“John Locke had denounced debasement as deceitful and illusionist…”-Rothbard

“[John] Locke had denounced debasement as deceitful and illusionist: what determined the real value of a coin, he declared, was the amount of silver in the coin, and not the name granted to it by the authorities. Debasement, Locke warned in his magnificently hard-money discussion, is illusory and inflationist: if coins, for
example, are devalued by one-twentieth, ‘when men go to market to buy any
other commodities with their new, but lighter money, they will find 20s of
their new money will buy no more than 19 would before’. Debasement merely dilutes the real value, the purchasing power, of each currency unit.

Locke superbly put his finger on the supposed function of the Mint: to maintain the currency as purely a definition, or standard of weight of silver; any debasement, any change of standards, would be as arbitrary, fraudulent, and unjust as the government’s changing the definition of a foot or a yard. Locke put it dramatically: ‘one may as rationally hope to lengthen a foot by dividing it into fifteen parts
instead of twelve, and calling them inches… ‘ .”

Economic Thought Before Adam Smith-An AustrianPerspective on the History of Economic Thought, Volume I, pp. 321-322, Murray N. Rothbard

SEE:

Books: An Austrian Perspective on the History of Economic Thought [two volumes]-Murray N. Rothbard

 

The History Of Political Philosophy: From Plato To Rothbard-Lecture 5. John Locke-David Gordon

 

The History Of Political Philosophy: From Plato To Rothbard (Audio-10 Lectures)-David Gordon

SEE FURTHER THAT UNJUST WEIGHTS AND MEASURES ARE AN ABOMINATION TO GOD (THE BIBLE):

Debasement and Crony Capitalism; Nothing is New Under the Sun

 

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