…for in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. … By means of those operations, the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and fulfill engagements with a smaller quantity of silver than would otherwise have been requisite. It was indeed in appearance only; for their creditors were really defrauded of a part of what was due to them.
Notable Quote: Adam Smith – The Avarice of ‘Princes’
Steve is a long-time New Hampshire resident, blogger, and a member of the Board of directors of The 603 Alliance. He is the Managing Editor and co-owner of GraniteGrok.com, a former board member of the Republican Liberty Caucus of New Hampshire, and a past contributor to the Franklin Center for Public Policy.