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Often appears with: second punic war · public finance and debt · money, coin, and credit · value, price, and exchange · public debt reduction · great britain national debt · debt reduction arithmetic · debt arithmetic
Usually: argument (2) · commentary or gloss (1) · censure (1) · detachment (1)
“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.” Adam Smith, An Inquiry Into the Nature and Causes of the Wealth · observation
“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.” Adam Smith, An Inquiry Into the Nature and Causes of the Wealth · insight
“Even the enormous debt of Great Britain might in this manner soon be paid.” Adam Smith, An Inquiry Into the Nature and Causes of the Wealth · observation
Smith describes Roman debasement of the aes during the Second Punic War and argues that repeated reductions could shrink a large debt, even implying Britain’s enormous debt could be paid off this way.
[27] See Ruddiman's Preface to Anderson's Diplomata, &c. Scotiæ. [28] The method described in the text was by no means either the must common or the most expensive one in which those adventurers sometimes raised money by circulation. It frequently happened, that A in Edinburgh would enable B in London to pay the first bill of exchange, by drawing, a few days before it became due, a second bill at three months date u…
It reiterates Smith’s Second Punic War example about reducing Rome’s aes and translating three Roman operations into a large debt reduction figure, continuing the illustrative point.
ib. The exportation of, subjected to a duty higher than the prime cost of, at the pit, 273. The cheapest of all fuel, 370. The tax on absurdly regulated, ib. *Coal mines*, their different degrees of fertility, 70. When fertile, are sometimes unprofitable by situation, ib. The proportion of rent generally paid for, ib., 71. The machinery necessary to, expensive, 112. *Coal trade* from Newcastle to London…
Discusses how the Roman as was repeatedly reduced in the Second Punic War, letting a large debt be converted at once into a much smaller notional debt, showing debt could be paid sooner.
*Glasgow*, the trade of, doubled in fifteen years, by erecting banks there, 120. Why a city of greater trade than Edinburgh, 138. *Gold*, not the standard value in England, 16. Its value measured by silver, 17. Reformation of the gold coin, ib. Mint price of gold in England, ib. The working the mines of, in Peru, very unprofitable, 71. Qualities for which this metal is valued, 72. The proportionate v…