actual ready money or its equivalent value.

The matter is in itself quite simple and can be understood by everyone. But the concealed though latterly quite apparent fall of the Swedish daler, which has dropped since 1734 from a ninth to one twenty-seventh of a riksdaler, has made the matter more complicated, for of the designation daler we have formed a fixed notion that does not tally with our new daler in relation to any ready money.

Mr Christiernin1 believes that this change in the value of the daler has not harmed the country and is now of the opinion that it should at present amount to one-eighteenth rather than one-ninth of a riksdaler, provided that it is stabilized at that level. He asserts that it is not possible to lower the exchange rate without changing and increasing the value of the standard coin. He asserts that the latter consists of nothing else than slantar that correspond to an exchange rate of 72 mark. Now these slantar have been the standard coin for ten years, yet during the same period the exchange rate has risen to 30 or 40 mark above the standard coin and has, without any change in slantar, fallen by as much as 20 or 25 mark. In what way has it then accommodated itself to the standard coin? Or what standard coin did we use as a basis when the exchange rate was at its highest level? If it has now been able to fall by 20 or 30 mark without any change in the standard coin, why could it not fall still lower if the reasons for its present level were to be removed? Might not then plåtar, caroliner, etc. regain the honour of being reckoned as the standard coin, without any drastic reduction?

To have an unstable value for the daler and yet to use that term in one’s business transactions is the same as using alternating steelyards every month, each showing 20 mark for every lispund, though the lispund of one never equals that of another, and then buying and selling with these thousands of times a day without knowing whether and how much they differ in weight. And yet that is prohibited on pains of a severe penalty. If the seller now regards all the lispund as shown on his altered steelyards as the same, while the purchaser always measures them by his own unaltered one, the latter will sometimes have to pay more than usual for the seller’s lispund and will still make a significant profit. The seller who regards all his lispund as the same and all those who use the same kind of steelyard as he does that month will sell off all their goods during that period, because they believe them to command such a high price, and the purchaser accepts them just as eagerly, as he fleeces the seller of a few mark per pund.

Ignorance about the decline in value of our daler in outlying border regions has in that way deprived us of millions, for it has not been possible to blind our neighbours with the term daler. The profit has induced those who are ignorant of this to collect as much gold, silver and copper coin as they can gather within a radius of 30 to 40 mil and to take it across the border, as they received more daler in banknotes there than they had cost at home in old daler, without realizing that the country nonetheless lost a few thousand through them.

You are already becoming tired of accompanying me any further. I have to leave out much that ought to be said. Worries and anxiety depress you; you want to escape, to banish your unease in more amusing company. Dear reader! just wait a moment. I only wish to mention one single thing, and then we can proceed together to more cheering subjects.


  1. Per Niclas Christiernin (1725–99) was an economist and philosopher at Uppsala University. The pamphlet Chydenius refers to is his Utdrag af föreläsningar angående den i Swea Rike upstigne wexel-coursen (Stockholm, 1761).

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