Roman currency

1 passages · search this phrase →

Often appears with: second punic war · public finance and debt · public debt reduction · money, coin, and credit · crime and punishment · coin debasement

Usually: argument (1) · curiosity (1) · skepticism (1)

An Inquiry Into the Nature and Causes of the Wealth of Nations primary

Adam Smith · 1776 (composed/publication period); modern imprint not specified beyond a 1852 reprint
BOOK I. > L.21,333,333 : 6 : 8. In the course of the second Punic war, the As was still further reduced, first, from two ounces of copper to one ounce, and afterwards from one ounce to half an ounce; that is, to the twenty-fourth part of its original value. By combining the three Roman operations into one, a debt of a hundred and twenty-eight millions of our present money, might in this manner be reduced all at once to a debt of L.5,333,333 : 6 : 8. Even the enormous debt of Great Britain might in this manner soon be paid. (14/56)

Smith cites Roman coin debasement during the Second Punic War, arguing successive reductions of the as could mathematically shrink a huge public debt, suggesting Great Britain could similarly pay off debt.

of supporting any part of their civil or military establishments in time of peace; and endeavour to accommodate her future views and designs to the real mediocrity of her circumstances. FOOTNOTES: [1] It is mentioned, that when about three years old, he was stolen from the door of his uncle, Mr. Douglas, in Strathenry, where his mother had been on a visit, by some tinkers, or gypsies. He was rescued in Leslie wood …