Book · An Inquiry into the Wealth of Nations
Page 870 of 2651
Author: Adam Smith
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It bears the evident marks of having originally been, what the
honest and downright Doctor Douglas assures us it was, a scheme
of fraudulent debtors to cheat their creditors. The government of
Pennsylvania, indeed, pretended, upon their first emission of
paper money, in 1722, to render their paper of equal value with
gold and silver, by enacting penalties against all those who made
any difference in the price of their goods when they sold them
for a colony paper, and when they sold them for gold and silver,
a regulation equally tyrannical, but much less, effectual, than
that which it was meant to support. A positive law may render a
shilling a legal tender for a guinea, because it may direct the
courts of justice to discharge the debtor who has made that
tender; but no positive law can oblige a person who sells goods,
and who is at liberty to sell or not to sell as he pleases, to
accept of a shilling as equivalent to a guinea in the price of
them.
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